Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

O Required information [The following information applies to the questions displayed below.] The following is financial information describing the six operating segments that make up

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

O Required information [The following information applies to the questions displayed below.] The following is financial information describing the six operating segments that make up Fairfield, Inc. (in thousands): Sales to outside parties Intersegment revenues Salary expense Rent expense Interest expense Income tax expense (savings) Red $1,822 27 625 150 76 152 Blue $ 823 102 390 177 70 98 Segments Green Pink $ 525 $ 320 120 0 413 323 92 103 93 60 72 (97) Black $ 132 27 328 53 25 (75) White $ 110 313 73 42 16 0 Consider the following questions independently. None of the six segments have a primarily financial nature. c. What volume of revenues must a single customer generate to necessitate disclosing the existence of a major customer? (Enter your answer in dollars but not in thousands.) Volume of revenues Required information (The following information applies to the questions displayed below.) The following is financial information describing the six operating segments that make up Fairfield, Inc. (in thousands): Sales to outside parties Intersegment revenues Salary expense Rent expense Interest expense Income tax expense (savings) Red $1,822 27 625 150 76 152 Blue $ 823 102 390 177 70 98 Segments Green Pink $ 525 $ 320 120 0 413 323 92 103 93 60 72 (97) Black $ 132 27 328 53 25 (75) White $ 110 313 73 42 16 0 Consider the following questions independently. None of the six segments have a primarily financial nature. d. Now assume each of these six segments has a profit or loss (in thousands) as follows, which warrants separate disclosure? (Select all that apply.) Profit Segment (Loss) Red $1,085 Blue 460 Green 151 Pink (105) Black (233) White 319 Check All That Apply Red Blue Green Pink Black White Required information [The following information applies to the questions displayed below.] The following is financial information describing the six operating segments that make up Fairfield, Inc. (in thousands): Red Sales to outside parties Intersegment revenues Salary expense Rent expense Interest expense Income tax expense (savings) $1,822 27 625 150 76 152 Blue $ 823 102 390 177 70 98 Segments Green Pink $ 525 $ 320 120 0 413 323 92 93 60 72 (97) Black $ 132 27 328 53 25 (75) White $ 110 313 73 42 16 0 103 Consider the following questions independently. None of the six segments have a primarily financial nature. a. What minimum revenue amount must any one segment generate to be of significant size to require disaggregated disclosure? (Enter your answer in dollars but not in thousands.) Minimum revenues

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

South Western Federal Taxation 2014 Comprehensive Volume

Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young

37th Edition

9781285180922

Students also viewed these Accounting questions

Question

Cite ways to overcome fear of success.

Answered: 1 week ago