Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

P 15-1 Apply threshold tests Rise Corporation is based in the United States and its business is divided into segments based on geo- graphical location.

image text in transcribed

P 15-1 Apply threshold tests Rise Corporation is based in the United States and its business is divided into segments based on geo- graphical location. The following information has been accumulated for use in preparing segment dis- closures in 2016: Intersegment Sales Total Unaffiliated Sales $250,000 200,000 130,000 120,000 100,000 50,000 20,000 10,000 $880,000 United States Canada Europe Latin America Japan Korea Singapore Other 10,000 30,000 $250,000 200,000 130,000 130,000 130,000 50,000 30,000 10,000 $930,000 10,000 $50,000 REQUIRED 1. Determine Rise's reportable segment under the 10 percent revenue test. 2. Are additional reportable segments required? 3. Prepare a schedule to disclose segmented revenue and its reconciliation for 2016. P 15-1 Apply threshold tests Rise Corporation is based in the United States and its business is divided into segments based on geo- graphical location. The following information has been accumulated for use in preparing segment dis- closures in 2016: Intersegment Sales Total Unaffiliated Sales $250,000 200,000 130,000 120,000 100,000 50,000 20,000 10,000 $880,000 United States Canada Europe Latin America Japan Korea Singapore Other 10,000 30,000 $250,000 200,000 130,000 130,000 130,000 50,000 30,000 10,000 $930,000 10,000 $50,000 REQUIRED 1. Determine Rise's reportable segment under the 10 percent revenue test. 2. Are additional reportable segments required? 3. Prepare a schedule to disclose segmented revenue and its reconciliation for 2016

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Accounting And Auditing Research Tools And Strategies

Authors: Thomas Weirich, Thomas C. Pearson, Alan Reinstein

6th Edition

032430224X, 9780324302240

More Books

Students also viewed these Accounting questions