P13-14 Segment Reporting Worksheet and Schedules LO 13-2 5.ee Calvin Inc. has operating segments in five different industries: apparel, building. chemical, furniture, and machinery. Data for the five segments for 20X1 are as follows: Apparel Building Chemical Furniture Machinery Sales to nonaffiliates $870, Bee $750,000 $55,00 $95,000 $180, eee Intersegment sales 15, eee 140,00 Cost of goods sold 480, eee 450,000 42,080 78,000 150,000 Selling expenses 160, eee 49,eee 10, eee 29,800 30,00 Other traceable expenses 40, Bee 30,000 6,eee 12,eee 18,899 Allocated general corporate expenses 80, Bee 75,000 7,eee 13, see 25, eee Other information: Segment assets 610,800 560, eee 80,00 90,000 140, eee Depreciation expense 60, Bee 58,888 1e,eee 11,080 25, eee Capital expenditures 2e, eee 38,888 15, eee Additional Information 1. The corporate headquarters had general corporate expenses totaling $235.000. For internal reporting purposes. $200.000 of these expenses were allocated to the divisions based on their cost of goods sold. The chief operating decision maker does not use the other corporate expenses for making segmental decisions. 2 The company has an intercorporate transfer pricing policy that all intersegment sales shall be priced at cost. All intersegment sales were sold to outsiders by December 31, 20x1. 3. Corporate headquarters had assets of $125,000 that the chief operating decision maker did not use for making segmental decisions. 4. The depreciation expense (listed in the section titled "Other information") has already been added into cost of goods sold in accordance with the company's cost measurement policies. Required: a. Prepare a segmental disclosure worksheet for Calvin Inc. CALVIN, INC. Segmental Disclosure Worksheet For the Year Ended December 31, 20X1 Operating Segment Corporate Building Chemical Furniture Machinery Administration Apparel Combined Intersegment Eliminations Consolidated Revenue: Sales to unaffiliated customers Intersegment sales Total sales Expenses Cost of goods sold Selling expenses Traceable expenses Allocated general corporate expenses Total segment expenses Segment profit (loss) Unallocated general corporate expenses Income from continuing operations before taxes Assets: Segment General corporate Total assets b. Prepare schedules to show which segments are separately reportable. Revenue Segment Segment Profit Assets Apparel Building Chemical Furniture Machinery c. Prepare the information about the company's operations in different industry segments as required by ASC 280. (Amount to be deducted must be entered with minus slgn.) CALVIN, INC. Footnote X Information about the Company's Operations in Different Operating Segments Operating Segments Apparel Building Machinery Others Intersegment Eliminations Consolidated Sales to unaffiliated customers Intersegment sales Total revenue Segment profit loss) Unallocated general corp. expenses Income from continuing operations Segment assets General corporate assets Total assets Depreciation expense Capital expenditures Reconciliation of reportable segment revenue to consolidated revenue: Total revenue for reportable segments Other revenues Elimination of intersegment revenues Total consolidated revenues Reconciliation of reportable segment profit and loss to consolidated profit or loss Total profit and loss for reportable segments Other loss General corporate expenses Income before taxes Reconciliation of Reportable Segment Assets to Consolidated Assets: Total assets of reportable segments Other assets General corporate assets Consolidated total assets d. Would there be any differences in the specification of reportable segments if the building segment had $460.000 in assets instead of $560,000 and the furniture segment had $190.000 in assets instead of $90.000? Justify your answer by preparing a schedule showing the percentages for each of the three 10 percent segment tests for each of the five segments using these new amounts for segment assets. (Round your answers to 1 decimal place.) Revenue Segment Profit (Loss) 96 Segment Assets 96 Apparel Building Chemical 96 %6 sellele 96 % 96 % % 96 96 % Furniture Machinery 96 96 96 Revenue Profit Assets Apparel Building Chemical Furniture Machinery