Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please show work, thank you. Finney Company's condensed income statement is presented below: Revenues $1,000,000 Expenses Cost of goods sold $500,000 - 49 Operating and

image text in transcribed

please show work, thank you.

Finney Company's condensed income statement is presented below: Revenues $1,000,000 Expenses Cost of goods sold $500,000 - 49 Operating and administrative expenses 300,000 Depreciation expense 60,000 860,000 Income before taxes 140,000 Income tax expenses 29.400 Net income $110.600 Earnings per share (100,000 shares) $1.11 The following data is compiled relative to Finney's operating segments: Percent Identified with Segment Hotels Grains Candy Revenues 50% 8% Cost of goods sold 48 49 Operating and administrative expense 35 50 15 Depreciation expense 46 42 s 42% 3 Included in the amounts allocated to each segment on the above percentages are the following expenses which relate to general corporate activities: Operating Segment Hotels Grains Candy Totals Operating and administrative expense $15,000 $10,000 $4,000 $29,000 Depreciation expense 3,500 5,000 4,500 13,000 Instructions (a) Prepare a schedule showing the amounts distributed to each segment. (b) Based only on the above information, which segments must be reported and why

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

Cost Accounting

Authors: James A. Cashin, Ralph S. Polimeni, Sheila Handy

3rd Edition

0070110263, 9780070110267

More Books

Students also viewed these Accounting questions

Question

Describe Titcheners theory of meaning.

Answered: 1 week ago