Answered step by step
Verified Expert Solution
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
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 whyStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started