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Taft Corporation operates primarily in the United States. However, a few years ago, it opened a plant in Spain to produce merchandise to sell there.
Taft Corporation operates primarily in the United States. However, a few years ago, it opened a plant in Spain to produce merchandise to sell there. This foreign operation has been so successful that during the past 24 months the company started a manufacturing plant in Italy and another in Greece. Financial information for each of these facilities follows Spain Greece Sales Intersegment transfers Operating expenses Interest expense Income taxes Long-lived assets 635,000 100,700 241,000e 43,000 33,000 185,000 485,000 95,000 225,000 33,000 48,000 135,000 $. 210,000 207,000e 30,000 81,000 126,000 The company's domestic (U.S.) operations reported the following information for the current year: Sales to unaffiliated customers Intersegment transfers Operating expenses Interest expense Income taxes Long-lived assets $ 4,640,000 497,000 2,480,000 171,000 889,00e 2,270,000 Taft has adopted the following criteria for determining the materiality of an individual foreign country: a. Calculate sales to unaffiliated customers within a country and as a percent of the consolidated sales b. Calculate long-lived assets within a country and as a percentage of the long-lived assets c. Apply Taft's materiality tests to identify the countries which are 10 percent or more of consolidated sales or consolidated long-lived assets to be reported separately. Complete this question by entering your answers in the tabs below Required A Required B Required C Calculate long-lived assets within a country and as a percentage of the long-lived assets. (Round your percentage answers to 2 decimal places.) AssetsPercentage United States Greece Total 0.00 % Required A Required C
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