Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Teal Corporation is a diversified company that operates in five different industries: A, B, C, D, and E. The following information relating to each segment

image text in transcribed
image text in transcribed
Teal Corporation is a diversified company that operates in five different industries: A, B, C, D, and E. The following information relating to each segment is available for 2021. B D E Sales revenue $39,200 $73,500 $576,700 $34,400 $55,800 Cost of goods sold 18.700 49,100 273,300 19,400 30,690 Operating expenses 10,000 39.900 239,300 11,900 18,300 Total expenses 28,700 89,000 512,600 31,300 48.900 Operating profit (loss) $10,500 $(15,500) $64,100 $3,100 $6,900 Identifiable assets $35,300 $81,400 $491,100 $65,400 $50,500 Sales of segments B and C included intersegment sales of $19,600 and $99,300, respectively. Determine which of the segments are reportable based on the Reportable Segment (1) Revenue test. (2) Operating profit (loss) test. (3) Identifiable assets test. Prepare the necessary disclosures required by GAAP. (Enter negative amounts using either a negative sign preceding the number e.3.-45 or parentheses es (45).) A B Q1 External Revenues $ $ Intersegment Revenues Total Revenues Cost of Goods Sold Operating Expenses Total Expenses $ Operating Profit (Loss) $ $ Identifiable Assets $ Tavthink and Media

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

SAP Certified Application Associate Financial Accounting With SAP ERP 6 0

Authors: Kiran K ,Augustine D

1st Edition

1544118724, 978-1544118727

More Books

Students also viewed these Accounting questions