The Canton Corporation operates in four distinct business segments. The segments, along with 2018 information on revenues, asse and net income, are listed below ($ in millions): Segment Pharmaceuticals Plastics Farm equipment Electronics Total company Revenues $ 2.000 3.000 2.500 500 $ 8.000 Assets Net $ 1.000 1.500 1.250 250 $ 4.000 Net Income $ 200 270 320 40 $ 830 Required: 1. For which segments must Canton report supplementary information according to U.S. GAAP? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.) Pharmaceuticals Plastics Farm equipment The following is the ending balances of accounts at December 31, 2018 for the Valley Pump Corporation Credits Debits 25. 000 56,000 81,000 10,000 44,000 120,000 300,000 75,000 Account Title Cash Accounts receivable Inventories Interest payable Marketable securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Copyright (net of anortization) Prepaid expenses (next 12 months) Accounts payable Deferred revenues (next 12 months) Notes payable Allowance for uncollectible accounts Connon stock Retained earnings Totals 100,000 25,000 12,000 32,000 65,000 20,000 250,000 5.000 200,000 70,000 745,000 745,000 Additional information: 1. The $120,000 balance in the land account consists of $100,000 for the cost of land where the plant and office buildings are located The remaining $20,000 represents the cost of land being held for speculation 2. The $44,000 in the marketable securities account represents an investment in the common stock of another corporation. Valley intends to sell one-half of the stock within the next year. 3. The notes payable account consists of a $100,000 note due in six months and a $150,000 note due in three annual installments of $50,000 each, with the first payment due in August of 2019 The Canton Corporation operates in four distinct business segments. The segments, along with 2018 information on revenues, asse and net income, are listed below ($ in millions): Segment Pharmaceuticals Plastics Farm equipment Electronics Total company Revenues $ 2.000 3.000 2.500 500 $ 8.000 Assets Net $ 1.000 1.500 1.250 250 $ 4.000 Net Income $ 200 270 320 40 $ 830 Required: 1. For which segments must Canton report supplementary information according to U.S. GAAP? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.) Pharmaceuticals Plastics Farm equipment The following is the ending balances of accounts at December 31, 2018 for the Valley Pump Corporation Credits Debits 25. 000 56,000 81,000 10,000 44,000 120,000 300,000 75,000 Account Title Cash Accounts receivable Inventories Interest payable Marketable securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Copyright (net of anortization) Prepaid expenses (next 12 months) Accounts payable Deferred revenues (next 12 months) Notes payable Allowance for uncollectible accounts Connon stock Retained earnings Totals 100,000 25,000 12,000 32,000 65,000 20,000 250,000 5.000 200,000 70,000 745,000 745,000 Additional information: 1. The $120,000 balance in the land account consists of $100,000 for the cost of land where the plant and office buildings are located The remaining $20,000 represents the cost of land being held for speculation 2. The $44,000 in the marketable securities account represents an investment in the common stock of another corporation. Valley intends to sell one-half of the stock within the next year. 3. The notes payable account consists of a $100,000 note due in six months and a $150,000 note due in three annual installments of $50,000 each, with the first payment due in August of 2019
