The consolidated income statement of Tut Company for 2016 is as follows (in thousands): TUT consolidated income

Question:

The consolidated income statement of Tut Company for 2016 is as follows (in thousands):
TUT consolidated income statement FOR THE YEAR ENDED DECEMBER 31, 2016
Sales .......................................................... $360
Interest income ............................................. 10
Income from equity investee ... .......................... 30
Total revenue ................................................ 400
Cost of sales .................................................. $180
General expenses ............................................ 40
Selling expenses ............................................. 50
Interest expense ............................................. 10
Noncontrolling interest share .............................. 15
Income taxes ................................................... 45
Total expenses .................................................. 340
Income from continuing operations ............................... $ 60
Discontinued operations loss (net of income taxes) ......... 10
Consolidated net income ......................................... $50
Tut's operations are conducted through three domestic operating segments with sales, expenses, and assets as follows (in thousands):
The <a id=consolidated income statement of Tut Company for 2016 is">

The $10,000 interest income is not related to any industry segment. Consolidated total assets are $1,000,000. The chemical and food segments had intersegment sales of $35,000 and $25,000, respectively.
REQUIRED:
Prepare a schedule of required disclosures for Tut's industry segments in a form acceptable for reporting purposes. Assume the CODM uses operating profit to evaluate segments.

Consolidated Income Statement
When talking about the group financial statements the consolidated financial statements include Consolidated Income Statement that a parent must prepare among other sets of consolidated financial statements. Consolidated Income statement that is...
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Advanced Accounting

ISBN: 978-0134472140

13th edition

Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith

Question Posted: