The consolidated income statement of Tut Company for 2016 is as follows (in thousands): TUT consolidated income
Question:
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):
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.
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...
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Related Book For
Advanced Accounting
ISBN: 978-0134472140
13th edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
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