Question

Which of the following is not a characteristic that defines a reportable operating segment according to U.S. GAAP?

Group of answer choices

Operating results are regularly reviewed by the enterprise's chief operating officer.

Engages in business activities from which it may recognize revenues and incur expenses.

Discrete financial information is available.

Represents more than 20% of total company revenues, assets, or net income.

2.  

The following information is provided for Sacks Company.

Cash	$	12,000
Supplies		4,500
Prepaid rent		2,000
Salaries expense		4,500
Equipment		65,000
Service revenue		30,000
Miscellaneous expenses		20,000
Dividends		3,000
Accounts payable		5,000
Common stock		68,000
Retained earnings		8,000

What is the amount of total assets?

3.

Janson Corporation Co.'s trial balance included the following account balances at December 31, 2021:

Accounts receivable	$	12,000
Inventory		40,000
Patent		12,000
Investments		30,000
Prepaid insurance		6,000
Notes receivable, due 2024		50,000

Investments consist of treasury bills that were purchased in November, 2021, and mature in January, 2022. Prepaid insurance is for two years. What amount should be included in the current assets section of Janson's December 31, 2021, balance sheet?

4.  

The following partial balance sheet ($ in thousands) for Paisano Seafood Inc. is shown below.

Assets				Liabilities and Equity
Current assets:				Current liabilities:
Cash	$	60		Accounts payable	$	240
Accounts receivable (net)		170		Other current liabilities		80
Notes receivable		50		Total current liabilities		320
Inventory		200		Long-term liabilities		110
Prepaid expenses		25		Total liabilities		430
Total current assets		505		Shareholders' equity:
Equipment (net)		255		Common stock		150
				Retained earnings		180
				Total shareholders' equity		330
Total assets	$	760		Total liabilities and equity	$	760

The current ratio is (Round your answer to 2 decimal places.):

Group of answer choices

5.

Recent financial statement data for Harmony Health Foods (HHF) Inc. is shown below.

Current liabilities	$	180		Income before interest and taxes	$	125
10% Bonds, long-term		360		Interest expense		36
Total liabilities		540		Income before tax		89
Shareholders' equity				Income tax		27
Common stock		200		Net income	$	62
Retained earnings		280
Total shareholders' equity		480
Total liabilities and equity	$	1,020

HHF's times interest earned ratio is (Round your answer to 2 decimal places.):

Group of answer choices

Answer 1

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Which of the following is not a characteristic that defines a reportable operating segment according to U.S. GAAP?

Operating results are regularly reviewed by the enterprise's chief operating officer.

Sacks Company	Amount $
Cash	12,000.00
Supplies	4,500.00
Prepaid rent	2,000.00
Equipment	65,000.00
Total assets	83,500.00
Janson Corporation	Amount $
Accounts receivable	12,000.00
Inventory	40,000.00
Investments	30,000.00
Prepaid insurance	3,000.00
Current assets	85,000.00
Pisano Seafood Inc.
Current assets:	Amount $
Cash	60.00
Accounts receivable (net)	170.00
Notes receivable	50.00
Inventory	200.00
Prepaid expenses	25.00
Total current assets	505.00
Current liabilities:	Amount $
Accounts payable	240.00
Other current liabilities	80.00
Total current liabilities	320.00
Current ratio	1.58
Harmony Health Foods (HHF) Inc.	Amount $
Income before interest and taxes	125.00
Interest expense	36.00
Times Interest Earned	3.47
Income before interest and taxes/ Interest Expense