Brad International Company has total assets of $130,000 at the end of 2019 and the
following condensed income statement for the year ended December 31, 2019:
Sales $90,000
Operating Expenses $(66,600)
Income before income taxes $23,400
Income tax Expense $(7,020)
Net Income $16,380
The company has two reportable operating segments and has developed the following related information:
Segment A Segment B Others Total
$ 51,420 |
$ 24,400 |
$ 14,180 |
$ 90,000 |
$ 36,780 |
$ 15,400 |
$ 10,420 |
$ 62,600 |
$ 70,300 |
$ 28,740 |
$ 21,960 |
$ 121,000 |
Sales
Operating Expenses
Segment Assets
Of the $66,600 of corporate operating expenses, $4,000 are general corporate expenses. Income taxes are not allocated to segments either. Of the $130,000 of corporate assets, $9,000 are general corporate assets.
Required: Prepare the segment disclosures that would appear in the notes. This would include a schedule for segment revenue, profit, and assets as well as all required reconciliation schedules.
While preparing segment report, all reportable segments and other segments taken together shall be disclosed
Segment disclosures that would appear in the notes :-
Particulars | Segment A ($) | Segment B ($) | Others ($) | Total ($) |
Segment Revenue | 51,420 | 24,400 | 14,180 | 90,000 |
Segment Result | ||||
Operating profit | 14,640 | 9,000 | 3,760 | 27,400 |
General corporate expenses | (4,000) | |||
Income tax expense | (7,020) | |||
Profit after Tax | 16,380 | |||
Segment Assets | 70,300 | 28,740 | 21,960 | 121,000 |
General corporate Assets | 9,000 | |||
Total Assets | 130,000 |
Other information that will be disclosed :-
Brad International Company has total assets of $130,000 at the end of 2019 and the &n...
s Segment Reporting Worksheet and Schedules Calvin Inc. has operating segments in five different industries: apparel, building, chemical ture, and machinery. Data for the five segments for 20XI are as follows: Apparel Building ChemicalFurniture Machine $870.000 $750.000 Sales to nonaffillates Intersegment sales Cost of goods sold Selling expenses Other traceable $55.000 $95.000 40,000 420005.000 6,000 7,000 5.000 480000 450,000 78,000 160,000 40,000 80,000 610,000 20,000 10.000 expenses 30,000 75.000 560,000 12.000 Allocated general corporate expenses 13,000 Other information Segment assets...
West Corporation reported the following consolidated data for
20X2:
Sales
$
1,165,000
Consolidated income before taxes
136,000
Total assets
1,280,000
Data reported for West’s four operating divisions are as
follows:
Division A
Division B
Division C
Division D
Sales to outsiders
$
440,000
$
166,000
$
490,000
$
69,000
Intersegment sales
58,000
18,000
19,000
Traceable costs
253,000
98,000
298,000
90,000
Assets
471,000
113,000
508,000
83,000
Intersegment sales are priced at cost, and all goods have been
subsequently sold to nonaffiliates....
Mason Company has prepared consolidated financial statements for the current year and is now gathering information in connection with the following five operating segments it has identified Company Total Вooks Travel Finance Computers Маps 439 Sales to outside parties Intersegment sales Interest income-external $1,669 $163 $ 730 337 0 35 50 152 0 511 274 119 71 0 0 0 48 Interest income-intersegment loans 0 0 0 158 158 1,433 Assets 3,610 240 282 360 1,295 Operating expenses Expenses-intersegment sales...
Mason Company has prepared consolidated financial statements for the current year and is now gathering information in connection with the following five operating segments it has identified. Books $ 163 35 Computers $ 730 274 Maps $ 439 50 Travel $ 337 152 Finance $ 0 0 Company Total $1,669 511 119 158 3,610 1,518 71 0 48 0 240 1,433 852 0 360 282 295 158 1, 295 44 126 Sales to outside parties Intersegment sales Interest income-external Interest...
P13-19 Segment Disclosures in the Financial Statements LO 13-2 Multiplex Inc., a public consolidated financial statements for 20X5: company whose stock is traded on a national stock exchange, reported the following information on its Prom the consolidated income statement Sales revenues Rental revenues Incone before income taxes $657,000,000 53,000,000 89,000,000 24,000,000 Fron the consolidated balance sheet: Total assets $672,000,000 Multiplex management determined that it had the following communications, (4) health and fitness products, and (5) heavy equipment manufacturing. The company...
MUST SHOW ALL WORK At year-end 2525 the company has Total assets of $6,200 financed by Debt of $3,400 and Stockholders' equity of $2,800. For 170 common shares outstanding, the equity price-to-book ratio at year-end 2525 is 1.36. During 2526, the company expects an asset turnover ratio (Salest+Total assets) of 3.8 and an operating margin (- (Sales-operating expenses) + Sales) of 7.1%. Interest charges will equal 9% of Debt. Corporate taxes equal 30% of taxable income and the payout ratio...
Robust Robots, Inc. Comparative Balance Sheet- Horizontal Analysis December 31, 2019 and 2018 Assets 2019 2018 Differents Percentage Current Assets: Cash $65,000 $80,000 $ (15,000.00) -18.75% Accounts Receivable, net $150,000 $100,000 $ 50,000.00 50.00% Merchandise Inventory $135,000 $70,000 $ 65,000.00 92.86% Supplies $9,700 $500 $ 9,200.00 1840.00% Prepaid Insurance $30,000 $10,000 $ 20,000.00 200.00% Total Current Assets $389,700 $260,500 $ 129,200.00 49.60% Property, Plant, and Equipment: Equipment $500,000 $240,000 $ 260,000.00 108.33% Less: Accumulated Depreciation - Equipment ($80,000) ($90,000) $ ...
Robust Robots, Inc. Comparative Balance Sheet- Horizontal Analysis December 31, 2019 and 2018 Assets 2019 2018 Differents Percentage Current Assets: Cash $65,000 $80,000 $ (15,000.00) -18.75% Accounts Receivable, net $150,000 $100,000 $ 50,000.00 50.00% Merchandise Inventory $135,000 $70,000 $ 65,000.00 92.86% Supplies $9,700 $500 $ 9,200.00 1840.00% Prepaid Insurance $30,000 $10,000 $ 20,000.00 200.00% Total Current Assets $389,700 $260,500 $ 129,200.00 49.60% Property, Plant, and Equipment: Equipment $500,000 $240,000 $ 260,000.00 108.33% Less: Accumulated Depreciation - Equipment ($80,000) ($90,000) $ ...
Near the end of 2019, the management of Dimsdale Sports Co., a
merchandising company, prepared the following estimated balance
sheet for December 31, 2019.
DIMSDALE SPORTS COMPANY
Estimated Balance Sheet
December 31, 2019
Assets
Cash
$
36,000
Accounts receivable
520,000
Inventory
135,000
Total current assets
$
691,000
Equipment
600,000
Less: Accumulated depreciation
75,000
Equipment, net
525,000
Total assets
$
1,216,000
Liabilities and Equity
Accounts payable
$
340,000
Bank loan payable
12,000
Taxes payable (due 3/15/2020)
88,000
Total liabilities
$
440,000...
LOL (the “Company”), an SEC registrant with a calendar year-end,
is a manufacturer and distributor of sports equipment. The Company
was created in 1989 and is headquartered in Southern California.
The Company has manufacturing operations and numerous sales and
administrative locations in the United States. LOL files a
consolidated U.S. federal tax return. (This case will not consider
the evaluation of the state jurisdictions; it will only consider
the federal jurisdiction.)
As LOL’s auditors, you are now performing the Company’s...