The consolidated income statement of Tut Company for 2011 is as follows (in thousands):
TUT CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2011
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 before extraordinary loss | $60 |
Extraordinary 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):
| Chemical | Food | Drug | Corporate |
Sales (including intersegment sales) | $160 | $140 | $120 |
|
Cost of sales (including intersegment cost of sales) | 80 | 70 | 60 |
|
General expenses | 15 | 10 | 10 | $5 |
Selling expenses | 20 | 15 | 15 |
|
Interest expense (unaffiliated) |
| 5 | 5 |
|
Identifiable assets | 200 | 180 | 150 | 200 |
Investment in equity investee |
|
|
| 300 |
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.
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