Problem

Vic Corporation operates entirely in the United States but in different industries. It seg...

Vic Corporation operates entirely in the United States but in different industries. It segments the business based on industry. Total sales of the segments, including intersegment sales, are as follows:

Concrete and stone products

$400,000

Construction

1,000,000

Lumber and wood products

1,800,000

Building materials

1,000,000

Other

100,000

Further analysis reveals sales from one segment to another as follows:

Lumber and wood products

$800,000

Building materials

400,000

REQUIRED

1. Determine which segments are reportable segments under both the 10 percent and the 75 percent revenue tests.


2. Prepare a schedule suitable for disclosing revenue by industry segment for external reporting.


3. Prepare a reconciliation of segment revenue with consolidated revenue.

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Solutions For Problems in Chapter 15