An entity identified the following segment for the current year:SegmentRevenueProfitAssetsA10,000,0001,750,00020,000,000B8,000,0001,400,00017,500,000C6,000,0001,200,00012,500,000D3,000,000550,0007,500,000E4,000,000575,0005,500,000F2,000,000525,0003,000,000 What are the reportable segments?a. SEGMENT A, B and Cb. SEGMENT A, B, C and Dc. SEGMENT A, B, C, D and Ed. SEGMENT A, B, C, D, E and F

Concept: First we Calculate % of Revenue, % Profit and % of Assets on respective total basis then…

Answered: What are the reportable segments?

Business

Accounting

What are the reportable segments?

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter11: Cost-volume-profit Analysis

Section: Chapter Questions

Problem 11.18E

See similar textbooks

Related questions

Q: Dancel Company has the following information for its five business segments: Revenue to external…

A: Total revenue to external customers = A + B + C + D + E = 2500000+5000000+3500000+1500000+1000000 =…

Q: Selected data from Decco Company are presented below: Total assets $1,600,000 Average assets…

A: Formula used: Profit Margin = ( Net income / Net sales ) x 100

Q: Revenue and expense data for Young Technologies Inc. are as follows: Year 2 Year 1 Sales…

A: Common-size comparative analysis shows the proportion of a total group or sub-group. An item of a…

Q: Presented below is some financial information related to Volaire Group. Revenues Income from…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: 1. Information on an entity's operating segments is shown below: Operating segments % Revenue %…

A: If any segment qualifies any of following limit , then such segment is called reportable segment :…

Q: Operating segments Total revenue Profit Identifiable assets 1,000,000 200,000 4,000,000 500,000…

A: Operating segment is the component of entity, which has its own revenue, expenses, assets,…

Q: Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows:…

A: Income statement: It tells the profitability of the company. All the revenues and expenses are…

Q: Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current…

A: Gross Profit - Selling expenses - Administrative expenses = Operating Income Operating Income -…

Q: The following information is extracted from Automotive Division for the year ended 31st December…

A: Return on investment is one of the profitability ratio which compares operating profit with net…

Q: (Segmented Reporting) Carlton Company is involved in four separate industries. The following…

Q: Revlon Company provided the following data for the current year. Segment Revenue Profit (loss)…

A: The information above shows that any operating segment with revenue equal toor greater than P200,000…

Q: Presented below are the condensed income statement of Ku Co. for the years ended December 31, 2020…

A: Income statement is a statement which records the revenue and expenses of an undertaking for a…

Q: Mr. Park presented its projected net sales of 30,000,000.00 to the Board as part of the business…

A: Formula: Gross profit = Sales - cost of goods sold

Q: Use the following information for the next two (2) questions: Rift Stalk has the following…

A: Segment reporting: Under segment reporting , Operating segments of a company is reported in the…

Q: Two income statements for Versatile Company follow: Versatile Company Income Statements For the…

A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…

Q: quarter Inc comparative income tax for the years ended December 31st Sales Cost of goods Selling…

A: A comparative income statement is an income statement that deals with and compares multiple periods…

Q: ABC Corporation reported the following data for the following segments revenue for the year 20x1:…

A: The question is related to Operating Segement. As per PFRS 8 requires an entity to report financial…

Q: Easy Company provided the following statement of financial position at year-end and income statement…

A: Operating segments refer to component of the firm. These segments have discrete revenues and…

Q: The income statements for Finac Company for the two years are as follows: Year 2 Year 1 Sales…

A: Common size income statements represent the line items of income statement as a percentage of sales.…

Q: The income statements for Finac Company for the two years are as follows: Year 2 Year 1 Sales…

A: Common size income statements means where sale is taken as 100 percent of every year and all other…

Q: An entity has identified the following business segments: Segment 1 has revenue of 70,000, all…

A: Segment 1 and 2 are to be reported as reportable segments because the Assets are more than 10% of…

Q: tems 20 through 24 are based on the following: The management of Bataan Corporation asked you to…

A: Let the sale price per unit for 2020 be 'P 100'.

Q: Company discloses supplemental operating segment information. The following information is available…

A: Solution Total common expense = 1800000 + 1200000+ 600000+400000 . = 4000000. Total sale of the…

Q: DEMENTED INSANE Co. is preparing its year-end financial statements and has identified the following…

A: As per IFRS 8, a reporting segment is one that accounts for at least 10% of the total revenues, or…

Q: The balance sheet of Hidden Valley Farms reports total assets of $450,000 and $550,000 at the…

A: The return on assets is calculated as net income divided by average total assets.

Q: Revenue and expense data for Young Technologies Inc. are as follows: Year 2 Year 1 Sales…

A: Comparative income statement helps stakeholders like, employees, investors, government and customers…

Q: Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows:…

A: Income statement: The income statement determines the net income of the business by subtracting the…

Q: Choose the correct. Which of the following is a criterion for determining whether an operating…

A: Answer: Option b. Segment profit or loss is 10 percent or more of consolidated net income is the…

Q: b.) From the given figures relating to the following profitability ratios for the two years: Wick…

A: The ration analysis helps to analyze the financial statements of the business. The gross profit and…

Q: The comparative statement of financial position and statement of comprehensive income of Entity A on…

A: Cash inflows in the business means cash inflows and cash outflows of business for the particular…

Q: Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows:…

A: The Income statement shows the Net Income or loss earned by the company during the year. Various…

Q: Vertical Analysis of Income Statement Revenue and expense data for Innovation Quarter Inc. for two…

Q: Income Statement Format The following information from Buchanan Company’s current operations is…

A: Income Statement is a statement which shows all income and expenses of business for the particular…

Q: ) Cecil Inc. operates with three divisions: Naperville, Metropolitan and Urbana. Below are selected…

A: Ratio analysis is used by the companies and in accounting to evaluate the performance of the company…

Q: Given below are the stater Turnover Cost of sales Gross profit Expenses Operating profit before tax…

A: The Consolidated Profit and Loss account is prepared to show a fair and true view of the earnings…

Q: Presented below are four segments that have been identified by XYZ, Inc. Segments Total revenue…

A: solution let us first note down the condition A segment is reportable segment if any of these…

Q: 3. Information on an entity's operating segments is shown below: Operating External segments…

A: Segment reporting is mandatory upon fulfilling the stipulated criteria as prescribed by the…

Q: Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows:…

A: (a)

Q: The income statements for Finac Company for the two years are as follows: Year 2 Year 1 Sales…

A: Common Size Income Statement:-It is a statement that shows the income statement expressed in the…

Q: 5. Bilo-Bilo Company provided the following data for the current year: Segment Revenue Profit (Loss)…

A: As per IFRS, a segment is said to be reporting segment if it constitutes at least 10 % of the assets…

Q: Presented below are the condensed income statement of Vital Corporation for the years ended December…

A: Vital Corporation's Income statement for the year 31.12.2020 and 2019 year is given. In year 2020,…

Q: An entity reported the following segment profit or loss for the current year Segment 1 7,000,000…

A: The question is multiple choice question. Required Choose the Correct Option.

Q: Assume a company's Income Statement for Year 9 is as follows: Year 9 (in 000s) Income Statement Data…

A: Operating profit: It is the profit that company generated from its business operations.

Q: Presented below are the condensed income statement of Vital Corporation for the years ended December…

A: Vital corporation income statement's For the year ended 31.12.2020 and 31.12.2019 Net income after…

Q: Illusory Company has the following information for its five business segments for the year 2016:…

A: A segment is deemed to be a reportable segment when it meets any of the following criteria. Its…

Q: Projected total revenue for the following year would be:

A: Accounting: Accounting is the art of recording, classifying and summarizing in a significant…

Question

An entity identified the following segment for the current year:

Segment	Revenue	Profit	Assets
A	10,000,000	1,750,000	20,000,000
B	8,000,000	1,400,000	17,500,000
C	6,000,000	1,200,000	12,500,000
D	3,000,000	550,000	7,500,000
E	4,000,000	575,000	5,500,000
F	2,000,000	525,000	3,000,000

What are the reportable segments?

a. SEGMENT A, B and C

b. SEGMENT A, B, C and D

c. SEGMENT A, B, C, D and E

d. SEGMENT A, B, C, D, E and F

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.