Required information [The following information applies to the questions displayed below.] The following is financial information describing the six operating segments that make up Fairfield, Inc. (in thousands): Segments Red Sales to outside parties $1,832 Blue $ 833 Green $ 535 Pink $ 330 Black White $ 142 $ 120 Intersegment revenues 37 112 130 37 323 Salary expense 635 400 423 333 338 83 Rent expense 160 187 102 113 63 52 Interest expense 86 80 103 70 35 26 Income tax expense (savings) 162 108 82 (107) (85) Consider the following questions independently. None of the six segments have a primarily financial nature. a. What minimum revenue amount must any one segment generate to be of significant size to require disaggregated disclosure? (Enter your answer in dollars but not in thousands.) Minimum revenues
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- ! Required information [The following information applies to the questions displayed below.] Following is financial information describing the six operating segments that make up Fairfield, Inc. (in thousands): Segments Sales to outside parties Intersegment revenues Salary expense Rent expense Interest expense Income tax expense (savings) Red $1,812 17 615 140 66 142 Minimum revenues Blue $ 813 92 380 167 60 88 Green $515 110 403 82 83 62 Pink $ 310 0 313 93 50 (87) Black $ 122 17 318 43 15 (65) White $ 100 303 63 32 6 0 Consider the following questions independently. None of the six segments has a primarily financial nature. a. What minimum revenue amount must any one segment generate to be of significant size to require disaggregated disclosure? (Enter your answer in dollars but not in thousands.)Dancel Company has the following information for its five business segments: Revenue to external Segment Intersegment revenue Segment assets customers A 20,000,000 2,000,000 25,000,000 B 5,000,000 500,000 5,000,000 C. 2,800,000 1,000,000 3,500,000 ID 1,200,000 200,000 1,500,000 E 1,000,000 250,000 1,000,000 How much is the minimum amount of external revenue that should be reported by the reportable segments? A. 22,500,000 B. 27,000.000 C. 49 500,000 D 6.600.00OUse the following information (in thousands):Service Revenue¥1,600,000 Income from continuing operations200,000 Net Income180,000 Income from operations440,000 Selling & administrative expenses1,000,000 Income before income tax400,000Determine the amount of other income and expense
- Oreo reported the following for the period:Sales P1,000,000Cost of Sales P300,000Operating expenses P100,000Determine the OSD assuming that Oreo is a corporationPresented below are four segments that have been identified by Bramble Corp.: Operating Segments Total Revenue Profit (Loss) Identifiable Assets A $256000 $29100 $900500 B 600000 (54100) 800000 C 225000 5800 451000 D 89300 3000 225500 For which of the segments would information have to be disclosed in accordance with professional pronouncements? Segments A, B, and C Segments A, B, C, and D Segments A and B Segments A and DAssume that Alpha and Omega compete in the same four-digit SIC code industry and offer comparable products and services. The following table contains their reported financial performance and condition for the last two years: Alpha Company Omega Company Balance Sheet Year 1 Year 2 Analysis Year 1 Year 2 Analysis Assets-Cash 250 480 92% 250 480 92% Assets-Accounts Receivable 250 330 32% 250 530 112% Assets-Long-Term 500 900 80% 500 900 80% Assets 1,000 1,710 71% 1,000 1,910 91% Liabilities-Current 400 750 88% 400 750 88% Liabilities-Long-Term 200 375 88% 88% 200 375 Liabilities 600 1,125 88% 600 1,125 88% Stockholders' Equity 400 585 46% 400 785 96% Liabilities and Stockholders' Equity 1,000 1,710 71% 1,000 1,910 91% Income Statement Revenues 1,200 2,20o 83% 1,200 2,400 100% Costs of Goods Sold 500 925 85% 500 925 85% Gross Profit 700 1,275 82% 700 1,475 111% 600 82% 600 1,090 82% Operating Expenses Operating Income 1,090 185 85% 385 285% 100 100 Statement of Cash Flows 85% 385 285%…
- The following information has been assembled about Casbar Corp. as at December 31, Year 5 (amounts are in thousands): Operating segment Revenues Profit Assets $25,100 5,980 23,200 A $ 23,000 $ 6,400 B 15,100 C 16,000 (2,540) 16,100 D 4,700 1,100 9,550 E F 15,000 5,100 1,800 8,950 (380) 4,700 Required: Determine which operating segments require separate disclosures. (Round the intermediate calculations to nearest percentage.) Operating segment(s) (Click to select)To manage its operations, Leaf Company reports to top management on five different segments which are consolidated appropriately for the annual financial statements. Information about each segment included in the current year's consolidated statements appears in the table below (in 000's): Sales to outside parties Intersegment revenues Outside parties interest income Intersegment interest income Operating expenses Interest expense Tangible assets Intangib assets a. the revenue test, Tools $8,220 140 -0- -0- 5,090 80 1,620 90 Leaf Company has $305,000 of corporate expenses that it does not allocate to the segments. Carry out: c. the asset test b. the profit and loss test, and Batteries Adhesives Plastics $2,790 170 30 -0- 2,100 20 3,880 470 $830 130 10 -0- 1,390 170 890 -0- $450 140 -0- -0- 750 40 730 60 Finance to determine which segments are separately reportable. Clearly show the results of each test and your decision on each test. $-0- -0- 250 210 20 110 140 870he following information pertains to Sheffield Corp. and its divisions for the year ended December 31, 2021. Sales to unaffiliated customers $3960000 Intersegment sales of products similar to those sold to unaffiliated customers 910000 Interest earned on loans to other operating segments 60000 Sheffield and all of its divisions are engaged solely in manufacturing operations. Sheffield has a reportable segment if that segment's revenue exceeds $487000. $402000. $396000. $493000.
- Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ $ 467,052 357,800 281,165 223,625 185,887 134, 175 66,321 49,376 42,035 31,486 108,356 80,862 77,531 53,313 14,421 10,929 $ $ 63,110 42,384 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income KORBIN COMPANY Comparative Balance Sheets 2020 Assets Current assets Long-term investments Plant assets, net Total assets December 31 2021 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 2019 $…Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 481,724 $369,040 289,998 191,726 68,405 43,355 111,760 Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Assets Current assets Long-term investments Plant assets, net Total assets Common stock Other paid-in capital Retained earnings Total liabilities and equity Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 79,966 14,874 52,403 10,743 $ 65,092 $ 41,660 KORBIN COMPANY Comparative Balance Sheets December 31 233,233 135,807 50,928 32,476 83,404 2021 2020 $ 56,542 0…Some selected financial statement items belonging to MNO Company are given in the table below. According to this information, which of the following is Return on Assets (ROA)? Inventory 12,500Current Assets 50,000Current Liabilities 40,000Non-current Assets 90,000Net Profit 12,000Shareholders' Equity 65,000 Select one:a. 18.5%b. 12.2%c. 9.23%d. 13.3%