The following extracts relate to Pan and its wholly owned subsidiary Skillet: Statement of Financial Performance Revenue Cost of sales Statement of Financial Position Inventory The consolidated revenue figure is: Select one: Pan a. 2,144,000 b. 2,124,000 c. 2,114,000 d. 2,104,000 e. 2,134,000 1,196,000 888,000 168,000 Skillet 928,000 670,000 During the year the following transactions took place: • Pan's sales to Skillet 20,000. • 60% of these sales are still in inventory at balance date. • Pan makes 10% profit on sales (i.e., profit = 10% of the given sales figure). • There is no intra-group profit on opening inventory. 36,000

The following extracts relate to Pan and its wholly owned subsidiary Skillet: Statement of Financial Performance Revenue Cost of sales Statement of Financial Position Inventory The consolidated revenue figure is: Select one: Pan a. 2,144,000 b. 2,124,000 c. 2,114,000 d. 2,104,000 e. 2,134,000 1,196,000 888,000 168,000 Skillet 928,000 670,000 During the year the following transactions took place: • Pan's sales to Skillet 20,000. • 60% of these sales are still in inventory at balance date. • Pan makes 10% profit on sales (i.e., profit = 10% of the given sales figure). • There is no intra-group profit on opening inventory. 36,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 20 110 140 870
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CAREBEAR CORP. engages in five diversified operations namely, operations A, B, C, D, and E. Information on these segments are shown below: Segments Revenues Profit (loss) Assets A. 1,600 400 20,000 В 1,600 200 4,000 100 20 2,000 D 300 40 4,000 400 140 14,000 Totals 4,000 800 44,000 Additional information: 1. For internal reporting purposes, segments A and B are considered as one operating segment. 2. Segment E is considered as an operating segment for internal decision making purposes. 3. Segments C and D have similar economic characteristics and share a majority of the aggregation criteria. CAREBEAR shall report how many reportable segments? A. C. 4 5 D. 3 B.
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