chap008
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chap008

Course Number: ACCOUNTING 101, Spring 2012

College/University: Clarion

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Multiple Choice Questions 1. SFAS 14 required a U.S. corporation to disclose disaggregated information for A) industry segments, geographic regions in the United States, and major customers. B) domestic and foreign operations, imported materials, export sales, and major customers. C) industry segments, export sales, and imported materials. D) manufacturing, marketing, and administrative divisions of the company....

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Choice Multiple Questions 1. SFAS 14 required a U.S. corporation to disclose disaggregated information for A) industry segments, geographic regions in the United States, and major customers. B) domestic and foreign operations, imported materials, export sales, and major customers. C) industry segments, export sales, and imported materials. D) manufacturing, marketing, and administrative divisions of the company. E) industry segments, domestic and foreign operations, export sales, and major customers. Register to View AnswerDifficulty: Medium 2. Which tests must a company use to determine which operating segments require separate disclosure? A) revenue test and asset test B) revenue test, profit or loss test, and asset test C) revenue test and profit or loss test D) profit or loss test and asset test E) revenue test, asset test, and liability test Register to View AnswerDifficulty: Easy 3. Coulanger Corp. identified four operating segments: A, B, C, and D. Segment A met the revenue test for identifying reportable segments while Segment C met the revenue test, profit or loss test, and asset test. Segment B and Segment D did not meet any of these tests. Which of these segments must be disclosed separately? A. B. C. D. E. Segment A Yes Yes Yes No No A) B) C) D) E) Segment B Yes Yes No Yes No Entry A Entry B Entry C Entry D Entry E Register to View AnswerDifficulty: Easy Segment C No Yes Yes No Yes Segment D No Yes No Yes Yes 4. Kaycee Corporation's revenues for the year ended December 31, 2004, were as follows: Consolidated Revenue per the Income Statement Upstream Intersegment Sales Downstream Intersegment Sales $1,200,000 $ 180,000 $ 60,000 For purposes of the Revenue Test, what amount will be used as the benchmark for determining whether a segment is reportable? A) $ 6,000 B) $ 24,000 C) $ 120,000 D) $ 144,000 E) $ -0Answer: D Difficulty: Easy Use the following to answer questions 5-8: Natarajan, Inc. had the following operating segments, with the indicated amounts of segment revenues and segment expenses: Segment A B C D E External Revenues $ 7,500,000 2,900,000 700,000 4,000,000 1,600,000 Intersegment Sales $ 600,000 1,000,000 1,300,000 250,000 800,000 Segment Expenses $ 6,300,000 4,300,000 2,200,000 4,100,000 2,700,000 5. According to the revenue test, which segments would require disaggregation? A) A, B, D, and E B) A and B C) B and C D) A, B, and D E) C, D, and E Register to View AnswerDifficulty: Easy 6. According to the profit or loss test, which segments would require disaggregation? A) A, B, D, and E B) A, B, C, and E C) A, B, and D D) A and D E) A only Register to View AnswerDifficulty: Medium 7. For purposes of the profit or loss test, segment C's operating profit or loss is A) $ 1,300,000. B) $ 700,000. C) $ 2,000,000. D) $ 200,000. E) $ (200,000). Register to View AnswerDifficulty: Medium 8. When totaling the revenues to use as the basis for the 75% rule, what is the 75% hurdle that must be exceeded by the revenues of the reportable segments? A) $ 16,700,000 B) $ 20,650,000 C) $ 1,670,000 D) $ 15,487,500 E) $ 12,525,000 Register to View AnswerDifficulty: Hard 9. When defining a reportable segment, which of the following conditions would be sufficient to allow a company to combine two operating segments for purposes of testing? A) The products sold by each segment are produced in the same plant. B) Both segments have several customers in common. C) The segments may sell different products, but they have a similar production process. D) Both segments are required to adhere to U.S. Department of Labor regulations regarding immigration laws. E) Both segments are owned by the same parent company. Register to View AnswerDifficulty: Medium Use the following to answer questions 10-11: The Fratilo Co. had three operating segments with the following information: Sales to outsiders Intersegment revenue transfers Pens $ 11,200 Pencils $ 5,600 840 Erasers $ 8,400 1,400 1,960 In addition, revenues generated at corporate headquarters are $1,400. 10. Combined segment revenues are calculated to be A) $29,400. B) $25,200. C) $26,600. D) $28,000. E) $27,300. Register to View AnswerDifficulty: Medium 11. What is the minimum amount of revenue that each of these segments must earn to be considered separately reportable? A) $2,730. B) $2,660. C) $2,800. D) $2,940. E) $2,520. Register to View AnswerDifficulty: Medium 12. The Rivers Co. had four separate operating segments: Sales to outsiders Intersegment revenue transfers Blueberries $ 172,200 Cherries $ 113,400 43,400 Gooseberries Grapes $ 133,000 $ 107,800 36,400 18,200 25,200 What amount of revenues must be generated from one customer before that party must be identified as a major customer? A) $57,680 B) $64,960 C) $52,640 D) $78,960 E) $63,560 Register to View AnswerDifficulty: Medium 13. Which one of the following items must be disclosed in the footnotes for all reportable operating segments? I.Revenue from external customers. I.Total Segment Assets I.Revenues from foreign customers, identified by country. A) B) C) D) E) I, II, and III I and III only II and III only I and II only None of the above items have to be disclosed. Register to View AnswerDifficulty: Easy 14. Kurves Corp. had six different operating segments reporting the following operating profit and loss figures: Segment A B C D E F Profit or (Loss) $ 112,000 (196,000) 1,316,000 (616,000) (126,000) (140,000) Which one of the following statements is true? A) Segment A is a reportable segment based on this test. B) Segment B is not a reportable segment based on this test. C) Segment E is a reportable segment based on this test. D) Segment C is not a reportable segment based on this test. E) Segment D is a reportable segment based on this test. Register to View AnswerDifficulty: Medium Use the following to answer questions 15-17: Retro Corp. was engaged solely in manufacturing operations. The following data pertain to the operating segments for 2004: Operating Segment A B C D E F Total Revenue $ 14,000,000 11,200,000 8,400,000 4,200,000 5,950,000 2,100,000 $ 45,850,000 Profit $ 2,450,000 1,960,000 1,680,000 770,000 945,000 315,000 $ 8,120,000 Assets at 12/31/04 $ 28,000,000 24,500,000 17,500,000 10,500,000 9,800,000 4,200,000 $ 94,500,000 15. What is the minimum amount of revenue that each of these segments must earn to be considered separately reportable? A) $4,343,684 B) $4,826,316 C) $5,067,632 D) $4,585,000 E) $4,705,658 Register to View AnswerDifficulty: Easy 16. What is the minimum amount of profit or loss that each of these segments must earn to be considered separately reportable? A) $769,263 B) $812,000 C) $854,737 D) $897,000 E) $833,368 Register to View AnswerDifficulty: Easy 17. What is the minimum amount of assets that each of these segments must own to be considered separately reportable? A) $ 9,450,000 B) $ 8,624,272 C) $10,643,000 D) $12,936,408 E) $10,413,000 Register to View AnswerDifficulty: Easy 18. Which of the following statements regarding the determination of operating segments under SFAS 131 is false? A) An operating segment is a component of an enterprise that engages in business activities from which it earns revenues and incurs expenses. B) The operating results of an operating segment are reviewed regularly by the chief operating decision maker to assess performance. C) There is discrete financial information available for each operating segment D) An organizational unit cannot be an operating segment if all of its revenues or expenses result from transactions with other segments. E) None of the above. Register to View AnswerDifficulty: Medium 19. A company that generates reports by both geographic region and product line must consider additional criteria in identifying operating segments. Which of the following statement(s) is correct? I.An operating segment has a segment manager who is directly accountable to the chief operating decision maker for its financial performance. I.If more than one set of organizational units exists, but there is only one set for which segment managers are held responsible, each organizational unit is considered an operating segment. I.If segment managers exist for two or more overlapping sets of organizational units, the nature of the business activities must be considered. A) B) C) D) E) I, II, and II I and III only I and II only II and III only None of the above. Register to View AnswerDifficulty: Medium 20. Which of the following is not one of the criteria management should consider in determining whether business activities and environments of an operating segment are similar? A) The geographical location of the operations. B) The nature of the production process. C) The distribution methods. D) The nature of the regulatory environment, if applicable. E) The type or class of customer. Register to View AnswerDifficulty: Easy 21. The hardware operating segment of Bloom Corporation has the following revenues for the year ended December 31, 2004: Sales to outsiders Intersegment transfers Interest revenue outsiders Interest revenue intersegment loans $ 417,000 23,000 7,000 33,000 For purposes of the Revenue Test, what amount will be used as total revenues of the hardware operating segment? A) $ 417,000 B) $ 440,000 C) $ 424,000 D) $ 460,000 E) $ 480,000 Register to View AnswerDifficulty: Easy 22. Which of the following statements is false concerning the number of operating segments that should be disclosed? A) At least 75 percent of total company sales made to outsiders should be presented. B) Even though an operating segment has been reportable in the past and is of continuing significance, it must meet at least one of the three reporting tests to report separately in the current year. C) If the 75 percent rule is not met by the results of applying all three reporting tests, additional segments must be disclosed separately despite their failure to satisfy even one of the three quantitative thresholds. D) If an operating segment qualifies for disclosure in the current year, prior period segment data presented for comparative purposes must be restated to reflect the newly reportable segment as a separate segment. E) The practical limit to the number of operating segments is 10. Register to View AnswerDifficulty: Easy 23. Whitley Corporation identified four operating segments: Automotive, Electrical, Lawn Equipment, and Sporting Goods. Automotive met the revenue test and the profit or loss test. Electrical met all three tests. Lawn Equipment met only the asset test. Sporting Goods did not meet any of the three tests. Which of these segments must be disclosed separately? A) B) C) D) E) Automotive Yes No Yes Yes No Electrical Yes Yes Yes Yes No Lawn Equipment Yes No Yes No No Sporting Goods Yes No No No Yes Register to View AnswerDifficulty: Easy 24. Which one of the following items is not required to be disclosed for each operating segment? A) Factors used to identify operating segments. B) Products and services from which each segment derives its revenues. C) Revenues from external customers. D) Factors used to allocate company-wide expenses. E) Revenues from transactions with other operating segments. Register to View AnswerDifficulty: Medium 25. The following items are required to be disclosed for each operating segment except: A) Factors used to allocate company-wide pension expense. B) Revenues from transactions with other operating segments. C) Interest revenue and interest expense. D) Depreciation, depletion, and amortization expense. E) Revenues from external customers. Register to View AnswerDifficulty: Easy Use the following to answer questions 26-32: Dean Hardware, Inc. is comprised of five operating segments. Information about each of these segments is as follows (in thousands): Rakes Sales to outsiders $ 94 Intersegment transfers 4 Interest revenue outsiders 2 Interest revenue intersegment Operating expenses outsiders 116 Operating expenses intersegment 2 Interest expense Income taxes (4) Tangible assets 18 Intangible assets Intersegment loans 8 Pails $506 26 6 414 20 12 10 116 6 Shovels $44 14 4 40 6 4 12 4 - Hardware $122 30 8 102 16 2 6 12 8 - 26. What is the total amount of revenues in applying the revenue test? A) $ 794 B) $ 808 C) $ 906 D) $ 916 E) $ 934 Register to View AnswerDifficulty: Medium 27. Which operating segments are reportable under the revenue test? A) Pails and Hardware. B) Rakes, Pails, and Hardware. C) Rakes, Hardware, and Accessories. D) Rakes and Pails. E) Rakes and Hardware. Register to View AnswerDifficulty: Medium Accessories $28 24 22 26 22 22 2 8 6 - 28. In applying the profit and loss test, what is the minimum amount an operating segment must have in order to meet the profit and loss test for a reportable segment? A) $ 9.0 B) $ 11.6 C) $ 13.0 D) $ 46.7 E) $ 67.8 Register to View AnswerDifficulty: Medium 29. Which operating segments are reportable under the profit or loss test? A) Rakes, Pails, and Shovels. B) Rakes, Pails, Shovels, and Hardware. C) Rakes, Pails, and Hardware. D) Rakes, Pails, Shovels, Hardware, and Accessories. E) Rakes and Accessories. Register to View AnswerDifficulty: Medium 30. Which operating segments are reportable under the asset test? A) None B) Pails. C) Rakes, Pails, and Shovels. D) Rakes, Shovels, and Hardware. E) Rakes, Pails, and Hardware. Register to View AnswerDifficulty: Medium 31. In applying the asset test, what is the minimum amount an operating segment must have in order to meet the asset test for a reportable segment? A) $ 12.5 B) $ 15.2 C) $ 17.2 D) $ 18.4 E) $ 19.8 Register to View AnswerDifficulty: Medium 32. Which operating segments are reportable in applying the asset test? A) Rakes and Pails. B) Rakes, Pails, and Hardware. C) Rakes, Pails, Shovels, and Hardware. D) Rakes, Pails, Shovels, Hardware, and Accessories. E) None. Register to View AnswerDifficulty: Medium 33. How should revenues be recognized in interim periods? A) In the same way as they are recognized on an annual basis. B) On the cash basis. C) On an annualized basis. D) On a seasonal basis. E) There are no revenues recognized in interim periods. Register to View AnswerDifficulty: Easy 34. Which of the following is not a modification to inventory procedures reported in an interim financial statement? A) LIFO liquidations expected to reverse by the end of the year are ignored. B) Lower-of-cost-or-market adjustments expected to reverse by the end of the year are ignored. C) Variances in a standard costing system are reported at the end of the interim period unless they are expected to be absorbed by year-end. D) FIFO is not acceptable in an interim financial statement. E) All of the above are modifications in an interim financial statement. Register to View AnswerDifficulty: Medium Use the following to answer 35-36: Cement questions Company, Inc. began the first quarter with 1,000 units of inventory costing $25 per unit. During the first quarter, 3,000 units were purchased at a cost of $40 per unit, and sales of 3,400 units at $65 per unit were made. During the second quarter, the company expects to replace the units of beginning inventory sold at a cost of $45 per unit. 35. What is the correct journal entry to record cost of goods sold at the end of the first quarter? A) Inventory 8,000 Cost of Goods Sold 8,000 B) Inventory 8,000 Excess of replacement cost over historical cost of LIFO liquidation 8,000 C) Cost of goods sold 138,000 Inventory 130,000 Excess of replacement cost over historical cost of LIFO liquidation 8,000 D) Cost of goods sold 130,000 Excess of replacement cost over historical cost of LIFO liquidation 8,000 Inventory 138,000 E) No journal entry is required. Register to View AnswerDifficulty: Medium 36. The amount of gross profit for the first quarter is: A) $ 83,000 B) $ 87,000 C) $ 90,000 D) $221,000 E) $250,000 Register to View AnswerDifficulty: Hard 37. Betsy Kirkland, Inc. incurred a flood loss during the first quarter of 2004 that is deemed both unusual and infrequent. The loss is considered immaterial to the twelve-month period, but is material in amount relative to the first quarter. The proper accounting treatment in the first quarterly interim statement is to: A) Ignore the loss. B) Record the loss in the first quarter as an extraordinary loss, net of income taxes. C) Record one-fourth of the loss in the first quarter as an extraordinary loss, net of income taxes. D) Ignore the loss in the first quarter, and record it in the annual statement only. E) Record the loss in the first quarter, not as an extraordinary loss, and disclose the loss in a separate note or on the income statement. Register to View AnswerDifficulty: Medium 38. How should a change from one generally accepted accounting principle to another accepted principle be handled in a third-quarter income statement? A) Retroactively restate the first-quarter income statement, net of income taxes, as though the change occurred at the beginning of the year. B) Postpone recording of the change to the annual income statement. C) Record the change in the third-quarter income statement, net of income taxes. D) Record the change in the third-quarter income statement, without reduction for income taxes. E) These changes are prohibited by GAAP. Register to View AnswerDifficulty: Medium 39. Which of the following is not a required disclosure in an interim financial report? A) Sales or gross revenues B) Provision for income taxes C) Extraordinary items D) Gains on sales of major equipment E) Earnings per share Register to View AnswerDifficulty: Medium 40. Which of the following is not a required disclosure in an interim financial report? A) Net income B) Earnings per share C) Gross profit D) Significant changes in estimates or provisions for income taxes E) Disposal of a segment, net of income taxes. Register to View AnswerDifficulty: Medium 41. Which of the following items of information are required to be included in interim reports for each operating segment? I.Revenues from external customers I.Segment profit or loss I.Reconciliation of segment profit or loss to the enterprise's total income before taxes A) B) C) D) E) I and III only. I and II only. I, II and III. II and III only. None of the above. Register to View AnswerDifficulty: Medium Matching Question 42. For each of the following situations, select the best answer concerning segment disclosures of reportable segments. A. A. A. A. Required to be disclosed by an operating segment, but not a geographical segment. Required to be disclosed by a geographical segment, but not an operating segment. Required to be disclosed by both an operating segment and a geographical segment. Not required to be disclosed by either an operating segment or a geographical segment. ___ 1. ___ 2. ___ 3. ___ 4. ___ 5. ___ 6. ___ 7. ___ 8. ___ 9. ___ 10. Factors used to identify segments. Revenues from external customers. Types of products and services from which each segment derives its revenues. Names of major customers. Revenues from transactions with other segments. Interest revenue. Long-lived assets. Discontinued operations and extraordinary items, when applicable. Income tax expense or benefit. Revenues for the domestic country. Ans: 1-A; 2-C; 3-A; 4-D; 5-A; 6-A; 7-C; 8-A; 9-A; 10-B Brief Essay Questions 43. Why would some corporations prefer not to disclose segment information? Answer: Some companies would prefer not to disclose segment information because of the cost of preparing the information and because their managers fear that the information they disclose may be useful to their competitors. Difficulty: Easy 44. What term, per SFAS 14, is used for an industry segment that makes up more than ninety percent of a company's revenues, operating profit or loss, and identifiable assets? Answer: The appropriate term is dominant industry segment. Difficulty: Easy 45. Crookman Co. had several operating segments, including Segment O. Segment O had never met the requirements to be separately reported. During 2004, Segment O's revenue and operating profit were higher than the ten percent threshold due to a labor strike against its primary competitor. The strike ended early in 2005. How should Crookman Co. have reported Segment O for 2004? Answer: Segment O should not be separately disclosed because it only met requirements for disaggregation temporarily. Difficulty: Medium 46. What approach for segment determination was adopted by SFAS 131? Answer: The management approach for segment determination was adopted by SFAS 131. Difficulty: Medium 47. What general information about an operating segment needs to be disclosed per SFAS 131? Answer: The general information about an operating segment that needs to be disclosed per SFAS 131 includes: 1.Factors used to identify operating segments. 1.Types of products and services from which each operating segment derives its revenues. Difficulty: Easy 48. According to SFAS 131, how should common costs be allocated to individual segments to determine segment profit or loss? Answer: SFAS 131 does not require common costs be allocated to individual segments to determine segment profit or loss if this is not done for internal purposes. Any allocations that are made must be done on a reasonable basis. Difficulty: Easy 49. List the five aggregation criteria that need to be considered by management in determining whether business activities and environments are similar. Answer: The five aggregation criteria are: 1.The nature of the products and services provided by each operating segment. 1.The nature of the production process. 1.The type or class of customer. 1.The distribution methods. 1.If applicable, the nature of the regulatory environment. Difficulty: Medium 50. What is the purpose of the FASB's seventy-five percent requirement for industry segments? Register to View Answersubstantial portion of the company's operations should be presented in disaggregated form. The seventy-five percent requirement is the FASB's guideline in making sure companies report information about enough segments. Difficulty: Medium 51. What revenues and expenses included in segment profit or loss need to be disclosed per SFAS 131? Answer: The revenues and expenses included in segment profit or loss that need to be disclosed per SFAS 131 include: 1.Revenues from external customers. 1.Revenues from transactions with other operating segments. 1.Interest revenue and interest expense (reported separately); net interest revenue may be reported for finance segments if this measure is used internally for evaluation. 1.Depreciation, depletion, and amortization expense. 1.Other significant noncash items included in segment profit or loss. 1.Unusual items (discontinued operations and extraordinary items). 1.Income tax expense or benefit. Difficulty: Medium 52. What related items in regard to total segment assets need to be disclosed per SFAS 131? Answer: The related items in regard to total segment assets that need to be disclosed per SFAS 131 include: 1.Investment in equity method affiliates. 1.Expenditures for additions to long-lived assets. Difficulty: Medium 53. Which items of information are required to be included in interim reports for each operating segment? Answer: The items of information that are required to be included in interim reports for each operating segment are: 1.Revenues from external customers. 1.Intersegment revenues. 1.Segment profit or loss. 1.Total assets, if there has been a material change from the last annual report. Difficulty: Medium 54. Which two items of information must be reported for (1) the domestic country, (2) all foreign countries in which the enterprise derives revenues or holds assets, and (3) each foreign country in which a material amount of revenues is derived or assets are held? Answer: The two items of information are: 1. Revenues from external customers. 1. Long-lived assets. Difficulty: Medium Problems 55. Burnside Corp. is organized into four operating segments. The following segment information was generated by the internal reporting system in 2004: Cards Calendars Clothing Books Revenues from Outsiders $ 1,680,000 1,260,000 1,400,000 1,120,000 Intersegment Revenues $ 140,000 280,000 70,000 Operating Expenses $ 1,260,000 1,890,000 980,000 1,078,000 Additional operating expenses (of a general nature) incurred by the company amounted to $980,000. Required: What was the profit or loss of each of these segments? Carry out the profit or loss test to determine which of these segments was separately reportable. Difficulty: Medium Answer: Profit or Loss Test Revenues from Intersegment Operating Outsiders Revenues Expenses Profit Loss Cards $ 1,680,000 $ 140,000 $ (1,260,000) $ 560,000 Calendars 1,260,000 280,000 (1,890,000) $ 350,000 Clothing 1,400,000 ( 980,000) 420,000 Books 1,120,000 70,000 (1,078,000) 112,000 Totals $ 1,092,000 $ 350,000 Any segment with an absolute amount of profit or loss greater than or equal to $109,200 ($1,092,000 x 10%) is separately reportable. Based on this test, each of the four segments must be reported separately. Use the following to answer questions 56-58: Faru Co. identified five industry segments: (1) plastics, (2) metals, (3) lumber, (4) paper, and (5) finance. Each of these segments had been consolidated appropriately by the company in producing its annual financial statements. Information describing each segment is presented below (in thousands). Sales to outside parties Intersegment revenues transfers Interest income from outside parties Interest income from intersegment loans Operating expenses Interest expense Tangible assets Intangible assets Intersegment loans Plastics $ 8,215 138 0 Metals $ 2,787 170 25 0 5,088 79 1,678 94 0 0 2,096 21 3,882 469 0 Lumber Paper $ 827 $ 451 125 140 8 0 0 1,191 66 408 0 0 Finance $ 0 0 242 0 753 40 729 62 0 207 21 113 135 863 0 In addition, Faru Co. had $1,625,000 in common expenses that are not allocated to the various segments. 56. Required: Carry out the revenue test to determine which of these segments was separately reportable. Difficulty: Medium Answer: Revenue Test (numbers in thousands) Segment Plastics Metals Lumber Paper Finance Total Revenues $ 8,353 2,982 960 591 242 $ 13,128 Percentage 63.63% reportable 22.72% reportable 7.31% 4.50% 1.84% 57. Required: Carry out the profit or loss test to determine which of these segments was separately reportable. Difficulty: Medium Answer: Profit or Loss Test (numbers in thousands) Segment Plastics Metals Lumber Paper Finance Total Revenues Expenses $ 8,353 $ ( 5,167) 2,982 ( 2,117) 960 ( 1,257) 591 ( 793) 242 ( 134) $ 13,128 $ ( 9,468) Profit $ 3,186 865 Loss reportable reportable $ 108 $ 4,159 297 202 $ 499 58. Required: Carry out the asset test to determine which of these segments was separately reportable. Difficulty: Medium Answer: Asset Test (numbers in thousands) Segment Plastics Metals Lumber Paper Finance Total Assets $ 1,772 4,351 408 791 998 $ 8,320 Percentage 21.30% reportable 52.30% reportable 4.90% 9.50% 12.00% reportable 59. Blanton Corporation is comprised of five operating segments. Information about each of these segments is as follows (in thousands): Sales to outsiders Intersegment transfers Interest revenue outsiders Interest revenue intersegment Operating expenses outsiders Operating expenses intersegment Interest expense Income taxes Tangible assets Intangible assets Intersegment loans Linens $ 47 2 1 58 Kitchen $253 13 3 207 1 (2) 9 4 10 6 5 58 Grocery $22 7 2 20 Furniture $61 15 4 51 3 8 1 3 6 4 2 9 2 3 - - Stationery $14 12 11 13 11 12 4 - Required: a. Which operating segments are reportable under the revenue test? b. What is the total amount of revenues in applying the revenues test? c. Which operating segments are reportable under the profit or loss test? d. In applying the profit and loss test, what is the minimum amount an operating segment must have in order to meet the profit and loss test for a reportable segment? e. Which operating segments are reportable under the asset test? f. In applying the asset test, what is the minimum amount an operating segment must have in order to meet the asset test for a reportable segment? g. Which operating segments are reportable? Difficulty: Hard Register to View Answer Revenue Test (numbers in thousands): Segment Revenue Percenta s ge Linens $ 50 10.71% reportable Kitchen 269 57.60% reportable Grocery 31 6.64% Furniture 80 17.13% reportable Stationer 37 7.92% y Total $467 100.00% b. Revenue Test (numbers in thousands): Segment Revenues Linens Kitchen Grocery Furniture Stationer y Total c. e. $467 Profit or Loss Test (numbers in thousands): Segment Revenue Expenses Profits s Linens $ 50 $ 57 Kitchen d. $ 50 269 31 80 37 269 Grocery 31 Furniture 80 Stationer 37 y Total $467 Benchmark: $65 x 10% = $6.5 Losses 228 $41 25 63 36 6 17 1 $409 $65 Asset Test (numbers in thousands): Segment Revenue Percenta s ge Linens $13 13.13% Kitchen 61 61.62% Grocery 11 11.11% Furniture 10 10.10% Stationer 4 4.04% y reportable reportable reportable reportable $7 reportabl e - reportabl e - reportabl e $7 f. g. Total $99 100.00% Benchmark: $99 x 10% = $9.9 Linens (all three tests), Kitchen (all three tests), Grocery (asset test) and Furniture (all three tests).

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University of Maine - PSY - 100
PsychSim 5: Brain and Behavior21PsychSim 5: BRAIN AND BEHAVIORName: _Section: _Date: _In this activity you will take a tour of the human brain and explore the major brain regions to discoverthe functions of each region or area.Functional Specializ
University of Maine - PSY - 100
PsychSim 5: Dating and Mating23PsychSim 5: DATING AND MATINGName: _Section: _Date: _In this activity you will explore your own preferences for an ideal mate, and then consider the perspective of evolutionary psychology on this important issue.Why D
University of Maine - PSY - 100
24PsychSim 5: Mind-Reading MonkeysPsychSim 5: MIND-READING MONKEYSName: _Section: _Date: _This activity explores one of the brain mechanisms believed to foster the evolution of human languageand culture. The focus of the activity is a simulated exp
University of Maine - PSY - 100
PsychSim 5: Cognitive Development25PsychSim 5: COGNITIVE DEVELOPMENTName: _Section: _Date: _This activity describes Piagets theory of the growth of intelligence and simulates the performance ofthree children of different ages on some of Piagets tas
University of Maine - PSY - 100
PsychSim 5: Conception to Birth27PsychSim 5: CONCEPTION TO BIRTHName: _Section: _Date: _This activity will help you understand the sequence of prenatal development.Fertilization Of the 200 to 400 million sperm cells released in a typical ejaculati
University of Maine - PSY - 100
28PsychSim 5: Who Am I?PsychSim 5: WHO AM I?Name: _Section: _Date: _This activity will help you understand Erik Eriksons perspective on identity formation, as well as JamesMarcias four steps or stages in the identity process.Your Results What was
University of Maine - PSY - 100
PsychSim 5: Signs of Aging29PsychSim 5: SIGNS OF AGINGName: _Section: _Date: _In this activity you will explore the main aspects of physical aging.Aging Begins in Early Adulthood What distinctions do researchers find between primary and secondary
University of Maine - PSY - 100
30PsychSim 5: The Auditory SystemPsychSim 5: THE AUDITORY SYSTEMName: _Section: _Date: _This activity explores how we hear and how the physical nature of the sound wave determines the quality of the sound experience.The Auditory System What are th
University of Maine - PSY - 100
32PsychSim 5: Colorful WorldPsychSim 5: COLORFUL WORLDName: _Section: _Date: _In this activity you will explore the principles of color vision, and will demonstrate some aspects ofcolor sensation with your own eyes.The Sensation of Color Name and
University of Maine - PSY - 100
PsychSim 5: Visual Illusions33PsychSim 5: VISUAL ILLUSIONSName: _Section: _Date: _This activity offers the opportunity to test your susceptibility to four famous illusions by having youadjust the length or position of one part of the stimulus to ma
University of Maine - PSY - 100
36PsychSim 5: EEG and Sleep StagesPsychSim 5: EEG AND SLEEP STAGESName: _Section: _Date: _This activity provides an explanation of the measurement of brain activity, as well as the presence of different sleep patterns and their respective functions.
University of Maine - PSY - 100
PsychSim 5: Your Mind On Drugs35PsychSim 5: YOUR MIND ON DRUGSName: _Section: _Date: _In this activity you will explore the behavioral effects of some common drugs that influence the brainproducing changes in our arousal level, our mood, our percep
University of Maine - PSY - 100
38PsychSim 5: Maze LearningPsychSim 5: MAZE LEARNINGName: _Section: _Date: _This activity gives you a rats-eye view of maze learning by allowing you to move and control a simulated rats movements through a maze.Which Model Fits Your Behavior? Take
University of Maine - PSY - 100
PsychSim 5: Classical Conditioning39PsychSim 5: CLASSICAL CONDITIONINGName: _Section: _Date: _This activity provides a review of Pavlovs famous experiment on the salivary response in dogs, as wellas the basic processes of classical conditioning: ac
University of Maine - PSY - 100
PsychSim 5: Operant Conditioning41PsychSim 5: OPERANT CONDITIONINGName: _Section: _Date: _This activity describes a form of learning called operant conditioninglearning from the consequencesthat follow our actions.Classical Versus Operant Conditio
University of Maine - PSY - 100
PsychSim 5: Monkey See, Monkey Do43PsychSim 5: MONKEY SEE, MONKEY DOName: _Section: _Date: _In this activity you will learn about Albert Banduras classic experiment on observational learning.Results from Banduras Experiment What did Banduras resul
University of Maine - PSY - 100
44PsychSim 5: Iconic MemoryPsychSim 5: ICONIC MEMORY Name: _ Date: _ This activity simulates Sperling's classic experiments on the duration of visual sensory memory. Free Recall Test What was your score on the free recall test? _ Iconic Memory What is S
University of Maine - PSY - 100
PsychSim 5: Forgetting45PsychSim 5: FORGETTINGName: _Section: _Date: _This activity will help you understand one of the reasons why we forget information interference.Encoding Failure What does an encoding failure mean in terms of memory?Encoding
University of Maine - PSY - 100
46PsychSim 5: Short-Term MemoryPsychSim 5: SHORT-TERM MEMORYName: _Section: _Date: _In this activity you will learn about the common model of memory storage.Capacity of Short-Term Memory What is the magical number in terms of short-term memory (ST
University of Maine - PSY - 100
PsychSim 5: When Memory Fails47PsychSim 5: WHEN MEMORY FAILSName: _Section: _Date: _This activity explores severe memory losshow it happens and what impact it has on behavior.Forms of Long-Term Memory Researchers believe that there are distinct fo
University of Maine - PSY - 100
48PsychSim 5: Trusting Your MemoryPsychSim 5: TRUSTING YOUR MEMORYName: _Section: _Date: _In this activity youll be able to test the reliability of your memory, and then learn what researchers havediscovered about the way that memories are stored a
University of Maine - PSY - 100
50PsychSim 5: My Head is SpinningPsychSim 5: MY HEAD IS SPINNINGName: _Section: _Date: _This activity provides some background information about thinking with verbal concepts versus thinkingwith mental images.Conceptual Thinking What was your tra
University of Maine - PSY - 100
PsychSim 5: Dueling Brains51PsychSim 5: DUELING BRAINSName: _Section: _Date: _This activity examines the research on brain hemispheric specialization and word recognition.Demonstrating Language Specialization What do you think will happen when the
University of Maine - PSY - 100
52PsychSim 5: Get SmartPsychSim 5: GET SMARTName: _Section: _Date: _This activity will explore the concept of intelligence and some of the methods of measuring intelligence.Intelligence and Adaptability What does it mean to say that intelligence i
University of Maine - PSY - 100
PsychSim 5: Hunger and the Fat Rat53PsychSim 5: HUNGER AND THE FAT RATName: _Section: _Date: _This activity provides a simulated experiment on weight regulation in rats.The Hypothalamus What are the two techniques used to study hypothalamic dysfun
University of Maine - PSY - 100
54PsychSim 5: Expressing EmotionPsychSim 5: EXPRESSING EMOTIONName: _Section: _Date: _In this activity you will learn about the role of facial expressions in the nonverbal communication ofemotion.Primary Affects What emotions are generally consid
University of Maine - PSY - 100
56PsychSim 5: Catching LiarsPsychSim 5: CATCHING LIARSName: _Section: _Date: _In this activity you will explore some of the methods used to detect deception.Nonverbal Cues After watching the two video clips, which version do you think is true?_ T
University of Maine - PSY - 100
58PsychSim 5: All Stressed OutPsychSim 5: ALL STRESSED OUTName: _Section: _Date: _This activity examines the way that psychologists conceptualize stress, emphasizing that stress is a biopsycho-social process. You will explore the sources of stress i
University of Maine - PSY - 100
60PsychSim 5: Helplessly HopingPsychSim 5: HELPLESSLY HOPINGName: _Section: _Date: _In this activity you will explore the importance of a sense of personal control over the events in yourlife.Learned Helplessness Briefly describe the animal exper
University of Maine - PSY - 100
PsychSim 5: Mystery Client61PsychSim 5: MYSTERY CLIENTName: _Section: _Date: _In this activity youll take the role of a consultant called in to provide a second opinion on severalclients with disorders, based only on the information contained in th
University of Maine - PSY - 100
62PsychSim 5: Losing Touch With RealityPsychSim 5: LOSING TOUCH WITH REALITYName: _Section: _Date: _This activity explores schizophrenia, one of the most severe and bizarre psychological disorders.Schizophrenia: A Serious Psychological Disorder Wh
University of Maine - PSY - 100
64PsychSim 5: Computer TherapistPsychSim 5: COMPUTER THERAPISTName: _Section: _Date: _In this activity you will engage in a conversation with a computer therapist, to simulate some principles of active listening from Carl Rogers client-centered ther
University of Maine - PSY - 100
PsychSim 5: Mystery Therapist65PsychSim 5: MYSTERY THERAPISTName: _Section: _Date: _This activity will test your knowledge of the various types of psychotherapy.The Specific Types of Therapies Complete the table below by filling in one main point
University of Maine - PSY - 100
66PsychSim 5: Social Decision-MakingPsychSim 5: SOCIAL DECISION-MAKINGName: _Section: _Date: _This activity contains a simulation of two classic social trap games used in research on competitionand cooperation.Social Decision Making As you look b
University of Maine - PSY - 100
PsychSim 5: Not My Type67PsychSim 5: NOT MY TYPEName: _Section: _Date: _This activity explores the process of forming attitudes about other people.Attribution What is the process of attribution? What is the fundamental attribution error?Results
University of Maine - PSY - 100
68PsychSim 5: Everybodys Doing It!PsychSim 5: EVERYBODYS DOING IT!Name: _Section: _Date: _This activity explores the issue of social influencehow the behavior of other people affects yourbehavior.Social Influence What is conformity?Explaining Sh
University of Maine - PSY - 100
Course Outline, Tests and Assignment Due DatesWelcome to Psychology 100Please read the Modules before class. Please note the assigned Module number(s); we will not bediscussing all of the modules from the text. In class we will focus on key concepts fr
University of Maine - PSY - 100
Welcome to Psychology 100Course SyllabusOffice HoursYou're welcome anytime but with me being tied up in the testing center I only have limited timein the office. I encourage you to email to set up an appointment to insure I am available to meetwith y
University of Maine - PSY - 100
PsychInquiry CDAssess the Capacity of Your Short-Term MemoryActivity name:Students name:Instructions: Complete this worksheet and hand it in to your instructor.Questions1. What is the typical capacity of short-term memory?2. Enter the numbers you r
University of Maine - PSY - 100
PsychInquiry CDActivity name:Assess the Duration of Your Short-Term MemoryStudents name:Instructions: Complete this worksheet and hand it in to your instructor.Questions1. What is the typical duration of short-term memory?2. What technique can be e
University of Maine - PSY - 100
PsychInquiry CDActivity name:Assess Your Stress LevelStudents name:Instructions: Complete this worksheet and hand it in to your instructor.Questions1. What was your total stress score?_2. What was your total strain score?_3. What are some of the
University of Maine - PSY - 100
PsychInquiry CDActivity name:Attributions for AchievementStudents name:Instructions: Complete this worksheet and hand it in to your instructor.Questions1. Fill in the following table with typical student data and your own.FactorTypical Student Opi
University of Maine - PSY - 100
PsychInquiry CDBehavior GeneticsActivity name:Students name:Instructions: Complete this worksheet and hand it in to your instructor.QuestionsMean Number of Errors1. Sketch in the graph below what you expected the learning curve to be for maze brigh
University of Maine - PSY - 100
PsychInquiry CDActivity name:Body Image SatisfactionStudents name:Instructions: Complete this worksheet and hand it in to your instructor.Questions1. Why do you think eating disorders occur more among young women?2. How did your data compare with t
University of Maine - PSY - 100
PsychInquiry CDActivity name:Classically Conditioned TastesStudents name:Instructions: Complete this worksheet and hand it in to your instructor.Questions1. How do your test results compare to the data from other students who have done thistest?2.
University of Maine - PSY - 100
Informed Consent FormPsychology 100University of Maine at Presque IsleThis demonstration is conducted by the instructor as an opportunity for students participating in Psychology100 to observe early child development. I understand that the purpose of
University of Maine - PSY - 100
PsychInquiry CDActivity name:Consider Critical Periods in DevelopmentStudents name:Instructions: Complete this worksheet and hand it in to your instructor.Questions1. Using the information gathered from Japanese babies who had been exposed toradiat
University of Maine - PSY - 100
Monday, September 11, 2000 08:53:59; Page 1 of 840.0030.0020.0040.0010.000.0030.00.005. 0010.00 15.00 20.0020.0010.000.00.005. 0010.0015.0020.00CorrelationCoefficients4 0.0030.0040.0020.0030.0010.0020.000.0010.00.00A self pa
University of Maine - PSY - 100
PsychInquiry CDActivity name:Decisions and JudgmentsStudents name:Instructions: Complete this worksheet and hand it in to your instructor.Questions1. Do you think there were more mens or womens names on the list?menswomens2. How many of the 31 na
University of Maine - PSY - 100
PsychInquiry CDActivity name:Demonstrate Dream ReportsStudents name:Instructions: Complete this worksheet and hand it in to your instructor.Questions1. As you wake the participant during the dream report experiment, fill in the followingtable with
University of Maine - PSY - 100
PsychInquiry CDActivity name:Demonstrate Effects of ExpectationStudents name:Instructions: Complete this worksheet and hand it in to your instructor.Questions1. Would the following suggestions help control for the effects of expectation? Fill in the