Exam 8: Segment and Interim Reporting

Schilling, Inc. has three operating segments with the following information: What is the minimum amount of revenue an operating segment must have to be considered a reportable segment?

Elektronix, Inc. has three operating segments with the following information: Which operating segments are separately reportable under the operating profit or loss test?

Baker Corporation changed from the LIFO method to the FIFO method for inventory valuation during 2021. Baker has an effective income tax rate of 35% and 100,000 shares of common stock issued and outstanding. The following additional information is available: Assuming Baker makes the change in the first quarter of 2021 and that $400,000 net income is earned during the second quarter, how much is reported as net income for the second quarter of 2021?

What is the purpose of the U.S. GAAP seventy-five percent requirement for industry segment disclosure?

Which one of the following items is not required to be disclosed for each operating segment?

On February 23, 2021, Cleveland, Inc. paid property taxes of $300,000 for the calendar year 2021.How much of this expense should be included in Cleveland's net income for the quarter ending March 31, 2021?

Which of the following is reported for interim financial reports using the integral approach?

Faru Co. identified five industry segments: (1) plastics, (2) metals, (3) lumber, (4) paper, and (5) finance. The company properly consolidated the segments when it prepared its annual financial statements. Information describing each segment is presented below (in thousands). Prepare the revenue test and determine which of these segments was separately reportable.

Thompson Corp. was engaged solely in manufacturing operations. The following data pertain to the operating segments for 2020: What is the minimum amount of assets that each of these segments must own to be considered separately reportable?

Which of the following is not a required disclosure in an interim financial report?

According to U.S. GAAP, what general information about an operating segment must be disclosed?

All of the following are required to be reported in interim financial statements with respect to material operating segments, except:

The Charlton Co. had three operating segments with the following information: In addition, revenues generated at corporate headquarters are $1,500.Combined segment revenues are calculated to be

Dean Hardware, Inc. is comprised of five operating segments. Information about each of these segments is as follows (in thousands): In applying the profit or loss test, what is the minimum amount an operating segment must have in order to meet the profit or loss test for a reportable segment?

The Nigel Co. had four separate operating segments: What amount of revenues must be generated from one customer before that party must be identified as a major customer?

Thompson Corp. was engaged solely in manufacturing operations. The following data pertain to the operating segments for 2020: What is the minimum amount of revenue that each of these segments must earn to be considered separately reportable?

What information does U.S. GAAP require to be disclosed for a major customer?

Which of the following statements is false concerning the number of operating segments that should be disclosed?

Elektronix, Inc. has three operating segments with the following information: What is the minimum amount of operating profit or loss an operating segment must have to be considered a reportable segment?

Which of the following statements is true?