Exam 14: Reporting for Segments and for Interim Financial Periods

Stein Corporation's operations involve three industry segments, X, Y, and Z.During 2014, the operating profit (loss) of each segment was: Required: Determine which of the segments are reportable segments.

In SFAS No.131, the FASB requires all public companies to report a variety of information for reportable segments.Define a reportable segment and identify the information to be reported for each reportable segment.

A component of an enterprise that may earn revenues and incur expenses, and about which management evaluates separate financial information in deciding how to allocate resources and assess performance is a(n)

What are the minimum disclosure requirements established ASC 270 for interim financial reports?

During the second quarter of 2014, Clearwater Company sold a piece of equipment at a gain of $90,000.What portion of the gain should Clearwater report in its income statement for the second quarter of 2014?

What is the purpose of interim financial reporting?

Publicly owned companies are usually required to file some type of quarterly (interim) report as part of the agreement with the stock exchanges that list their stock.Indicate two with interim reporting and GAAP's position on this reporting. Questions from the Textbook

To determine whether a substantial portion of a firm's operations are explained by its segment information, the combined revenue from sales to unaffiliated customers of all reportable segments must constitute at least

For interim financial reporting, a company's income tax provision for the second quarter of 2014 should be determined using the

Selected data for a segment of a business enterprise are to be separately reported in accordance with SFAS No.131 when the revenues of the segment is 10% or more of the combined

An enterprise determines that it must report segment data in annual reports for the year ended December 31, 2014.Which of the following would not be an acceptable way of reporting segment information?

What type of disclosure is required of a firm when the major portion of its operations takes place within a single reportable segment?

When a company issues interim financial statements, extraordinary items should be

Itchy Company's actual earnings for the first two quarters of 2014 and its estimate during each quarter of its annual earnings are: Actual first-quarter eamings \ 800,000 Actual second-quarter earnings 1,020,000 First-quarter estimate of annual earnings 2,700,000 Second-quarter estimate of annual earnings 2,830,000 Itchy Company estimated its permanent differences between accounting income and taxable income for 2014 as: Environmental violation penalties \ 45,000 Dividend income exclusion 320,000 These estimates did not change during the second quarter.The combined state and federal tax rate for Itchy Company for 2014 is 40%. Required: Prepare journal entries to record Itchy Company's provisions for income taxes for each of the first two quarters of 2014.

What segmental disclosures are required, if any, for interim reports?

XYZ Corporation has eight industry segments with sales, operating profit and loss, and identifiable assets at and for the year ended December 31, 2014, as follows: Required: A.Identify the segments, which are reportable segments under one or more of the 10 percent revenue, operating profit, or assets tests. B.After reportable segments are determined under the 10 percent tests, they must be reevaluated under a 75 percent revenue test before a final determination of reportable segments can be made.Under this 75 percent test, identify if any other segments may have to be reported.

Which of the following statements most accurately describes interim period tax expense?