Exam 14: Reporting for Segments and for Interim Financial Periods

Which of the following is NOT part of the information about foreign operations that is required to be disclosed?

In January 2017,Cain Company paid $200,000 in property taxes on its plant for the calendar year 2017.Also in January 2017,Cain estimated that its year-end bonuses to executives for 2017 would be $800,000.What is the amount of expenses related to these two items that should be reflected in Cain's quarterly income statement for the three months ended June 30,2017 (second quarter)?

Which of the following reporting practices is permissible for interim financial reporting?

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):

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

If annual major repairs made in the first quarter and paid for in the second quarter clearly benefit the entire year,when should they be expensed?

Which of the following is NOT required to be disclosed by SFAS No.131?

Advertising costs may be accrued or deferred to provide an appropriate expense in each period for:

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 problems with interim reporting and GAAP's position on this reporting.

If a cumulative effect type accounting change is made during the first interim period of a year:

An inventory loss from a market price decline occurred in the first quarter.The loss was not expected to be restored in the fiscal year.However,in the third quarter the inventory had a market price recovery that exceeded the market decline that occurred in the first quarter.For interim reporting,the dollar amount of net inventory should:

Current authoritative pronouncements require the disclosure of segment information when certain criteria are met.Which of the following reflects the type of firm and type of financial statement for which this disclosure is required?

Long Corporation's revenues for the year ended December 31,2017,were as follows: Long has a reportable segment if that segment's revenues exceed

Pale Company has four manufacturing divisions,each of which has been determined to be a reportable segment.Common operating costs are appropriately allocated on the basis of each division's sales in relation to Pale's aggregate sales.Pale's Delta division accounted for 40% of Pale's total sales in 2017.For the year ended December 31,2017,Delta had sales of $5,000,000 and traceable costs of $3,600,000.In 2017,Pale incurred operating costs of $350,000 that were not directly traceable to any of the divisions.In addition,Pale incurred interest expense of $360,000 in 2017.In reporting supplementary segment information,how much should be shown as Delta's operating profit for 2017?

Walleye Industries operates in four different industries.Information concerning the operations of these industries for the year 2017 is: Required: Complete the following schedule to determine which of the above segments must be treated as reportable segments.

Morgan Company prepares quarterly financial statements.The following information is available concerning calendar year 2017: Required: Compute the income tax provision for the first quarter of 2017.

For interim financial reporting,the effective tax rate should reflect:

In considering interim financial reporting,how did the Accounting Principles Board conclude that each reporting should be viewed?

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:

Stein Corporation's operations involve three industry segments,X,Y,and Z.During 2017,the operating profit (loss)of each segment was: Required: Determine which of the segments are reportable segments.