Exam 8: Segment and Interim Reporting

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

Schilling, Inc. has three operating segments with the following information: According to the revenues test, which segment(s) are separately reportable?

Which items of information are required to be included in interim reports for each operating segment?

Elektronix, 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: What is the operating profit or loss for the VCRs segment?

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

Betsy Kirkland, Inc. incurred a flood loss during the first quarter of 2011 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 quarter interim statement is to:

How should contingencies be reported in an interim report?

Dean Hardware, Inc. is comprised of five operating segments. Information about each of these segments is as follows (in thousands; Intersegment loans are receivables): Which operating segments are reportable under the revenue test?

On February 23, 2011, Cleveland, Inc. paid property taxes of $300,000 for the calendar year 2011. How much of this expense should be included in Cleveland's net income for the quarter ending March 31, 2011?

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

Burnside Corp. is organized into four operating segments. The following segment information was generated by the internal reporting system in 2011: Required: 1) What was the profit or loss of each of these segments? 2) Prepare the profit or loss test to determine which of these segments was separately reportable.

Dean Hardware, Inc. is comprised of five operating segments. Information about each of these segments is as follows (in thousands; Intersegment loans are receivables): 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?

Provo, Inc. has an estimated annual tax rate of 35 percent in the first quarter of 2011. Pretax income for the first quarter was $300,000. At the end of the second quarter of 2011, Provo expects the annual tax rate to be 32 percent because of anticipated tax credits. Pretax income for the second quarter was $350,000. Assume no items in either quarter requiring the net-of-tax presentation. How much income tax expense is recognized in the second quarter of 2011?

For companies that provide quarterly reports, how is the fourth quarter reported?

Kurves Corp. had six different operating segments reporting the following operating profit and loss figures: Which one of the following statements is true?

Retro Corp. was engaged solely in manufacturing operations. The following data pertain to the operating segments for 2011: What is the minimum amount of assets that each of these segments must own to be considered separately reportable?

List the five aggregation criteria that need to be considered by management in determining whether business activities and environments are similar.

Peterson Corporation 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?

Dean Hardware, Inc. is comprised of five operating segments. Information about each of these segments is as follows (in thousands; Intersegment loans are receivables): Which operating segments are reportable under the profit or loss test?