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Category > Management Posted 12 Jan 2018 My Price 9.00

Bennett Inc

Segment Disclosu r es in the Financial Statements [CMA Adapted]

Bennett Inc. is a publicly held corporation whose diversified operations have been separated into five industry segments. Bennett is in the process of preparing its annual financial statements for the

year ended December 31, 20X5. The following information has been collected for the preparation of the segment reports required by ASC 280.

BENNETT INC. Selected Data

For the Y ear Ended December 31, 20X5

(in thousands)

 

Item

Power

T ools

Fastening

Systems

Household

P r oducts

Plumbing

P r oducts

Security

Systems

Sales to Unaffiliated

Customers

 

$32,000

 

$ 4,500

 

$ 4,800

 

$3,000

 

$2,000

Intersegment Sales

10,000

5,500

200

1,000

 

Total Revenue

$42,000

$10,000

$5,000

$4,000

$2,000

Cost of Goods Sold

30,000

8,000

4,500

3,100

1,700

Operating Profit

4,500

1,000

(600)

700

(100)

Net Income

2,600

800

(750)

(100)

(200)

Segment Assets

50,000

23,000

17,000

6,000

4,000

Required

a. Determine which of the operating segments are reportable segments for Bennett. Your determi- nation should include all required tests and the results of those tests for each of Bennett’s five segments.

b . The reportable segments determined in ( a ) must represent a substantial portion of Bennett’s total operations when taken together. Describe how to determine whether a substantial portion of Bennett’s operations is explained by its segment information.

Answers

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Status NEW Posted 12 Jan 2018 09:01 PM My Price 9.00

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