Accounting Segment Reporting And Cash Flow Homework Help
- July 26, 2017
- Posted by:
- Category: Accounting QA
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1.Segment Reporting
Baden Company is a diversified company which has developed the following information about its five segments
SEGMENTS | |||||
A | B | C | D | E | |
Total sales | $ 600,000 | $1,700,000 | $ 300,000 | $ 320,000 | $ 580,000 |
Operating profit (loss) | (270,000) | 480,000 | 40,000 | (300,000) | (10,000) |
Identifiable assets | 1,600,000 | 5,800,000 | 1,200,000 | 3,900,000 | 5,600,000 |
Instructions
Identify which segments are significant enough to warrant disclosure in accordance with FASB No. 131, “Reporting Disaggregated Information about a Business Enterprise,” by applying the following quantitative tests
a. Revenue test
b. Operating profit or loss test
c. Identifiable assets test
2. Long-Term Contracts
Edwards Company contracted on 4/1/12 to construct a building for $2,300,000. The project was completed in 2014. Additional data follow
2012 | 2013 | 2014 | |
Costs incurred to date | $ 560,000 | $1,350,000 | $1,900,000 |
Estimated cost to complete | 1,040,000 | 450,000 | – |
Billings to date | 500,000 | 1,800,000 | 2,300,000 |
Collections to date | 400,000 | 1,300,000 | 2,200,000 |
Instructions
(a) Calculate the income recognized by Edwards under the percentage-of-completion method of accounting in each of the years 2012, 2013, and 2014.
(b) Prepare all necessary entries for the year 2013.
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3. Statement of Cash Flows
Sharp Company Comparative Balance Sheet | ||
December 31 | ||
2013 | 2012 | |
Cash | 54,000 | $ 36,000 |
Accounts receivable, net | 53,000 | 57,000 |
Inventory | 161,000 | 123,000 |
Land | 180,000 | 285,000 |
Building | 300,000 | 300,000 |
Accumulated depreciation | (75,000) | (60,000) |
Equipment | 1,565,000 | 900,000 |
Accumulated depreciation | (177,000) | (141,000) |
$2,061,000 | $1,500,000 | |
Accounts payable | $ 202,000 | $ 150,000 |
Bonds payable | 450,000 | |
Capital stock, $10 par | 1,125,000 | 1,125,000 |
Retained earnings | 284,000 | 225,000 |
$2,061,000 | $1,500,000 |
Additional Data
1. Net income for the year amounted to $104,000.
2. Cash dividends were paid amounting to 4% of par value.
3. Land was sold for $120,000.
4. Sharp sold equipment, which cost $225,000 and had accumulated depreciation of $90,000, for $105,000.
Instructions
Prepare a statement of cash flows, in good form, using the indirect method.
Product Code: ACC140
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