show calculation for question 24 & 25. 24. Hyams Corp. engages solely in manufac

Question

show calculation for question 24 & 25.

24. Hyams Corp. engages solely in manufacturing operations. The following data pertain to the operat- ing segments for the current year: Total Revenues Profit (Loss) $2,000,000 1,200,000 (1,000,000) 600,000 400,000 300,000 $3,500,000o Operating Segment Assets at 12/31 $13,000,000 9,500,000 5,500,000 3,000,000 2,000,000 2,000,000 $35,000,000 $15,000,000 11,000,000 3,000,000 7,500,000 4,500,000 2,000,000 $43,000,000 Total 24. In its segment information for the current year, how many reportable segments does Hyams have? c. Five 25. What is the minimum number of operating segments that must be separately reported? d. Segments with at least 75 percent of the revenues generated from outside parties

Explanation / Answer

24) Revenue Test Combined Segment Revenue $35,000,000.00 Criteria 10% x 10% Minimum Revenue $3,500,000.00 Segment meeting Test U, V, W Profit/ loss Test Combined Segment Profit/Loss $2,500,000.00 Criteria 10% x 10% Minimum Profit/Loss $250,000.00 Segment meeting Test U,V,X,Y,Z 10% of the greater of the combined operating profit of all segments having operating profit ($2,500,000) or the combined operating loss of all segments having operating losses ($1,000,000) Asset Test Combined segment Asset $43,000,000.00 Criteria 10% x 10% Minimum Asset Test $4,300,000.00 Segment meeting Test U,V,X,Y Segment meeting Test U,V,X,Y,Z 5 segments are Separately Reportable 25) Test value for 75% revenue test is the combined revenue from sales from other operating segments $35,000,000 x 75% $26,250,000.00 Segment Revenue U $13,000,000.00 V $9,500,000.00 X $3,000,000.00 Y $2,000,000.00 Z $2,000,000.00 $29,500,000.00

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