Flint Corporation is a diversified company that operates in five different indus
ID: 2594405 • Letter: F
Question
Flint Corporation is a diversified company that operates in five different industries: A, B, C, D, and E. The following information relating to each segment is available for 2018.
A
B
C
D
E
Sales of segments B and C included intersegment sales of $20,200 and $99,600, respectively.
A
B
C
D
E
Sales revenue $39,300 $74,500 $582,400 $35,000 $55,100 Cost of goods sold 19,300 50,600 267,500 18,800 29,900 Operating expenses 9,000 40,800 232,100 12,200 18,200 Total expenses 28,300 91,400 499,600 31,000 48,100 Operating profit (loss) $11,000 $(16,900) $82,800 $4,000 $7,000 Identifiable assets $35,700 $79,400 $502,100 $65,600 $49,100 (b) Prepare the necessary disclosures required by GAAP. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.9 (45) Other Totals External Revenues $39,300 Intersegment Revenues Total Revenues Cost of Goods Sold Operating Expenses Total Expenses Operating Profit (Loss)s Identifiable AssetsExplanation / Answer
b) Disclosures required by GAAP (Amount in $)
Particulars A B C Other Totals External Revenues 39,300 54,300 482,800 90,100 666,500 Intersegment Revenues - 20,200 99,600 - 119,800 Total Revenues (A) 39,300 74,500 582,400 90,100 786,300 Cost of goods sold 19,300 50,600 267,500 48,700 Operating Expenses 9,000 40,800 232,100 30,400 Total Expenses (B) 28,300 91,400 499,600 79,100 Operating Profit (Loss) (A-B) 11,000 (16,900) 82,800 11,000 87,900 Identifiable Assets 35,700 79,400 502,100 114,700 731,900Related Questions
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