Practice Problem 24-1 Shamrock Corporation, a publicly traded company, is prepar

Question

Practice Problem 24-1 Shamrock Corporation, a publicly traded company, is preparing the financial data which it will issue to its stockholders and the Securities and Exchange Commission (SEC) for the fiscal year ending December 31, 2017. Your job as a member of the accounting team is to help determine the appropriate disclosures and any other potential year- end adjustments. You have collected the following information. 1. Shamrock is involved in four separate industries. The following information is available for each of the four industries. Shamrock wonders which segments are Operating Total Operating Identifiable Segment Revenue Profit(Loss) Assets Gator iger Seminole 45,900 (4,000) Longhorn18,400 336,800 166,000 41,300 37,200 117,900 $29,400 20,000 3,000 2,100 $202,200 $30,500 0$581,300 On January 23, 2018, a strike was called at one of Shamrock's largest plants, which halted 3 )% of its production. As of today (February 13), the strike has not been On January 18, 2018, one of the three major plants of the dlient burned down January 2018. stock 2. 3. 4. On February 3, 2018, one of Shamrock's customers declared bankruptcy. At December 31, 2017, this company owed Shamrock $14,100, of which $2,800 was paid in s. On February 1, 2016, the board of directors adopted a resolution accepting the offer of an investment banker to guarantee the marketing of $1,100,000 of preferred Moving ahead to the first quarter of 2018, your team has compled the following summarized revenue and expense data for the first quarter of the year Sales revenue $54,700

Explanation / Answer

Report for first quarter: Advertising (1500*3/12) 375 Cost of goods sold 33700 Fixed selling expenses (3100-1500) 1600 Other Sales revenue 54700 Variable selling expenses 900

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