Ecru Company has identified five industry segments: plastics, metals, lumber, paper, and finance. It appropriately consolidated each of these segments in producing its annual financial statements. Information describing each segment (in thousands) follows:(see screen shot)Ecru does not allocate its $1,480,000 in common expenses to the various segments. Perform testing procedures to determine Ecru’s reportable operating segments. Revenue test:Profit or loss test:Asset test: ASales to outside partiesIntersegment transfersInterest income from outside partiesInterest income from intersegment loansOperating expensesInterest expenseTangible assetsIntangible assetsIntersegment loans (debt)BPlastics6,625146004,174741,467850CMetals2,3341693201,742293,1763990DLumber7011341901,0466450400EPaper4121460064430751610FFinance0040197291001690702G SegmentPlasticsMetalsLumberPaperFinanceTotalRevenuesPercentage%%%%%%Reported or NotReported

The reportable segment or not reportable segment depends upon various factors. The company can use…

Ecru Company has identified five industry segments: plastics, metals, lumber, paper, and finance. It appropriately consolidated each of these segments in producing its annual financial statements. Information describing each segment (in thousands) follows: (see screen shot) Ecru does not allocate its $1,480,000 in common expenses to the various segments. Perform testing procedures to determine Ecru’s reportable operating segments. Revenue test: Profit or loss test: Asset test:

Ecru Company has identified five industry segments: plastics, metals, lumber, paper, and finance. It appropriately consolidated each of these segments in producing its annual financial statements. Information describing each segment (in thousands) follows: (see screen shot) Ecru does not allocate its $1,480,000 in common expenses to the various segments. Perform testing procedures to determine Ecru’s reportable operating segments. Revenue test: Profit or loss test: Asset test:

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 1MCQ

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