Mason Company has prepared consolidated financial statements for the current year and is now gathering information in connection with the following five operating segments it has identified. Determine...

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Mason Company has prepared consolidated financial statements for the current year and is now gathering information in connection with the following five operating segments it has identified. Determine the reportable segments by performing each applicable test. Also describe the procedure utilized to ensure that a sufficient number of segments are being separately disclosed. (Figures are in thousands.)



















































































































Company Total



Books



Computers



Maps



Travel



Finance



Sales to outside parties



$1,547



$121



$696



$416



$314



–0–



Intersegment sales



421



24



240



39



118



–0–



Interest income— external



97



60



0



0



0



$37



Interest income—



intersegment loans



147



–0–



–0–



–0–



–0–



147



Assets



3,398



206



1,378



248



326



1,240



Operating expenses



1,460



115



818



304



190



33



Expenses— intersegment sales



198



70



51



31



46



0



Interest expense— external



107



0



0



0



0



107



Interest expense— intersegment loans



177



21



71



38



47



0



Income tax expense (savings)



21



12



-41



27



31



-8



General corporate expenses



55



Unallocated operating costs



80




Answered Same DayDec 24, 2021

Answer To: Mason Company has prepared consolidated financial statements for the current year and is now...

Robert answered on Dec 24 2021
117 Votes
Mason Company has prepared consolidated financial statements for the current year and is now
gathering information
in connection with the following five operating segments it has identified.

Company
Total Books Computers Maps Travel Finance
Sales to outside parties $ 1,547 $ 121 $ 696 $ 416 $ 314 0
Intersegment sales 421 24 240 39 118 0
Interest income — external 97 60 0 0 0 $ 37
Interest income — intersegment loans 147 0 0 0 0 147
Assets 3,398 206 1,378 248 326 1,240
Operating expenses 1,460 115 818 304 190 33
Expenses — intersegment sales 198 70 51 31 46 0
Interest expense — external 107 0 0 0 0 107
Interest expense — intersegment
loans
177 21 71 38 47 0
Income tax expense (savings) 21 12 (41) 27 31 (8)
General corporate expenses 55
Unallocated operating costs ...
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