Determine which of the segments are reportable
P24-2 (Segmented Reporting) Cineplex 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 2015.
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Sales revenue $40,000 $ 75,000 $580,000 $35,000 $55,000
Cost of goods sold 19,000 50,000 270,000 19,000 30,000
Operating expenses 10,000 40,000 235,000 12,000 18,000
Total expenses 29,000 90,000 505,000 31,000 48,000
Operating profi t (loss) $11,000 $ (15,000) $ 75,000 $ 4,000 $ 7,000
Identifi able assets $35,000 $ 80,000 $500,000 $65,000 $50,000
Sales of segments B and C included intersegment sales of $20,000 and $100,000, respectively.
Instructions
(a) Determine which of the segments are reportable based on the:
(1) Revenue test.
(2) Operating profit (loss) test.
(3) Identifiable assets test.
(b) Prepare the necessary disclosures required by GAAP.
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