Prepare the schedule that reports on the revenues and profits of segments A, segment B, and other operating segments of Company P. Reconcile these amounts with the related totals on the previous income statement and include the notes that summarizing the depreciation of each segment and the calculations of segment profits.

Question

The following data relate to the operations of Delicious, Inc., during 2015. Continuing operations: Net sales $37,400,000 Costs and expenses (including applicable income tax) 21,500,000 Other data: Operating income during 2015 on segment of the business Discontinued near year-end 205,000 Loss on disposal of discontinued segment (net of income tax benefit 510,000 Extraordinary loss (net of income tax benefit) 930,000 Prior period adjustment (increase in 2014 amortization expense, net of income tax benefit 310,000 Cash dividend declared 2,000,000 a)Prepare a condensed income statement for 2015

Answer 1

Question

Chapter 5, Problem 18E

To determine

Prepare the schedule that reports on the revenues and profits of segments A, segment B, and other operating segments of Company P. Reconcile these amounts with the related totals on the previous income statement and include the notes that summarizing the depreciation of each segment and the calculations of segment profits.

Expert Solution & Answer

Trending nowThis is a popular solution!

See solution

Check out sample textbook solution

Students have asked these similar questions

The following data relate to the operations of Delicious, Inc., during 2015. Continuing operations: Net sales $37,400,000 Costs and expenses (including applicable income tax) 21,500,000 Other data: Operating income during 2015 on segment of the business Discontinued near year-end 205,000 Loss on disposal of discontinued segment (net of income tax benefit 510,000 Extraordinary loss (net of income tax benefit) 930,000 Prior period adjustment (increase in 2014 amortization expense, net of income tax benefit 310,000 Cash dividend declared 2,000,000 a)Prepare a condensed income statement for 2015

The events and transactions of Dever Corporation for the year ending December 31, 2014, resulted in the following data. Cost of goods sold Net sales Other income and expense Selling and administrative expenses Income from operations of plastics division Gain from disposal of plastics division R$ 2,600,000 4,400,000 4,000 1,100,000 70,000 500,000 Analysis reveals that: 1. All items are before the applicable income tax rate of 30%. 2. The plastics division was sold on July 1. 3. All operating data for the plastics division have been segregated. 4. Other income and expense is comprised of interest expense of R$6,000 and dividend revenue of R$2,000. Instructions Prepare an income statement for the year.

Presented below is information related to Sunland Company as of and for the year ended December 31, 2017. This was Sunland Company's first year of operations. (Ignore income tax effects.) Sales revenue $ 1,380,000 Cost of goods sold 700,000 Selling and administrative expenses 320,000 Loss on sale of plant assets 68,000 Unrealized gain on available-for-sale investments 17,000 Interest expense 5,800 Interest revenue 3,900 Loss on discontinued operations 2,600 Allocation to noncontrolling interest 8,700 Dividends declared and paid 27,200