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14) Nettle Corporation is preparing its first quarterly interim report. It is subject to a corporate income tax rate of 20% on the first $50,000 of taxable income and 35% on taxable income above $50,000. Its estimated pretax accounting income for 2011, by quarter, is: 1st2nd3rd4th2011 QuarterQuarterQuarterQuarterTotal Est. Income$75,000$165,000$143,000$120,000$503,000 Nettle expects to earn and.

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  • 14) Nettle Corporation preparing its first quarterly interim report. It
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Exercises 1) The accountant for Baxter Corporation has assigned most of the company's assets to its three segments as follows: Electronics$1,760,000 Hardware3,420,000 Plumbing490,000 Total$5,670,000 The unassigned assets consist of $430,000 of unallocated goodwill and $270,000 of assets attached to the corporate headquarters. For internal decision-making purposes, goodwill is not assigned to the segments and the assets.

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  • Exercises 1) The accountant for Baxter Corporation has assigned most of
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6) For internal decision-making purposes, Falcon Corporation identifies its industry segments by geographical area. For 2011, the total revenues of each segment are provided below. There are no intersegment revenues. Total Revenues Canada$22,000,000 United States76,000,000 Mexico10,000,000 South America9,000,000 China2,000,000 Russia1,500,000 Australia3,000,000 European Union12,000,000 Other European14,000,000 Total revenues$149,500,000 Required: 1. Which operating segments will be considered reporting segments based on the revenue test? 2. What is.

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  • 6) For internal decision-making purposes, Falcon Corporation identifies its industry
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7) For internal decision-making purposes, Geogh Corporation identifies its industry segments by geographical area. For 2011, the total revenues of each segment are provided below. There are no intersegment revenues. Total Revenues Canada$980,000 United States1,410,000 Mexico1,260,000 South America430,000 China710,000 Russia660,000 Australia370,000 European Union1,220,000 Other European1,650,000 Total revenues$8,690,000 Required: 1. Which operating segments will be considered reporting segments based on the revenue test? 2. What is.

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  • 7) For internal decision-making purposes, Geogh Corporation identifies its industry
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Exercises 1) For each of the 12 accounts listed in the table below, select the correct exchange rate to use when either remeasuring or translating a foreign subsidiary for its U.S. parent company. Codes C = Current exchange rate H = Historical exchange rate A = Average exchange rate U.S. dollar isThe foreign the functionalcurrency is the currencyfunctional.

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  • Exercises 1) For each of the 12 accounts listed in the
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10) Phim Inc., a U.S. company, owns 100% of Sera Corporation, a New Zealand company. Sera's equipment was acquired on the following dates (amounts are stated in New Zealand dollars as NZ$): Jan. 01, 2011 Purchased equipment for NZ$40,000 Jul. 01, 2011 Purchased equipment for NZ$80,000 Jan. 01, 2012 Purchased equipment for NZ$50,000 Jul..

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  • 10) Phim Inc., a U.S. company, owns 100% of Sera
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2) For internal decision-making purposes, Dashwood Corporation's operating segments have been identified as follows: RevenuesOperating (includesProfitIdentifiable Operating Segmentintersegmentor LossAssets revenues) Appliances$1,100,000$(150,000)$1,200,000 Clothing1,300,000(750,000)400,000 Lawn and Garden850,000150,000150,000 Auto Accessories1,000,000100,000200,000 Service Contracts650,000(50,000)100,000 Catalog Sales2,300,00050,000500,000 Home Furnishings2,800,000250,0001,000,000 Tools2,400,000300,000250,000 $12,400,000$(100,000)$3,800,000 Revenues of the segments are external, with the exception of tools, which sold $400,000 to other segments, and Appliances, which sold $200,000 to other segments. Required: 1. In applying the "revenue".

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  • 2) For internal decision-making purposes, Dashwood Corporation's operating segments have
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12) Leotronix Corporation estimates its income by calendar quarter as follows for 2011: 1st2nd3rd4th2011 QuarterQuarterQuarterQuarterTotal Est. Income$30,000$40,000$40,000$50,000$160,000 Income tax rates applicable to Leotronix: From: $ 0 to $50,00015% From: $50,001 to $75,00025% Over: $75,00035% Required: Determine Leotronix's estimated effective tax rate. 13) Maxtil Corporation estimates its income by calendar quarter as follows for 2011: 1st2nd3rd4th2011 QuarterQuarterQuarterQuarterTotal Est. Income$40,000$30,000$20,000$20,000$110,000 Income tax rates applicable to Maxtil: From:.

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  • 12) Leotronix Corporation estimates its income by calendar quarter as
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8) The following data relate to Elle Corporation's industry segments. (Elle HQ represents the corporate headquarters). All other segments are geographical sales segments. AttributeEuropeRussiaChinaJapanElle HQ External sales$35,000$24,000$33,000$0$0 Intersegment   Sales2,0001,0004,00000 Expenses27,00018,00029,0005,00012,000 Assets assigned20,00022,00030,00014,00015,000 Income from   Equity investee5,000 Required: 1. Prepare a report which reconciles the reportable segment profits to total consolidated profits assuming that corporate expenses are not allocated.

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  • 8) The following data relate to Elle Corporation's industry segments.
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4) For internal decision-making purposes, Elom Corporation's operating segments have been identified as follows: Operating ProfitIdentifiable Operating SegmentRevenuesor LossAssets Appliances$110,000$(15,000)$120,000 Lawn and Garden85,00015,00015,000 Auto Accessories100,00010,00020,000 Service Contracts65,000(5,000)10,000 Catalog Sales230,0005,00050,000 Corporate________________25,000 $590,000$10,000$240,000 Corporate assets are typically allocated back evenly to the segments for internal analysis purposes. Required: 1. In applying the "asset" test to identify reporting segments, what is the test value for Elom.

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  • 4) For internal decision-making purposes, Elom Corporation's operating segments have
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11) Accounts representing an allowance for uncollectible accounts are converted into U.S. dollars at A) historical rates when the U.S. dollar is the functional currency. B) current rates only when the U.S. dollar is the functional currency. C) historical rates regardless of the functional currency. D) current rates regardless of the functional currency. 12) Palk.

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  • 11) Accounts representing an allowance for uncollectible accounts converted into
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Multiple Choice Questions 1) Similar operating segments may be combined if the segments have similar economic characteristics. Which one of the following is a similar economic characteristic under GAAP? A) The segments' management teams B) The tax reporting law sections C) The distribution method for products or services D) The expected rates of return and.

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  • Multiple Choice Questions 1) Similar operating segments may be combined if
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10) Jeale Corporation is preparing its interim financial statements for the third quarter of calendar 2011. The following information was provided for the preparation of the statements: 1.Credit sales for the quarter$1,700,000 2.Cash sales for the quarter800,000 3.Inventories, July 1 (FIFO cost method)250,000 4.Cash purchases of inventory during the quarter400,000 5.Inventory purchases made on account.

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  • 10) Jeale Corporation preparing its interim financial statements for the
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3) For internal decision-making purposes, Calam Corporation's operating segments have been identified as follows: Operating ProfitIdentifiable Operating SegmentRevenuesor LossAssets Appliances$110,000$(15,000)$120,000 Clothing130,000(75,000)40,000 Lawn and Garden85,00015,00015,000 Auto Accessories100,00010,00020,000 Service Contracts65,000(5,000)10,000 Catalog Sales230,0005,00050,000 Home Furnishings280,00025,000100,000 Tools240,00030,00025,000 $1,240,000(10,000)$380,000 Required: 1.In applying the "operating profit or loss" test to identify reporting segments, what is the test value for Calam Corporation? 2.Using the "reported profit or loss" test, which of Calam's.

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  • 3) For internal decision-making purposes, Calam Corporation's operating segments have
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