Grum Corp,A Publicly-Owned Corporation,is Subject to the Requirements for Segment Reporting

question 20

Multiple Choice

Grum Corp.,a publicly-owned corporation,is subject to the requirements for segment reporting.In its income statement for the year ended December 31st,Grum reported consolidated revenues of $50,000,000,operating expenses of $47,000,000,and net income of $3,000,000.Operating expenses include payroll costs of $15,000,000.Grum's combined identifiable assets of all industry segments at December 31st,were $40,000,000.In its year-end financial statements,Grum would be most likely to disclose major customer data if sales to any single customer amounted to at least:

• A) $1,500,000
• B) $300,000
• C) $5,000,000
• D) $4,000,000

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Definitions:

Occupational Area

A specific domain or field of work that requires particular skills and knowledge, such as finance, engineering, or healthcare.

Mentoring Program

A structured arrangement where experienced individuals provide guidance, advice, and support to less experienced people.

Protégés

Individuals who receive guidance and support from more experienced mentors, typically in a professional setting.

Reciprocal Nature

The characteristic of being mutual or having a relationship in which two parties influence or have effects on each other.