Ridge Company is in the process of determining its reportable segments for the year ended December 31,20X8.As the person responsible for determining this information,you gather the following information:
Required:
a)Using the appropriate tests,determine which of the industry segments listed above are reportable for 20X8.Show your supporting computations in good form.
b)Indicate whether or not Ridge's reportable segments satisfy the 75 percent test.Show your supporting computations in good form.
Definitions:
Rate of Return
The gain or loss on an investment over a specified period, expressed as a percentage of the investment's cost.
Inventory Turnover Ratio
An asset management ratio that indicates how quickly inventory moves off the shelf and therefore how well a company sells its product.
Inventory Turns
Measures how many times a company's inventory is sold and replaced over a period, indicating the efficiency of inventory management.
Dollar Amount
The numerical monetary value or total assigned to a transaction, account, or asset.
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