XYZ Corporation Has Eight Industry Segments with Sales,operating Profit and Loss,and

question 37

Essay

XYZ Corporation has eight industry segments with sales,operating profit and loss,and identifiable assets at and for the year ended December 31,2017,as follows:
Required:
A.Identify the segments,which are reportable segments under one or more of the 10 percent revenue,operating profit,or assets tests.
B.After reportable segments are determined under the 10 percent tests,they must be reevaluated under a 75 percent revenue test before a final determination of reportable segments can be made.Under this 75 percent test,identify if any other segments may have to be reported.

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Definitions:

Note Receivable

A written promise to pay a specified amount of money, with interest, by a certain date.

Adjusting Entry

An accounting journal entry made at the end of an accounting period to allocate income and expenditure to the correct period.

Interest Payment

The amount paid by a borrower to a lender as a charge for borrowing money, usually expressed as an annual percentage of the principal amount.

Note Settlement

The process of satisfying the obligations of a promissory note, typically involving the repayment of the principal and accrued interest.