(Answered) Question - cineplex corporation is a diversified company

Accounting

Question - Cineplex corporation is a diversified company that operates in five different industries: A, B, C, D, and E. The following information relating to each segment is available for 2013.

Sales revenue: A= 40000, B= 75000, C= 580000, D= 35000, E= 55000. Cost of goods sold: A= 19000, B= 50000, C= 270000, D= 19000, E= 30000. operating expenses: A= 10000, B= 40000, C= 235000, D= 12000, E= 18000. total expenses: A= 29000, B= 90000, C= 505000, D= 31000, E= 48000. operating profit(loss): A= 11000, B=(15000), C= 75000, D= 4000, E= 7000. identifiable assets: A= 35000, B= 80000, C= 500000, D= 65000, E= 50000.

Sales of segments B and C included intersegment sales of $20000 and $100000 respectively.

Instructions:

(a) Determine which of the segments are reportable based on the:

(1) revenue test

(2) operating profit (loss) test

(3) identifiable asset test

(b) Prepare the necessary disclosures required by GAAP.

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