WEEK 5 FINAL CONTINUED

 

 

 

 

 

 

 

 

Multiple Choice Question 56

Presented below are four segments that have been identified by Haley Productions:

   

Total Revenue

 

Operating

   

Segments

 

(Unaffiliated)

 

Profit (Loss)

 

Identifiable Assets

A

 

$255,000

 

$30,000

 

$900,000

B

 

  600,000

 

  (55,000)

 

  800,000

C

 

  225,000

 

    6,000

 

  450,000

D

 

    90,000

 

    4,000

 

  225,000

For which of the segments would information have to be disclosed in accordance with professional pronouncements?

Brief Exercise 18-14

At December 31, 2014, Grinkov Corporation had the following account balances.

Installment Accounts Receivable, 2013   $65,000
Installment Accounts Receivable, 2014   110,000
Deferred Gross Profit, 2013   23,400
Deferred Gross Profit, 2014   41,800

Most of Grinkov’s sales are made on a 2-year installment basis.

Indicate how these accounts would be reported in Grinkov’s December 31, 2014, balance sheet. The 2013 accounts are collectible in 2015, and the 2014 accounts are collectible in 2016.

Grinkov Corporation
Balance Sheet
December 31, 2014
           
   
$

   
           
   
$

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