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Chapter 8

Question 30 Property taxes 120,000


(480,000 x 1/4)
Dr. Cr.
Question 31 Property tax expense 120,000
Prepaid property taxes 360,000
Cash 480,000

Question 34
Intersegment Operating Reported
Revenues trasfers Expenses Profit Losses Seperatly
Cards 1,200,000 100,000 (900,000) 400,000 - Yes
Calendars 900,000 200,000 (1,350,000) - 250,000 Yes
Clothing 1,000,000 (700,000) 300,000 - Yes
Books 800,000 50,000 (770,000) 80,000 - Yes
Total 780,000 250,000

All segments must be reported seperatrly as they greater than 78,000 ( 780,000 x 10%)

Question 35 (1) Revenue test (in thousands US)


Segment Revenues >10% (Reportable)
Plastics 6,425 Yes
Metals 2,294 Yes
Lumber 738 No
Paper 455 No
Finance 186 No
Total 10,098

10% x 10,098 = 10,098

(2) Profit or loss test

Segment Revenues Expenses Profit Loss


Plastics 6,425 3,975 2,450 - reportable
Metals 2,294 1,628 666 - reportable
Lumber 738 967 - 229
Paper 455 155
Finance 186 103 83 -
Total 3,199 384
Benchmark = 10% x 3,199 = 319.9
(3) Assets test
Segment Assets > 640 (reportable)
Plastics 1,363 Yes
Metals 3,347 Yes
Lumber 314 No
Paper 609 No
Finance 768 Yes
Total 6,401

10% x 6,401 = 640


Plastic, Metal and Finance Segments are reportable section as at least one of three
tests has been met.
Chapter 9

Question 25
Date Account Dr. Cr.
15-Sep Accounts Receivable [100,000 x $ 40,000
Sales 40,000
30-Sep Accounts Receivable 2,000
Foreign exchange Gain 2,000
[100,000 x ($.42 – $.40)]

15-Oct Foreign Exchange Loss 5,000


Accounts Receivable 5,000
[100,000 x ($.37 – $.42)]

Cash 37,000
Accounts Receivable 37,000

Question 26

12/1/2009 Inventory ###


Accounts Payable [60,000 x $.88] ###

12/31/2009 Accounts Payable[60,000 x ###


Foreign Exchange Gain 3,600

1/28/2010 Foreign Exchange Loss ###


Accounts Payable [60,000 x ($.90 – $.82) 4,800

Accounts payable ###


Cash ###