How the accounts would be reported in grinkovs december

Assignment Help Financial Accounting

Reference no: EM131082948

Brief Exercise 1

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?

Segments A and B
Segments A and D
Segments A, B, C, and D
Segments A, B, and C

Brief Exercise 2

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.

Reference no: EM131082948

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