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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
For which of the segments would information have to be disclosed in accordance with professional pronouncements?
Segments A and BSegments 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.
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