Segment Reporting The Wilson Diversified Company has total assets of $130,000 at the end of 2007 and the following condensed income statement for 2007:
|
Sales |
$90,000 |
|
Operating expenses |
66,600 |
|
Income before income taxes |
$23,400 |
|
Income tax expense |
7,020 |
|
Net income |
$16,380 |
The company has two reportable operating segments and has developed the following related information:
|
1 |
2 |
Other |
Total |
|
|
Sales |
$51,700 |
$24,400 |
$13,900 |
$90,000 |
|
Operating expenses |
36,780 |
15,400 |
10,420 |
66,600a |
|
Segment assets |
70,300 |
28,740 |
21,960 |
130,000b |
a. Of the $66,600 total operating expenses, $4,000 are general corporate expenses.
b. Of the $130,000 total assets, $9,000 are general corporate assets.
Required
Prepare a schedule that reports on the revenues, profit, and assets of Segments 1 and 2 and the other operating segments of the Wilson Diversified Company for 2007. Be sure to include the appropriate reconciliations.