Apply threshold tests—Disclosure
The consolidated income statement of Tut Company for 2011 is as follows (in thousands):
|
TUT CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2011 |
|
|
Sales |
$360 |
|
Interest income |
10 |
|
Income from equity investee |
30 |
|
Total revenue |
400 |
|
Cost of sales |
$180 |
|
General expenses |
40 |
|
Selling expenses |
50 |
|
Interest expense |
10 |
|
Noncontrolling interest expense |
15 |
|
Income taxes |
45 |
|
Total expenses |
340 |
|
Income before extraordinary loss |
$ 60 |
|
Extraordinary loss (net of income taxes) |
10 |
|
Consolidated net income |
$ 50 |
Tut’s operations are conducted through three domestic operating segments with sales, expenses, and assets as follows (in thousands):
|
Chemical |
Food |
Drug |
Corporate |
|
|
Sales (including intersegment sales) |
$160 |
$140 |
$120 |
|
|
Cost of sales (including intersegment cost of sales) |
80 |
70 |
60 |
|
|
General expenses |
15 |
10 |
10 |
$ 5 |
|
Selling expenses |
20 |
15 |
15 |
|
|
Interest expense (unaffiliated) |
5 |
5 |
||
|
Identifiable assets |
200 |
180 |
$150 |
200 |
|
Investment in equity investee |
300 |
The $10,000 interest income is not related to any industry segment. Consolidated total assets are $1,000,000. The chemical and food segments had intersegment sales of $35,000 and $25,000, respectively.
REQUIRED: Prepare a schedule of required disclosures for Tut’s industry segments in a form acceptable for reporting purposes.