Reference no: EM132574416

Tamarisk Corporation, a publicly traded company, is preparing the financial data which it will issue to its stockholders and the Securities and Exchange Commission (SEC) for the fiscal year ending December 31, 2017. Your job as a member of the accounting team is to help determine the appropriate disclosures and any other potential year-end adjustments. You have collected the following information.

1. Tamarisk is involved in four separate industries. The following information is available for each of the four industries. Tamarisk wonders which segments are reportable.

Operating Segment:         Total       Revenue Operating       Profit(Loss) Identifiable

Assets Gator:                $121,500       $29,500                      $338,500

Tiger:                         20,300              3,000                  165,600

Seminole:                   46,100               (4,100)                 42,700

Longhorn                   18,000                 2,000          37,600

total:                    $205,900                  $30,400       $584,400

2. On January 23, 2018, a strike was called at one of Tamarisk's largest plants, which halted 30% of its production. As of today (February 13), the strike has not been settled.

3. On January 18, 2018, one of the three major plants of the client burned down.

4. On February 3, 2018, one of Tamarisk's customers declared bankruptcy. At December 31, 2017, this company owed Tamarisk $15,600, of which $3,000 was paid in January 2018.

5. On February 1, 2016, the board of directors adopted a resolution accepting the offer of an investment banker to guarantee the marketing of $1,100,000 of preferred stock.

Moving ahead to the first quarter of 2018, your team has compiled the following summarized revenue and expense data for the first quarter of the year.

Sales revenue $65,600

Cost of goods sold 34,600

Variable selling expenses900

Fixed selling expenses 3,100

Included in the fixed selling expenses was the single lump-sum payment of $1,500 for Internet advertisements for the entire year. Address the following with respect to the first quarter report.

Question 1: State how the sales revenue, cost of goods sold, and fixed selling expenses would be reflected in Tamarisk's quarterly report prepared for the first quarter of 2018.