Stone Company reported $100,000,000 of revenues on its 20X8 income statement.During the year ended December 31,20X8,Stone made sales of $8,000,000 to external customers in Western Europe.In addition,Stone made sales of $10,000,000 to the U.S.government and $4,000,000 of sales to various state governments.In the footnotes to its financial statements for 20X8,in reporting enterprisewide disclosures,Stone is required to disclose:
A)Option A
B)Option B
C)Option C
D)Option D

Question

Quizplus · Accepted Answer

Stone Company is required to disclose revenues from external customers attributed to each foreign country if they are material. Since $8,000,000 of sales were made to Western Europe, this is a material amount and should be disclosed.

Stone Company Reported $100,000,000 of Revenues on Its 20X8 Income