C is corrent. Per ASC Topic 280, if 10% or more of the revenue of an enterprise is derived from sales to any single customer, that fact and the amount of revenue from each significant customer shall be disclosed. In this problem, Been reported revenues of $80,000,000 and thus should disclose major customer data if sales to any single customer amount to $8,000,000 ($80,000,000 x 10%). The segment generating the sales must be disclosed but the name of the customer does not need to be disclosed.
A is incorrect. Per ASC Topic 280, if 10% or more of the revenue of an enterprise is derived from sales to any single customer, that fact and the amount of revenue from each significant customr shall be disclosed. In this problem, Been reported revenues of $80,000,000 and thus should disclose major customer data if sales to any single customer amount to $8,000,000 ($80,000,000 × 10%). The segment generating the sales must be disclosed but the name of the customer does not need to be dislcosed.
B is incorrect. Per ASC Topic 280, if 10% or more of the revenue of an enterprise is derived from sales to any single customer, that fact and the amount of revenue from each significant customr shall be disclosed. In this problem, Been reported revenues of $80,000,000 and thus should disclose major customer data if sales to any single customer amount to $8,000,000 ($80,000,000 × 10%). The segment generating the sales must be disclosed but the name of the customer does not need to be dislcosed.
D is incorrect. Per ASC Topic 280, if 10% or more of the revenue of an enterprise is derived from sales to any single customer, that fact and the amount of revenue from each significant customr shall be disclosed. In this problem, Been reported revenues of $80,000,000 and thus should disclose major customer data if sales to any single customer amount to $8,000,000 ($80,000,000 × 10%). The segment generating the sales must be disclosed but the name of the customer does not need to be dislcosed.
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