10. In 2021, Segment X of Special Company had sales of P5,000,000 (represents 30% of the total company's sales), and had traceable costs of P3,200,000. Special also incurred segments costs of P400,000 that were not traceable to any of the divisions. Segment X incurred impairment loss of P600,000, an amount which is considered material. What amount should be reported as Segment X's profit for 2021? * A. 1,800,000 O B. 1,680,000 O C. 1,080,000 D. 800,000 O E. None of them

10. In 2021, Segment X of Special Company had sales of P5,000,000 (represents 30% of the total company's sales), and had traceable costs of P3,200,000. Special also incurred segments costs of P400,000 that were not traceable to any of the divisions. Segment X incurred impairment loss of P600,000, an amount which is considered material. What amount should be reported as Segment X's profit for 2021? * A. 1,800,000 O B. 1,680,000 O C. 1,080,000 D. 800,000 O E. None of them

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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10. In 2021, Segment X of Special Company had sales of P5,000,000 (represents 30% of the total company’s sales), and had traceable costs of P3,200,000. Special also incurred segments costs of P400,000 that were not traceable to any of the divisions. Segment X incurred impairment loss of P600,000, an amount which is considered material. What amount should be reported as Segment X’s profit for 2021? A. 1,800,000 B. 1,680,000 C. 1,080,000 D. 800,000 E. None of them
In 2021, Segment X of Special Company had sales of P5,000,000 (represents30% of the total company’s sales), and had traceable costs of P3,200,000.Special also incurred segments costs of P400,000 that were not traceable toany of the divisions. Segment X incurred impairment loss of P600,000, anamount which is considered material. What amount should be reported asSegment X’s profit for 2021
10. Taylor Company, a publicly owned entity, assesses performance and makes operating decisions using the following information for its reportable segments: Total revenue, P7,680,000; Total profit and loss, P406,000. The total profit and loss included intersegment profit of P61,000. In addition, Taylor has P5,000 of common costs for its reportable segments that are not allocated in reports reviewed by the chief operating decision maker. What amount should Taylor report as segment profit? a. 350,000 b. 345,000 c. 411,000 d. 406,000
The following information is related to Dickinson Company for 2020. Retained earnings balance, January 1, 2020 $ 980,000 Sales revenue 25,000,000 Cost of goods sold 16,000,000 Interest revenue 70,000 Selling and administrative expenses 4,700,000 Write-off of goodwill 820,000 Income taxes for 2020 1,244,000 Gain on the sale of investments 110,000 Loss due to flood damage 390,000 Loss on the disposition of the wholesale division (net of tax) 440,000 Loss on operations of the wholesale division (net of tax) 90,000 Dividends declared on common stock 250,000 Dividends declared on preferred stock 80,000 Dickinson Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Dickinson sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year. Instructions Prepare a multiple-step income statement…
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