An entity reported the following segment profit or loss for the current year Segment 1 7,000,000 profit Segment 2 3,000,000 profit Segment 3 4,000,000 loss Segment 4 1,000,000 profit Segment 5 500,000 loss What are the reportable segments? a. SEGMENT 1,2,3,4 and 5 b. SEGMENT 1 and 2 c. SEGMENT 1,2 and 3 d. SEGMENT 1,2,3 and 4

An entity reported the following segment profit or loss for the current year Segment 1 7,000,000 profit Segment 2 3,000,000 profit Segment 3 4,000,000 loss Segment 4 1,000,000 profit Segment 5 500,000 loss What are the reportable segments? a. SEGMENT 1,2,3,4 and 5 b. SEGMENT 1 and 2 c. SEGMENT 1,2 and 3 d. SEGMENT 1,2,3 and 4

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 98.3C

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Similar questions

Profitability metrics The following selected data were taken from the financial statements of The O'Malley Group Inc. for December 31, 20Y5. 20Y4. and 20Y3: No dividends on common stock were declared between 20Y3 and 20Y5. a.Determine the return on total assets, the return on stockholders' equity, and the return on common stockholders' equity Tor the years 20Y4 and 20Y5. Round to one decimal place. b. What conclusions can be drawn from these data as to the company's profitability?
Unusual income statement items Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or unusual (U) items. If unusual item, then specify if it is a discontinued operations item (DO). a. Interest revenue on notes receivable. b. Gain on sale of segment of the company's operations that manufactures bottling equipment. c.Loss on sale of investments in stocks and bonds. d. Uncollectible accounts expense. e. Uninsured flood loss. (Hood insurance is unavailable because of periodic Hooding in the area.)
The following provides information on the segments that have been identified by Bernard Productions: Total Revenue Operating Segments (Unaffiliated) Profit (Loss) Identifiable Assets A $429,000 $34,000 $800,000 B 355,800 (36,000) 650,000 C 95,400 2,000 108,000 D 90,000 3,000 75,000 Which of the segments listed above would information have to be disclosed in accordance with GAAP?
An entity identified the following segment for the current year: Segment Revenue Profit Assets A 10,000,000 1,750,000 20,000,000 B 8,000,000 1,400,000 17,500,000 C 6,000,000 1,200,000 12,500,000 D 3,000,000 550,000 7,500,000 E 4,000,000 575,000 5,500,000 F 2,000,000 525,000 3,000,000 What are the reportable segments? a. SEGMENT A, B and C b. SEGMENT A, B, C and D c. SEGMENT A, B, C, D and E d. SEGMENT A, B, C, D, E and F
Portia Co. uses the installment method of income recognition. The entity provided the following pertinent data:20x1 20x2 20x3Installment sales P600,000 P750,000 P720,000Cost of goods sold 450,000 570,000 504,000Balance of deferred gross profit at year-end20x1 105,000 30,000 -20x2 108,000 18,00020x3 144,000 REQUIRED:1. Total balance of Installment Receivable on December 31, 20x3 ____________ Reginald Company, which began operations on January 5, 20x1, appropriately uses the install method ofrevenue recognition. The following information pertains to the operations for 20x1 and 20x2:20x1 20x2Sales P600,000 P900,000Collections from:20x1 sales 200,000 100,00020x2 sales 300,000Accounts written off from:20x1 sales 50,000 150,00020x2 sales 300,000Gross profit rates 30% 40% REQUIRED:2. Deferred gross profit on December 31, 20x2 ______________3. Realized gross profit in 20x2 ______________
5. In the income statement for the current year, the entity which is subject to the requirements of segment report, reported external sales of P60,000,000, internal sales of P5,000,000, expenses of P45,000,000. The combined total assets of all operating segments at year-end amounted to P56,000,000. What is the lowest amount of external revenue that should be disclosed by reportable segments? A. 45,000,000 B. 15,000,000 C. 6,500,000 D. 3,750,000 E. None of them
An entity reported the following information during the first year of operations: Pretax financial income 9,000,000 Nontaxable interest received 1,000,000 Long-term loss accrual in excess of deductible amount 1,500,000 Tax depreciation in excess of financial depreciation 2,000,000 Income tax rate 30% What is the total tax expense?
Calculate the comprehensive income for the Staffordshire Products Company given the information below. Positive amounts are unrealized gains and negative amounts are unrealized losses: Net Income $64,500Dividends $5,600Pension liability adjustment $9,000Foreign currency translation ($5,050)Gain discontinued operations $3,200Available-for sale investments declined from $39,000 to $37,150
D. An entity reported the following information during the first year of operations:Pretax financial income 9,000,000Nontaxable interest received 1,000,000Nondeductible life insurance premiums paid 500,000Long-term loss accrual in excess of deductible amount 1,500,000Tax depreciation in excess of financial depreciation 2,000,000Income tax rate 25%1. What is the current tax expense?2. What is the total tax expense?3. What is the deferred tax liability at year-end?4. What is the deferred tax asset at year-end?
17 Rainee Corporation's revenue for the current year were as follows: Consolidated revenue per income statement P1,200,000 Intersegment sales 180,000 Intersegment transfers 60,000 Combined revenues of all operating segments P1,440,000 Rainee has a reportable segment if that operating segment's revenues is at least_
Presented below are four segments that have been identified by Haley Productions: OperatingSegments Total Revenue Profit (Loss) Identifiable AssetsA $510,000 $48,000 $1,100,000 B 140,000 35,000 550,000 C 210,000 (6,000) 350,000 D 80,000 (13,000) 210,000 E 60,000 10,000 160,000 For how many segments would information have to be disclosed in accordance with professional pronouncements? a. 4 b. 3 c. 2 d. 5
Company discloses supplemental operating segment information. The following information is available for the current year: segment Sales Traceable expenses X 5,000,000 3,000,000 Y 4,000,000 2,500,000 z 3,000,000 1,500,000 12,000,000 7,000,000 Addl: expenses as follows: Indirect expenses 1,800,000 General Corporate Expenses 1,200,000 Interest expense 600,000 Income tax expense 400,000 The interest expense and income tax expense are regularly review by the chief operating decision marker as a measure of profit or loss. Appropriate common expenses are allocated to segments based on the ratio of a segment’s sales to total sales. 5. What is segment Z’s profit for the current year?