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- Nottage Company has four separate operating segments: East West North South Sales to outsiders $188000 $126000 $65000 $43000 Inter segment transfers 16000 6000 13000 8000 What revenue amount must one customer generate before it must be identified as a major customer? Choose the correct.a. $39,600b. $42,200c. $46,500d. $49,200Livro Company has three operating segments with the following information: Books Calendars Bags Sales to outsiders $12000 $9000 $8000 Inter segment transfers 1000 500 1500 In addition, corporate headquarters generates revenues of $2,000.What is the minimum amount of revenue that each of these segments must generate to be considered separately reportable? Choose the correct.a. $2,900b. $3,200c. $3,300d. $3,400Wayne, Inc. has four operating segments with the following information: Tables Bookcases Cabinets Chairs Sales to outsiders $ 2,600,000 $ 3,200,000 $ 5,350,000 $ 1,780,000 Intersegment transfer $ 380,000 $ 0 $ 125,000 $ 117,000 Segment expenses $ 1,900,000 $ 2,200,000 $ 4,480,000 $ 2,174,000 Segment assets $ 10,800,000 $ 12,000,000 $ 18,000,000 $ 3,500,000 Which operating segments are separately reportable under the revenue test?
- Australia Company has three business segments with the following Information: One Two Three Sales to outsiders P8,000,000 P4,000,000 P6,000,000 Intersegment transfers 600,000 1,000,000 1,400,000 Interest income - outsiders 400,000 500,000 600,000 Interest income - intersegment loans 300,000 400,000 500,000 What is the minimum amount of revenue that each of those segments must have to be considered reportable?Elektronix, Inc. has three operating segments with the following information: DVDs VCRs MP3s Sales to outsiders $ 4,000,000 $ 500,000 $ 2,000,000 Intersegment transfers none none $ 100,000 Segment expenses $ 3,000,000 $ 624,000 $ 1,700,000 Segment assets $ 14,000,000 $ 6,000,000 $ 5,000,000 What is the minimum amount of operating profit or loss an operating segment must have to be considered a reportable segment? Multiple Choice $124,000. $127,600. $100,000. $130,000. $140,000.Question 1 The following segment information relates to Camping Capers Ltd.External Revenues Segment Revenue Segment Result Segment AssetsCamping 480 000 680 000 85 000 300 000Fishing 160 000 160 000 20 000 100 000Boating 140 000 140 000 15 000 120 000Clothing 390 000 455 000 110 000 200 000Tourism Services 470 000 470 000 (30 000) 600 000Not attributable to operating segments 210 000Total 1 850 000 1 905 000 200 000 1 320 000 Required:a) Determine which segments are reportable according to the guidelines provided in AASB 8. Show all calculations and workings and refer to the appropriate paragraphs of AASB 8 being applied. b) If the clothing segment had seen large growth in this reporting period and was not reportable in the previous period, how would this affect the segment disclosures? Refer to AASB 8 as appropriate. Question 2Tom Ltd has determining that its construction division is a cash-generating unit. The carrying amounts of the net assets as at 30 June 2017 are as follows:Cash…
- You have secured the following information for Companies A, B, and C concerning their internally generated net incomes (excluding subsidiary income) and dividends paid: A B C2015 Internally generated net income . . . . $30,000 $20,000 $10,000Dividends declared and paid . . . . . . . . . . . . .10,000 5,0002016 Internally generated net income . . . . 50,000 30,000 25,000Dividends declared and paid . . . . . . . . . . . . .10,000 5,000 5,0002017 Internally generated net income . . . . 40,000 40,000 30,000Dividends declared and paid . . . . . . . . . . . . .10,000 5,000 5,0001. Assume Company A acquires an 80% interest in Company B on January 1, 2015, and Company B acquires a 60% interest in Company C on January 1, 2016. Prepare the simple equity method adjusting entries made by Companies A and B for subsidiary…Selected comparative statement data for Oriole Company are presented below. All balance sheet data are as of December 31. 20222021Net sales$1,165,000 $1,125,000Cost of goods sold705,000 645,000Interest expense20,000 15,000Net income154,945 145,000Accounts receivable145,000 125,000Inventory105,000 100,000Total assets785,000 700,000Preferred stock (6%)205,000 200,000Total stockholders’ equity635,000 525,000 Compute the following ratios for 2022. (Round answers to 1 decimal place, e.g. 1.8 or 2.5%) (a)Profit marginenter the profit margin in percentages %(b)Asset turnoverenter the asset turnover in times times(c)Return on assetsenter the return on assets in percentages %(d)Return on common stockholders’ equityenter the return on common stockholders' equity in percentages %Hansel Corporation’s condensed balance sheets appear below: 20X3 20X2 20X1 Assets: Current assets $ 55,000 $ 56,500 $ 70,000 Plant & equipment, net 495,000 410,000 440,000 Intangible assets, net 20,000 27,500 40,000 Total assets $ 570,000 $ 494,000 $ 550,000 Liabilities & Stockholders’ Equity: Current liabilities $ 40,000 $ 35,000 $ 32,500 Long-term liabilities 395,000 310,000 375,000 Stockholders’ equity 135,000 149,000 142,500 Total liabilities & equity $ 570,000 $ 494,000 $ 550,000 In a trend balance sheet for 20X3, long-term liabilities are expressed as Multiple Choice 69.3% 100.0% 105.3% 127.4%
- The separate statement of financial positions of Pill Corporation and Seed Company on July 1, 20X2 are as follows: Pill Corporation Seed Company Book Values Fair Values Cash P550,000 P10,000 P10,000 Accounts Receivable (net) 700,000 60,000 60,000 Inventories 1,400,000 120,000 140,000 Plant Assets (net) 2,850,000 610,000 690,000 Total Assets P5,500,000 P800,000 Current Liabilities P500,000 P80,000 P80,000 Long-term Debt 1,000,000 400,000 440,000 Common Stock, P10 par 1,500,000 100,000 Additional Paid-In Capital 1,200,000 40,000 Retained Earnings 1,300,000 180,000 Total Liabilities and Equity P5,500,000 800,000 On the same date, Pill Corporation acquired all the shares of Seed Company’s outstanding stock by paying P350,000 to its stockholders. Required: Prepare the consolidated statement of financial position on the…A2 aii Use the following information for Delta Corporation: Year 20X1 20X2 Net sales $1,500,000 $1,656,598 Cost of goods sold 675,000 745,469 Depreciation 270,000 298,188 Interest paid 43,600 44,000 Cash 127,500 140,811 Account’s receivable 450,000 496,980 Inventory 525,000 579,809 Net fixed assets 1,800,000 1,987,918 Accounts payable 375,000 414,150 Notes payable 45,000 50,000 Long-term debt 500,000 500,000 Common stock 1,000,000 1,000,000 Retained earnings 982,500 1,241,368 Tax rate 35% 35% Dividend payout 30% 30% Delta has 600,000 common shares outstanding. The firm is projecting a 20% increase in net sales for the coming year (20X3). Delta uses the percentage of sales approach to plan for its financing needs. In using this approach, the firm assumes that cost of goods sold, all assets (current and fixed), and accounts payable will all remain a constant…Pleasantville Company had the following balance sheet on January 1. Pleasantville CompanyBalance SheetJanuary 1 1Cash$175,000.00Accounts Payable$57,000.002Inventory157,000.00Notes Payable250,000.003Property, Plant, and Equipment200,000.00Mortgage Payable150,000.004Patent25,000.00Retained Earnings100,000.005$557,000.00$557,000.00 On January 2, Carrs Company came to an agreement to purchase Pleasantville by acquiring all of its outstanding shares for $575,000 in cash. On that date in time, the fair value of their inventory was $150,000, and the fair value of the equipment was $225,000. The book value equals the fair value for all other accounts listed.Required:1. Compute the goodwill associated with the purchase of Pleasantville.2. Prepare the journal entry necessary at January 2, to record the acquisition of Pleasantville.