Information relating to the operating segments of Fast Company for the year 2021, is presented below: Operating Profit (Loss) Segment 1--------- (18,000,000) Segment 2--------- 16,000,000 Segment 3--------- 9,000,000 Segment 4--------- (2,000,000) To be reportable segment, the segment's profit(loss) must be at least what amount?
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Information relating to the operating segments of Fast Company for the year 2021, is presented below:
Operating
Segment 1--------- (18,000,000)
Segment 2--------- 16,000,000
Segment 3--------- 9,000,000
Segment 4--------- (2,000,000)
To be reportable segment, the segment's profit(loss) must be at least what amount?
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- Comprehensive: Income Statement and Retained Earnings Milwaukee Manufacturing Company presents the following partial list of account balances, after adjustments, as of December 31, 2019: The following information is also available but is not reflected in the preceding accounts: a. The company sold Division E (a major component of the company) on August 2, 2019. During 2019, Division E had incurred a pretax loss from operations of 16,000. However, because the acquiring company could vertically integrate Division E into its facilities, Milwaukee Manufacturing was able to recognize a 42,000 pretax gain on the sale. b. On January 2, 2019, without warning, a foreign country expropriated a factory of Milwaukee Manufacturing which had been operating in that country. As a result of that expropriation, the company has incurred a pretax loss of 30,000. c. The common stock was outstanding for the entire year. A cash dividend of 1.20 per share was declared and paid in 2019. d. The 2019 income tax expense totals 31,050 and consists of the following: Required: 1. As supporting documents for Requirement 2, prepare separate supporting schedules for selling expenses and for general and administrative expenses (include depreciation expense where applicable in these schedules). 2. Prepare 2019 multiple-step income statement for Milwaukee Manufacturing. 3. Prepare a 2019 retained earnings statement. 4. Next Level What was Milwaukee Manufacturings return on common equity for 2019 if its average shareholders equity during 2019 was 500,000? What is your evaluation of this return on common equity if its target for 2019 was 15%? 5. Next Level Discuss how Milwaukee Manufacturings income statement in Requirement 2 might be different if it used IFRS.Information relating to the operating segments of Purple Company for the year 2021, is presented below: Operating Profit (Loss): Segment 1 - (P18,000,000)Operating Profit (Loss): Segment 2 - P16,000,000Operating Profit (Loss): Segment 3 - P9,000,000Operating Profit (Loss): Segment 4 - (P2,000,000)The reportable segments are Choices: 1,2,3,4 1,2,3 2 and 3 1 and 4Presented below is information related to Crane Company at December 31, 2020, the end of its first year of operations. Sales revenue $784,000 Cost of goods sold 374,000 Selling and administrative expenses 144,000 Unusual gain on sale of plant assets 71,000 Unrealized gain on available-for-sale investments 40,000 Interest expense 25,000 Loss on discontinued operations 47,000 Allocation to noncontrolling interest 113,000 Dividends declared and paid 19,000 Compute the following. Ignore income tax effects. (a) Income from operations $ (b) Net income $ (c) Net income attributable to Crane Company’s controlling stockholders $ (d) Comprehensive income $ (e) Retained earnings balance at December 31, 2020 $
- Lowell Corporation's results for the year ended December 31, 2021, include the following material items: Sales revenue $ 8,400,000 Cost of goods sold 6,000,000 Selling and administrative expenses 1,300,000 Loss on sale of investments 200,000 Loss on discontinued operations 500,000 Loss on impairment from continuing operations 80,000 Lowell Corporation's income from continuing operations before income taxes for 2021 is: A) $900,000. B) $880,000. C) $320,000 D) $820,000.The following is information for Novak Corp. for the year ended December 31, 2020: Sales revenue $1,420,000 Loss on inventory due to decline in net realizable value $70,000 Unrealized gain on FV-OCI equity investments 46,000 Loss on disposal of equipment 45,000 Interest income 9,000 Depreciation expense related to buildings omitted by mistake in 2019 56,000 Cost of goods sold 852,000 Retained earnings at December 31, 2019 950,000 Selling expenses 71,000 Loss from expropriation of land 57,000 Administrative expenses 52,000 Dividends declared 46,000 Dividend revenue 15,000 The effective tax rate is 25% on all items. Novak prepares financial statements in accordance with IFRS. The FV-OCI equity investments trade on the stock exchange. Gains/losses on FV-OCI investments are not recycled through net income. a)Prepare the retained earnings section of the statement of changes in equity for 2020. (List…Presented below is information related to Viel Company at December 31, 2020, the end of its first year of operations. Sales revenue $310,000 Cost of goods sold 140,000 Selling and administrative expenses 50,000 Gain on sale of plant assets 30,000 Unrealized gain on available-for-sale debt investments 10,000 Interest expense 6,000 Loss on discontinued operations 12,000 Dividends declared and paid 5,000 Instructions Compute the following: (a) income from operations, (b) net income, (c) comprehensive income, and (d) retained earnings balance at December 31, 2020. (Ignore income tax effects.)
- 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 2021Presented below is information related to Blossom Company at December 31, 2020, the end of its first year of operations. Sales revenue $322,170 Cost of goods sold 138,320 Selling and administrative expenses 51,700 Gain on sale of plant assets 30,260 Unrealized gain on available-for-sale debt investments 9,200 Interest expense 5,820 Loss on discontinued operations 12,220 Dividends declared and paid 4,580 Compute the following: (a) Income from operations $enter a dollar amount (b) Net income $enter a dollar amount (c) Comprehensive income $enter a dollar amount (d) Retained earnings balance at December 31, 2020 $enter a dollar amountPresented below is information related to Sohar Inc at December 31, 2020. Sales Revenue OMR 585,000 Cost of goods sold 265,000 Selling and Administrative Expenses 72,000 Gain on sale of plant 38,000 Unrealized gain on sale of Investments 16,000 Interest Expenses 9,000 Loss on discontinued operation 17,000 Allocation to non-controlling interest 49,000 Dividend declared and paid 8,000 Compute the following: (a) Income from operation, (b) net income, (c) net income attributed to controlling shareholders, (d) Comprehensive income, (e) retained earning balance.
- The following information is related to Nash Company for 2020. Retained earnings balance, January 1, 2020 $901,600 Sales Revenue 23,000,000 Cost of goods sold 14,720,000 Interest revenue 64,400 Selling and administrative expenses 4,324,000 Write-off of goodwill 754,400 Income taxes for 2020 1,144,480 Gain on the sale of investments 101,200 Loss due to flood damage 358,800 Loss on the disposition of the wholesale division (net of tax) 404,800 Loss on operations of the wholesale division (net of tax) 82,800 Dividends declared on common stock 230,000 Dividends declared on preferred stock 73,600 Nash Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Nash sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year. (a1) New attempt is in…Presented below is information related to Viel Company at December 31, 2020, the end of its first year of operations. Sales revenue $310,000 Cost of goods sold 140,000 Selling and administrative expenses 50,000 Gain on sale of plant assets 30,000 Unrealized gain on available-for-sale debt securities 10,000 Interest expense 6,000 Loss on discontinued operations 12,000 Allocation to non-controlling interest 40,000 Dividends declared and paid 5,000 Instructions Compute the following: (a) income from operations, (b) net income, (c) net income attributable to Viel Company controlling shareholders, (d) comprehensive income, and (e) retained earnings balance at December 31, 2020. (Ignore income taxes.)The following information is related to Vaughn Company for 2020. Retained earnings balance, January 1, 2020 $1,156,400 Sales Revenue 29,500,000 Cost of goods sold 18,880,000 Interest revenue 82,600 Selling and administrative expenses 5,546,000 Write-off of goodwill 967,600 Income taxes for 2020 1,467,920 Gain on the sale of investments 129,800 Loss due to flood damage 460,200 Loss on the disposition of the wholesale division (net of tax) 519,200 Loss on operations of the wholesale division (net of tax) 106,200 Dividends declared on common stock 295,000 Dividends declared on preferred stock 94,400 Vaughn Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Vaughn sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year. Partially correct answer…