Monty Company Is Involved In four separate Industrles. The followIng Information Is avallable for each of the four Industries.operatingSegmentTotalRevenueOperating Profit(Loss)$15,2202,410(3,020)IdentifiableAssetsW.$55,796$182,99091,49524,0506,7441,09018,930$96,200$15,700$315,500Determine which of the operating segments are reportable based on the:Reportable Segments(a)Revenue test.(b)Operating profit (loss) test.IdentifiabiE 25sets test.

The segments are reportable that is exploitable if they have at least 10% of revenues, operating…

Monty Company Is Involved In four separate Industries. The following Information Is avallable for each of the four Industries. Operating Segment Total operating Profit (Loss) $15,220 Identifiable Assets Revenue $55,796 $182,990 9,610 2,410 91,495 Y 24,050 (3,020) 1,090 $15,700 22,085 6,744 18,930 $96,200 $315,500 Determine which of the operating segments are reportable based on the: Reportable Segments (a) Revenue test. (b) Operating profit (loss) test. (c) Identiflable assets test.

Monty Company Is Involved In four separate Industries. The following Information Is avallable for each of the four Industries. Operating Segment Total operating Profit (Loss) $15,220 Identifiable Assets Revenue $55,796 $182,990 9,610 2,410 91,495 Y 24,050 (3,020) 1,090 $15,700 22,085 6,744 18,930 $96,200 $315,500 Determine which of the operating segments are reportable based on the: Reportable Segments (a) Revenue test. (b) Operating profit (loss) test. (c) Identiflable assets test.

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter16: Multistate Corporate Taxation

Section: Chapter Questions

Problem 34P

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Pearl Inc. is involved in five separate industries. The following information is available for each of the five industry segments. Operating Segment Total Revenue Operating Profit (Loss) Identifiable Assets A $140,790 $24,910 $239,210 B 40,690 7,960 11,060 C 26,180 (4,960 ) 35,950 D 191,850 (2,000 ) 59,050 E 2,000 500 14,990 $401,510 $26,410 $360,260 Part 1 Determine which of the operating segments are reportable based on the revenue test.
Waterway Company is involved in four separate industries. The following information is available for each of the four industries Operating Segment w X Total Revenue $56,202 9,680 24,225 6,793 $96,900 Operating Profit (Loss) $16,000 2,480 (3,130) 1,150 $16,500 Identifiable Assets $172,434 86,217 20,811 17,838 $297,300 Y Z Determine which of the operating segments are reportable based on the: Reportable Segments (a) Revenue test. (b) Operating profit (loss) test. (c) Identifiable assets test.
Vehicle Corporation is organized into four operating segments. The internal reporting system generated the following segment information:The company incurred additional operating expenses (of a general nature) of $1,200,000. Perform the profit or loss test to determine which of these segments is separately reportable.
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Selected information from the separate and consolidated income statements of CHAELISA LTD.and as subsidiary, JENSOO INC. for the year ended December 31, 2021 are as follows: CHAELISA LTD. JENSOOINC. ConsolidatedSales P600,000 P420,000 P924,000COGS 450,000 330,000 693,000Gross profit P150,000 P 90,000 P231,000 During 2021, CHAELISA LTD. sold goods to JENSOO INC. at the same mark-up on cost that CHAELISA LTD. uses for all sales. At December 31, 2021, JENSOO INC. had not paid all of these goods and still held 37.5% of them in inventory. Compute for the original cost of goods in JENSOO INC.’s inventory acquired from Apple.
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The Lagerstroemia Corporation was formed on January 1 of the current year. Calculate the Lagerstroemia Corporation'staxable income or loss for the current year given the following informationGross receipts $255,000Cost of goods sold 150,000Dividend income (from 10-percent-owned domestic corporation) 35,000Interest income 10,000Business expenses (other than organizational costs) 120,000Organizational costs expensed 5,000Taxable income/(loss) $
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