ORANGE Company and its divisions are engaged solely in manufacturing. The following data pertain to the operating segments in which operations were conducted for the year ended December 31, 2021. Profit (loss) Identifiable Assets A 3,325,650 18,674,900 7,542,825 10,326,510 2,519,430 (587,345) 920,855 D 381,700 (2,932,990) (684,275) (448,615) E 15,260,475 F 1,065,260 1,985,000 G

ORANGE Company and its divisions are engaged solely in manufacturing. The following data pertain to the operating segments in which operations were conducted for the year ended December 31, 2021. Profit (loss) Identifiable Assets A 3,325,650 18,674,900 7,542,825 10,326,510 2,519,430 (587,345) 920,855 D 381,700 (2,932,990) (684,275) (448,615) E 15,260,475 F 1,065,260 1,985,000 G

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 16P: Comprehensive: Income Statement and Retained Earnings Milwaukee Manufacturing Company presents the...

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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.
Dogman Company and its divisions are engaged solely in manufacturing operations. The following data pertains to the industries in which operations were conducted for the year ended December 31, 2017. Segments Total revenue Operating profit Identifiable assets A 13,000,000 4,000,000 25,000,000 B 9,000,000 2,000,000 20,000,000 C 3,000,000 1,000,000 7,000,000 D 3,800,000 800,000 8,000,000 E 3,500,000 700,000 5,000,000 In its segment information for 2017, how many reportable operating segments does Dogman have? A. Three B. Four C. Five D. Six
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 4
Corycorn Corp. and its divisions (each is an operating segment) are engaged solely in manufacturing operations. The following data (consistent with prior years' data) pertain to the operations conducted for the yaer ended December 31, year 1: (Industry Operating Segment) Total revenue Operating profit Identifiable assets at 12/31/Y1 A P10,000,000 P1,750,000 P20,000,000 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 4,250,000 675,000 7,000,000 F…
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?
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
The following financial information was summarized from the accounting records of Train Corporation for the current year ended December 31: RailsDivision LocomotiveDivision CorporateTotal Cost of goods sold $45,900 $29,900 Direct operating expenses 26,300 21,000 Sales 90,700 66,700 Interest expense $3,000 General overhead 19,100 Income tax 4,100 The income from operations for the Rails Division is a.$64,400 b.$44,800 c.$90,700 d.$18,500
The following information pertains to Redping Corporation for the year ended December 31, 2020.Sales to unaffiliated customers $2,000,000Inter-segment sales of products similar tothose sold to unaffiliated customers 600,000All of Redping’s segments are engaged solely in manufacturing operations. Redping has a reportablesegment if that segment’s revenue exceeds ____________________.A. $264,000B. $260,000C. $204,000D. $200,000
Presented below is information related to Watt Company in its first year of operation. The following information is provided at December 31, 2021, the end of its first year.Sales revenue 450,000Cost of goods sold 210,000Selling and administrative expenses 75,000Gain on sale of plant assets 45,000Unrealized gain on available-for-sale financial assets 15,000Financial costs 10,000Loss on discontinued operations 20,000Allocation to non-controlling interest 60,000Dividends declared and paid 8,000 Compute the following (a) income from operations, (b) net income, (c) net income attributable to Watt Company shareholders, (d) comprehensive income, and (e) retained earnings balance at December 31, 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
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.
You are a consultant for Glory Ltd, a quoted company operating in the manufacturing sector. Following are aStatement of Profit or Loss and Statement of Financial Position with comparatives for the year ended 31stDecember 2018.Statement of Profit or Loss for the year ended 31 st December, 201820182017GHSGHSSales revenue3,095,5761,909,051Cost of sales2,402,6091,441,950Gross profit692,967467,101Interest receivable7442,782Administration expenses333,466222,872Operating profit360,245247,011Interest18,11521,909Profit before taxation342,130225,102Income tax expense74,20031,272Profit for the year267,930193,8303Statement of Financial Position as at 31 December 2018Assets20182017GHSGHSNon-current assetsProperty, plant and equipment 802,180656,071Current assetsInventory64,42286,550Trade receivables905,679807,712Prepayment and accrued income 97,02245,729Cash at bank and in hand 1,32768,3631,068,4501,008,354Total assets1,870,6301,664,425Equity and liabilitiesEquityOrdinary shares258,178258,178Income…