Taft discloses operating-segment information. The following information is available for the current year: Operating Traceable Segment Sales Operating Expenses A P1,000,000 P 600,000 B 800,000 500,000 600,000 350,000 P2.400.000 P1.450,000 Additional current year expenses, not included above, are as follows: Indirect operating expenses P360,000 General corporate expenses 240.000 In the measure of segment profit or loss reviewed by the chief operating decision maker, appropriate common operating expenses are allocated to segments based on the ratio of a segment's sales to total sales, but general corporate expenses are not. Segment C's current year profit for external reporting purposes was

Taft discloses operating-segment information. The following information is available for the current year: Operating Traceable Segment Sales Operating Expenses A P1,000,000 P 600,000 B 800,000 500,000 600,000 350,000 P2.400.000 P1.450,000 Additional current year expenses, not included above, are as follows: Indirect operating expenses P360,000 General corporate expenses 240.000 In the measure of segment profit or loss reviewed by the chief operating decision maker, appropriate common operating expenses are allocated to segments based on the ratio of a segment's sales to total sales, but general corporate expenses are not. Segment C's current year profit for external reporting purposes was

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...

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Yes Corp., a publicly-owned corporation, is subject to the requirements for segment reporting. In its income statement for the year ended December 31, 2020, Yes reported consolidated revenues of P50,000,000, operating expenses of P47,000,000, and net income of P3,000,000. Operating expenses include payroll costs of P15,000,000. Yes's combined identifiable assets of all industry segments at December 31, 2020, were P40,000,000. In its 2020 financial statements, Yes should disclose major customer data if sales to any single customer amount to at least: a.P300,000 b.P1,500,000 c.P4,000,000 d.P5,000,000
Yes Corp., a publicly-owned corporation, is subject to the requirements for segment reporting. In its income statement for the year ended December 31, 2020, Yes reported consolidated revenues of P50,000,000, operating expenses of P47,000,000, and net income of P3,000,000. Operating expenses include payroll costs of P15,000,000. Yes's combined identifiable assets of all industry segments at December 31, 2020, were P40,000,000. In its 2020 financial statements, Yes should disclose major customer data if SALES to any single customer amount to at least: a. P300,000 b. P1,500,000 c. P4,000,000 d. P5,000,000
Barb Corporation discloses supplementary operating segment information for its two reportablesegments. Data for 2020 are available as follows:Segment EF Segment WXSales $750,000 $250,000Traceable operating expenses 325,000 130,000Additional 2020 expenses related to Indirect Operating Expenses of $120,000.Appropriately selected common indirect operating expenses are allocated to segments based on theratio of each segment’s sales to total sales. The 2020 operating profit for Segment EF was ______________.A. $260,000B. $335,000C. $395,000D. $425,000
Unger has the following third party and intersegment revenue for its 10 operating segments Third party revenue $5,000,000 Intersegment revenue $1,000,000 Unger must disclose enough segments so that: a. The sum of the third party and intersegment revenues of the disclosed segments exceeds $4,500,000 b. The sum of the third party revenues of the disclosed segments exceeds $3,750,000 c. The sum of the third party revenues of the disclosed segments exceeds $4,500,000
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?
Spein Company is a diversified company that discloses supplemental financial information on its segments. The following information is available for 2019: Sales $)( Traceable costs ($) Allocable costs ($) Segment X 400,000 225,000 Segment Y 300,000 240,000 Segment Z 200,000 135,000 Total 900,000 600,000 150,000 Allocable costs are assigned based on the ratio of a segment’s income before allocable costs to total income before allocable costs. This is an appropriate method of allocation. Segment Y’s profit for 2019is ____________________.A. 32,400 Small; 8,100 Medium; 1,620 LargeB. 34,808 Small; 8,700 Medium; 1,740 LargeC. 37,010 Small; 9,250 Medium; 1,850 LargeD. 38,505 Small; 9,625 Medium; 1,925 Large
Word Corporation, a publicly owned corporation, is subject to the requirements for segment reporting. In its statement of comprehensive income for the year ending July 31, 2021, Word reported revenues of$50M, operating expenses of $47M and net income of $3M. Operating expenses included payroll costs of $15M. Word’s combined assets of all segments at July 31, 2020 were $40M. In its 2021 financial statements, Word should disclose major customer data if sales to any singlecustomer amount to at least _____________________.A. $ 300,000B. $1,500,000C. $4,000,000D. $5,000,000
TATUM Company, a publicly owned corporation, assess performance and makes operating decisions using the following information for its reportable segments: Total revenues P700,000 Total profit P50,000 Included in the total profit are intersegment profits of P5,000. In addition, TATUM has P1,000 of common costs for its reportable segments that are not allocated in reports used internally. For purposes of segment reporting, TATUM should report segment profit of a. P44,000 b. P51,000 c. P50,000 d. P70,000
The following information appeared in the annual financial statements of Hitashi Projects Limited:Statement of Comprehensive Income for the year ended 31 December 2019RRevenue 1 250 000Direct costs (786 000)Gross profit 464 000Operating expenses (124 000)Operating profit 340 000Interest expense (15 000)Profit before tax 325 000Income tax (97 500)Profit after tax 227 500Statement of Financial Position as at 31 December 2019Assets RNon-current assets 314 000Current assets 386 000Total assets 700 000Equity and liabilitiesShareholders’ equity 350 000Non-current liabilities 205 000Current liabilities 145 000Total equity and liabilities 700 000Note• Current assets (R386 000) include accounts receivable of R160 000, inventories of R80000 and cash of R146 000.• Inventories as at 31 December 2018 amounted to R130 000.• Current liabilities comprise accounts payable only.• All direct costs and revenues are on credit.Required:Calculate the following ratios using the information provided above.…
Oreo reported the following for the period:Sales P1,000,000Cost of Sales P300,000Operating expenses P100,000Determine the OSD assuming that Oreo is a corporation
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
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?