Under the overall size test, what is total revenues that all reportable segmentsmust at least report so that entity is not required to identify any additionalreportable segments? *MEXICO Company and all its divisions are engaged in a merchandising business. The 2021 income statement of MEXICO showed thefollowing:Sales to unaffiliated customers20,000,000Gain on sale of machinery1,500,000Operating expenses15.000,000)Net income6,500,000In the process of determining the consolidated net income, intersegment sales of P3,000,000 were eliminated.

Income statement determines the net income of the business by subtracting the total expenses from…

Answered: Under the overall size test, what is…

Under the overall size test, what is total revenues that all reportable segments must at least report so that entity is not required to identify any additional reportable segments? *

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter16: Multistate Corporate Taxation

Section: Chapter Questions

Problem 35P

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Hardy is a public listed manufacturing company. Its summarised financial statements for the year ended 30 September 2019 (and 2018 comparatives) are: Income statements for the year ended 30 September: 2010 RM’000 2009 RM’000 Revenue 29,500 36,000 Cost of sales (25,500) (26,000) Gross profit 4,000 10,000 Distribution costs (1,050) (800) Administrative expenses (4,900) (3,900) Investment income 50 200 Finance costs (600) (500) Profit (loss) before taxation (2,500) 5,000 Income tax (expense) relief 400 (1,500) Profit (loss) for the year (2,100) 3,500 Statements of financial position as at 30 September: 2020 2019 RM’000 RM’000 RM’000 RM’000 Assets Non-current assets Property, plant and equipment 17,600 24,500 Investments at fair value through profit or loss 2,400 20,000 4,000…
Hardy is a public listed manufacturing company. Its summarised financial statements for the year ended 30 September 2019 (and 2018 comparatives) are: Income statements for the year ended 30 September: 2010 RM’000 2009 RM’000 Revenue 29,500 36,000 Cost of sales (25,500) (26,000) Gross profit 4,000 10,000 Distribution costs (1,050) (800) Administrative expenses (4,900) (3,900) Investment income 50 200 Finance costs (600) (500) Profit (loss) before taxation (2,500) 5,000 Income tax (expense) relief 400 (1,500) Profit (loss) for the year (2,100) 3,500 Statements of financial position as at 30 September: 2020 2019 RM’000 RM’000 RM’000 RM’000 Assets Non-current assets Property, plant and equipment 17,600 24,500 Investments at fair value through profit or loss 2,400 20,000 4,000 28,500…