An entity reported the following segment profit or loss for the current year Segment 1 7,000,000 profit Segment 2 3,000,000 profit Segment 3 4,000,000 loss Segment 4 1,000,000 profit Segment 5 500,000 loss What are the reportable segments? a. SEGMENT 1,2,3,4 and 5 b. SEGMENT 1 and 2 c. SEGMENT 1,2 and 3 d. SEGMENT 1,2,3 and 4

An entity reported the following segment profit or loss for the current year Segment 1 7,000,000 profit Segment 2 3,000,000 profit Segment 3 4,000,000 loss Segment 4 1,000,000 profit Segment 5 500,000 loss What are the reportable segments? a. SEGMENT 1,2,3,4 and 5 b. SEGMENT 1 and 2 c. SEGMENT 1,2 and 3 d. SEGMENT 1,2,3 and 4

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Presented below are four segments that have been identified by XYZ, Inc. TE Segments Total revenue Profit (Loss) Identifiable Assets A 1,800,000 200,000 (350,000) 20,000 30,000 6,000,000 6,000,000 1,500,000 3,000,000 B 4,000,000 600,000 C D 1,300,000 Identify the reportable segments under the quantitative thresholds of PFRS 8.
For the purpose of segment reporting, what amount should be reported as segment total profit? A. 930,000 B. 830,000 C. 845,000 D. 730,000
B1-53 Preparing a consolidated income statement Obj. 4 For the year ended December 31, 20Y2, the operating results of Paley Corporation and its wholly owned subsidiary, Sims Enterprises, are as follows: 1 A 2 3 4 5 Operating expenses 6 Operating income 7 Interest revenue 8 Interest expense 9 Net income Sales Cost of goods sold Gross profit F Paley Corporation 3,200,000 (1,900,000) 1,300,000 (750,000) 550,000 20,000 570,000 Sims Enterprises 900,000 (550,000) 350,000 (125,000) 225,000 (15,000) 210,000 During 20Y2, Sims Enterprises sold and received payment of $80,000 for merchandise that was purchased by Paley Corporation. The merchandise sold to Paley cost Sims Enterprises $45,000. Paley Corporation sold the merchandise to another (nonaffiliated) company for $110,000. a. Prepare a consolidated income statement for Paley Corporation and Subsidiary. Hint: Eliminate the effect of the intercompany sale. Assume that as of December 31, 20Y2, Paley Corporation had not sold the merchan- dise…
Selling & administrative expenses 20,200 Loss on sale of plant assets 11,700 Gross profit 90,500 Interest expense 8,000 Income tax 10,000 Rent revenue 10,200 If this information was used to prepare an income statement, Income from Operations should be: Select one: a. 68,800 b. 70,300 c. 78,800 d. 110,700 e. 58,600
Compare the Solvency, Liquidity and Profitability for the two companies
Question 51: In the vertical analysis of an income statement, what is the base (100%) figure? Answer: A. Total expenses B. Total revenues C. Total assets D. Net income
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The following are financial data taken from the annual report of Foundotos Company: Year 2 $134,448 51,981 37,154 57,504 Net sales Gross property, plant and equipment Accumulated depreciation Intangible assets (net) A. Calculate the following ratios for Year 1 and Year 2: 1. Fixed asset turnover 2. Accumulated depreciation divided-by-gross fixed assets B. What do the trends in these ratios reveal about Foundotos? Year 1 $130,060 47,744 34,180 36,276
Given the following information: $8 million $10 million $7 million $3 million Average Inventory: $6 million Average A/R: Average Fixed Assets: Accounts Payables:$4 million Revenues: $2 million Liabilities: Total Expenses: Cost of Goods Sold: $10 million Assume no other assets or liabilities exist beyond what is articulated above. a. Compute Net Profit Margin b. Compute Total Asset Turnover c. Compute Return on Equity (ROE) d. Compute Inventory Turnover e. How much equity would have to be swapped out for debt to increase ROE by 1% assuming that nothing else changes? f. What is the firm's sustainable growth rate if dividends are equal to $0.5 million?
Vertical Analysis Two income statements for Upward Company follow: Upward Company Income Statements For the Years Ended December 31 20Y5 20Y4 Fees earned $924,000 $784,000 Operating expenses 545,160 478,240 Income from operations $378,840 $305,760 a. Prepare a vertical analysis of Upward Company's income statements. Enter percents as whole numbers. Upward Company Income Statements For the Years Ended December 31 20Y5 Amount 20Y5 Percent 20Y4 Amount 20Y4 Percent Fees earned $924,000 100 % $784,000 100 % 545,160 0X % 478,240 X % Operating expenses X % $305,760 X % Income from operations $378,840
Case 12. GLK Corporation and its divisions are engaged solely in manufacturing. The following data pertain to the industries in which operations were conducted for the current year: Operating profit (loss) Segment A 10,000,000 Segment B 2,000,000 Segment C (11,000,000) Segment D 3,000,000 Segment E (12,000,000) 12. In its segment information for the current year, which is (are) not a reportable segment(s)?a. A, B, Cb. B, D c. Bd. None
What is the total revenue of the reportable segments after considering the quantitative thresholds but without regard to aggregation criteria?