Peer Incorporated is a publicly-traded enterprise and therefore must disclose information regarding its operating segments. Which of the following should be disclosed for each of Peer’s reportable operating segments? Multiple Choice Both profit and loss and total assets must be reported. Only profit and loss, but not total assets must be reported. Only total assets, but not profit and loss must be reported. Neither total assets, not profit and loss must be reported.
Q: . Sales are budgeted at $250,000 for November, $260,000 for December, and $240,000 for January .…
A: Lets understand the basics.Budget is prepared to estimate future variables. Management prepares…
Q: Pastor Malachi received $55,000 in ministerial earnings: $38,500 salary for ministerial services,…
A: Costs or expenses incurred for work-related activities that are not paid by an employer are referred…
Q: Warm Hands, a small company based in Prince Edward Island, manufactures and sells two types of…
A: The contribution margin is calculated as the difference between the sales and variable costs. The…
Q: Mcdale Inc. produces and sells two products. Data concerning those products for the most recent…
A: The break-even point indicates that total units are to be sold by the business entity to recover its…
Q: In this exercise, you will create a monthly income statement, statement of owner's equity, and…
A: Income statement The income statement is an important financial statement of a company. It is also…
Q: Bank Assistant Printers, Inc. produces luxury checkbooks with three checks and stubs per page. Each…
A: The objective of the question is to analyze the difference between the budgeted and actual results…
Q: b. Prepare the worksheet consolidation entry or entries needed to remove the effects of the…
A: Corporate Bonds -Corporate bonds are obligations that corporations issue to both public and private…
Q: ← Smith Manufacturing designs and manufactures bathtubs for home and commercial applications. The…
A: Variable overhead variance is the difference between standard variable overhead cost for actual…
Q: When you undertook the preparation of the financial statements for Telfer Company at January 31,…
A: Inventory means the detailed list or stock of items, goods, or materials held by a business or…
Q: Arnold Vimka is a venture capitalist facing two alternative investment opportunities. He intends to…
A: Variable costs are costs that vary with the change in the level of output whereas fixed costs are…
Q: Cherokee Incorporated is a merchandiser that provided the following informati Number of units sold…
A: The income statement is prepared to record the revenue and expenses for the current period. It tells…
Q: Required: Prepare Shadee's budgeted income statement for the months of May and June. Note: Do not…
A: A budgeted income statement refers to the calculation of net income expected in the coming year. The…
Q: BizTech bought a new building for its headquarters in the year 2015. The building cost 795,649…
A: For calculating the book value of the asset for the year when the asset is being sold the formula…
Q: 234597 6 8 9 10 11 12 13 14 15 16 679 17 Raw Materials Inventory 57,500 18 19 20 5,700 37,000 14,800…
A: Finished product means the product ready to be sold out. Raw material means the material used to…
Q: Flint Enterprises Ltd., a private company following ASPE earned accounting income before taxes of…
A: Deferred tax asset: The deferred tax asset is created when the taxes to be paid as per income tax…
Q: Subject: Recording Business Transactions according to US GAAP. Consider a hypothetical firm with…
A: The U.S. Generally Accepted Accounting Principles (GAAP) is a set of principles and standards that…
Q: What would be the answer to the multiple-choice question (pasted below) had the U.S. used a…
A: Here’s how we calculate it:The domestic corporation’s income from business conducted solely in the…
Q: Matthew, Inc., owns 30 percent of the outstanding stock of Lindman Company and has the ability to…
A: The company purchasing the shares of another company is generally accounted for using the equity…
Q: Samantha Montgomery (age 42) is employed by Canon Company and is paid an annual salary of $62,430.…
A: Payroll taxes are defined as the amounts collected by the government or revenue collection authority…
Q: Break-Even Sales Cold One Brewing Company reported the following operating information for a recent…
A: Break-Even Point is the Point where the Contribution margin equals fixed costs or In Short a point…
Q: 2. Change the total fixed manufacturing overhead cost for the Milling Department in Data area back…
A: Manufacturing overhead costAll the costs incurred by a company which is unidentifiable in the…
Q: In Governmental and Nonprofit Accounting, the use of fund accounting is a unique feature, allowing…
A: In Governmental and Nonprofit Accounting, the use of fund accounting is a unique feature, allowing…
Q: North Wind Aviation received its charter during January authorizing the following capital stock:…
A: STATEMENT OF SHAREHOLDERS EQUITYStatement of Shareholders Equity is also known as Changes in…
Q: 5. Rollforward both the swap account and the notes payable account at each settlement/interest…
A: DateDebit (USD)Credit (USD)Balance (USD)1/1/24$06/30/24$1,434$…
Q: anie, Justin and Adam are in partnership sharing profits and losses equally after allowing for…
A: It is an agreement between two or more parties to conduct the business and share the profits and…
Q: Harley-Davidson Inc. manufactures motorcycles. During the years following 2018 (the company's 115th…
A: The objective of the question is to calculate the gross income of Harley-Davidson Inc. for the years…
Q: In april, a truck hit Taylor while she was walking on the crosswalk. she then filed a law suit…
A: The compensation received for punitive damages is a taxable event for an individual. The…
Q: Tamarisk Corporation has municipal bonds classified as a held-to-maturity at December 31, 2025.…
A: The assets are tested for impairment when the fair value of assets is less than the carrying value,…
Q: Juniper Design Limited of Manchester, England, is a company specializing in providing design…
A: The earnings from an asset or activity remaining after all associated costs and expenses, such as…
Q: Prepare all necessary journal entries for 2024. (Use Materials, Cash, Payables for costs incurred to…
A: The journal entries for the construction of contract depends upon the fact of gross profit and the…
Q: Accounting for Tuition and Fees Revenue At the beginning of the fall semester, Beaty State…
A: Journal Entry -The process of entering an accounting transaction into a company's accounting records…
Q: On September 1, 2020, Vicovaro SpA borrows €450,000 from Unidebit Bank, to be repaid one year later,…
A: Present Value Accounting - Present value accounting is an accounting approach that involves…
Q: Tobias is a 50% partner in Solomon LLC, which does not invest in real estate. On January 1, Tobias's…
A: These are deductions available to the taxpayers from their taxable income. These tax deductions will…
Q: Exercise 1: The following trail balance was extracted from the books of the Safe Life Assurance…
A:
Q: Production and sales (units) Materials cost ($) Labour cost per unit ($) at $12 per hour Machine…
A: Activity-Based Costing (ABC) is a costing method that allocates indirect costs to products or…
Q: The records of Air Bud's Boutique report the following data for the month of April. Sales revenue…
A: Conventional Retail Method: The Conventional Retail Inventory Method (CRIM) is an accounting…
Q: 62% froms 5 equity at acquesition consist of 300000 common stock and 100000 retained earning…
A: Upstream Unrealized Gross Profit Becomes Realized:Product C (sold from P to S): 150 units @ $20…
Q: The Rainier Company provides landscaping services to corporations and businesses. All its…
A: Lets understand the basics.When special order situation arise, management needs to choose whether to…
Q: Prepare a direct materials budget for musk oil, by quarter and in total, for Year 2.
A: Budgeting is the process of creating a plan for how to spend and allocate financial resources. It is…
Q: Compute basic and diluted EPS for the year ended December 31, 2024.
A: Compute the basic and diluted earnings per share for the year ended December 31, 2024: Compute the…
Q: Windu Enterprises uses a manufacturing process that is very labor intensive to manufacture its…
A: 1) break even point : When any business reaches a point when the profits are equal to the…
Q: Required information [The following information applies to the questions displayed below.] Diego…
A: Break even point:— It is the point of production where total cost is equal to total revenue. At this…
Q: (1) Goodwill Calculation: Goodwill is the excess of the purchase consideration transferred over the…
A: Goodwill refers to an intangible asset that is recorded in the balance sheet. Goodwill arises when a…
Q: On July 1, 2017, Brent purchases a new automobile for $40,000. He uses the car 80% for business and…
A:
Q: The Matching Principle is a fundamental accounting concept that states expenses should be recognized…
A: Answer:- Define Accounting Principles:- These are standards or guidelines which govern how different…
Q: Hickory Company manufactures two products-14,000 units of Product Y and 6,000 units of Product Z.…
A: OverheadIn cost accounting, overhead refers to those expenses which occur during the operation of a…
Q: Marigold Company is a leading manufacturer of sunglasses. One of Marigold's products protects the…
A:
Q: Oldhat Financial starts its first day of operations with $9 million in capital. A total of $130…
A: Balance Sheet:It refers to a financial statement that reports the assets, liabilities and…
Q: Mr. A, a citizen and resident of the Philippines, died with the following data on his estate: Net…
A: "Since you have asked multiple questions, the first question was answered for you. If you want the…
Q: 52,000 X positive As a result, in 2021 a $ 2,000 X positive X AMT adjustment is required for mine…
A: The Alternative Minimum Tax (AMT) is an additional tax system in the U.S. designed to ensure…
Peer Incorporated is a publicly-traded enterprise and therefore must disclose information regarding its operating segments. Which of the following should be disclosed for each of Peer’s reportable operating segments?
-
Both
profit and loss and total assets must be reported. -
Only profit and loss, but not total assets must be reported.
-
Only total assets, but not profit and loss must be reported.
-
Neither total assets, not profit and loss must be reported.
Unlock instant AI solutions
Tap the button
to generate a solution
Click the button to generate
a solution
- Which of the following is NOT a required disclosure for any entity that holds an interest in a VIE? a.The significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement in a VIE b.How the entity's involvement involvement with the VIE is perceived by Wall Street analysts c.The nature of restrictions on a consolidated VIE’s assets and on the settlement of its liabilities reported by an enterprise in its statement of financial position, including the carrying amounts of such assets and liabilities. d. The nature of, and changes in, the risks associated with an enterprise’s involvement with the vie1. Which is a required disclosure on the face of income statement in relation to earnings per share? a. Basic Earnings per share only b. Diluted earnings per share only c. Neither basic nor diluted earnings per share d. Both basic and diluted earnings per share 2. EPS disclosures are a. Required for all public and nonpublic entities b. Required for public entities and encouraged and encouraged nonpublic entities c. Encouraged for public entities and required for nonpublic entities d. Encouraged for all entities 3. In computing basic loss per share, the required annual preference dividend on cumulative preference share shall be a. Ignored b. Deducted from the net loss whether declared or not c. Added to the net loss whether declared or not d. Added to the net loss only when declaredGem Company classifies a portion of its retained earnings as appropriated for loss contingencies. Consequently, the company Group of answer choices A.) May transfer to income a part of said retained earnings so appropriated. B.)Should not identify said appropriation as an appropriation of retained earnings. C.) Should show the said appropriation of retained earnings within the stockholders' equity section of the balance sheet D.)Could charge costs or losses to the said appropriated retained earnings.
- Which are segments are reportable segments? Is there a sufficient number of reportable segments disclosed? If the company is a non public entity, which segments are required to be disclosed?1. PAS 28 defines an ‘associate’ as Choices An entity that controls one or more entities. An entity over which the investor has significant influence. A joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. An entity that is controlled by another entity. 2. In accordance with PAS 1, which of the following gains or losses from reclassification of financial assets need not be presented separately in the profit or loss section or the statement of profit or loss? Choices None of these. Reclassification of financial assets out of the FVTOCI measurement category to FVTPL. Reclassification of financial assets out of the amortized cost measurement category to FVTPL. Reclassification of financial assets out of the FVTPL measurement category.Companies are required to transfer “other comprehensive income” each period to shareholders’ equity. The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles. Required: 1. Obtain the relevant authoritative literature on reporting other comprehensive income in shareholders’ equity using the FASB Accounting Standards Codification at the FASB website ( asc.fasb.org ). What is the specific citation that describes the guidelines for reporting that component of shareholders’ equity? 2. What is the specific citation that describes the guidelines for presenting accumulated other comprehensive income on the statement of shareholders’ equity?
- Companies are required to transfer “other comprehensive income” each period to shareholders’ equity. The FASBAccounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles.Required:1. Obtain the relevant authoritative literature on reporting other comprehensive income in shareholders’ equityusing the FASB Accounting Standards Codification at the FASB website (www.fasb.org). What is the specific citation that describes the guidelines for reporting that component of shareholders’ equity?2. What is the specific citation that describes the guidelines for presenting accumulated other comprehensiveincome on the statement of shareholders’ equity?If an entity prepares restated financial statements in accordance with the requirements of IAS29, the gain or loss on the entity's net monetary position is shown in other comprehensive income. True FalseIn accordance with PFRS 2, Share-based Payment, how should an entity recognize the change in fair value of the liability in respect of a cash-settled share-based payment transaction? Group of answer choices Do not recognize in the financial statements but disclose in the notes thereto. Recognize in other comprehensive income. Recognize in the statement of changes in entity. Recognize in profit or loss.
- IFRS requires companies to measure their financial assets at fair value except when based on:(a) whether the equity method of accounting is used.(b) whether the fi nancial asset is a debt investment.(c) whether the fi nancial asset is an equity investment.(d) whether an investment is classifi ed as trading.An entity defined as a 'disclosing entity' under the Corporations Act must prepare interim financial reports. The minimum content of an interim financial report, under AASB 134, must include: O a condensed statement of financial position, a condensed statement of profit or loss, a condensed statement of cash flows and selected notes. O a condensed statement of financial position, a condensed statement of profit or loss and other comprehensive income, a condensed statement of changes in equity, a condensed statement of cash flows and selected notes. O a condensed statement of financial position, a condensed statement of profit or loss and other comprehensive income, and a condensed statement of changes in equity. O a condensed statement of financial position, a condensed statement of comprehensive income and selected notes.Under PFRS 3, when is a gain recognized in consolidating financial information? a. In a combination created in the middle of the fiscal year b. In an acquisition when the value of all assets and liabilities cannot be determined. c. When any bargain purchased is created d. When the amount of a bargain purchase exceeds the value of the applicable liability held by the acquired company.