The following extracts relate to Pan and its wholly owned subsidiary Skillet: Statement of Financial Performance Revenue Cost of sales Statement of Financial Position Inventory The consolidated revenue figure is: Select one: Pan a. 2,144,000 b. 2,124,000 c. 2,114,000 d. 2,104,000 e. 2,134,000 1,196,000 888,000 168,000 Skillet 928,000 670,000 During the year the following transactions took place: • Pan's sales to Skillet 20,000. • 60% of these sales are still in inventory at balance date. • Pan makes 10% profit on sales (i.e., profit = 10% of the given sales figure). • There is no intra-group profit on opening inventory. 36,000

The following extracts relate to Pan and its wholly owned subsidiary Skillet: Statement of Financial Performance Revenue Cost of sales Statement of Financial Position Inventory The consolidated revenue figure is: Select one: Pan a. 2,144,000 b. 2,124,000 c. 2,114,000 d. 2,104,000 e. 2,134,000 1,196,000 888,000 168,000 Skillet 928,000 670,000 During the year the following transactions took place: • Pan's sales to Skillet 20,000. • 60% of these sales are still in inventory at balance date. • Pan makes 10% profit on sales (i.e., profit = 10% of the given sales figure). • There is no intra-group profit on opening inventory. 36,000

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 9.1E

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(Segmented Reporting) Carlton Company is involved in four separate industries. The following information is available for each of the four industries. Check the below image for information. InstructionsDetermine which of the operating segments are reportable based on the:(a) Revenue test.(b) Operating profit (loss) test.(c) Identifiable assets test.
A.Selected information from the separate and consolidated income statements of CHARTER LTD. and as subsidiary, MEMBER INC. for the year ended December 31, 2021 are as follows: |CHARTER LTD. P600,000 Consolidated P924,000 693,000 MEMBER INC. Sales P420,000 330,000 P 90,000 COGS 450,000 | Gross profit P150,000 P231,000 During 2021, CHARTER LTD. sold goods to MEMBER INC. at the same mark-up on cost that CHARTER LTD. uses for all sales. At December 31, 2021, MEMBER INC. had not paid all of these goods and still held 37.5% of them in inventory. Compute for the original cost of goods in MEMBER INC.'s inventory acquired from Apple.
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Putt Corporation acquired 70 percent of Slice Company's voting common stock on January 1, 20X3, for $158,900. Slice reported common stock outstanding of $100,000 and retained earnings of $85,000. The fair value of the noncontrolling interest was $68,100 at the date of acquisition. Buildings and equipment held by Slice had a fair value $25,000 higher than book value. The remainder of the differential was assigned to a copyright held by Slice. Buildings and equipment had a 10-year remaining life and the copyright had a 5- year life at the date of acquisition. Trial balances for Putt and Slice on December 31, 20X5, are as follows: Putt Corporation Slice Company Debit Credit Debit Credit Cash $ 15,850 $ 58,000 Accounts Receivable 65,000 70,000 Interest & Other Receivables 30,000 10,000 Inventory 150,000 180,000 Land 80,000 60,000 Buildings & Equipment 315,000 240,000 Bond Discount 15,000 Investment in Slice Company 157,630 Cost of Goods Sold 375,000 110,000 Depreciation Expense 25,000…
Topic: Operating Segments Requirement: (Show Solutions) Identify the reportable segments under the quantitative thresholds of PFRS 8
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You are required to calculate:1. Liquidity ratios 2. Solvency rations 3. Profitability ratios For the selected companies and shortly write your comments and findings.