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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The following provides information on the segments that have been identified by Bernard Productions: Total Revenue Operating Segments (Unaffiliated) Profit (Loss) Identifiable Assets A $429,000 $34,000 $800,000 B 355,800 (36,000) 650,000 C 95,400 2,000 108,000 D 90,000 3,000 75,000 Which of the segments listed above would information have to be disclosed in accordance with GAAP?
Bhola
To manage its operations, Leaf Company reports to top management on five different segments which are consolidated appropriately for the annual financial statements. Information about each segment included in the current year's consolidated statements appears in the table below (in 000's): Sales to outside parties Intersegment revenues Outside parties interest income Intersegment interest income Operating expenses Interest expense Tangible assets Intangib assets a. the revenue test, Tools $8,220 140 -0- -0- 5,090 80 1,620 90 Leaf Company has $305,000 of corporate expenses that it does not allocate to the segments. Carry out: c. the asset test b. the profit and loss test, and Batteries Adhesives Plastics $2,790 170 30 -0- 2,100 20 3,880 470 $830 130 10 -0- 1,390 170 890 -0- $450 140 -0- -0- 750 40 730 60 Finance to determine which segments are separately reportable. Clearly show the results of each test and your decision on each test. $-0- -0- 250 210 20 110 140 870
CAREBEAR CORP. engages in five diversified operations namely, operations A, B, C, D, and E. Information on these segments are shown below: Segments Revenues Profit (loss) Assets A. 1,600 400 20,000 В 1,600 200 4,000 100 20 2,000 D 300 40 4,000 400 140 14,000 Totals 4,000 800 44,000 Additional information: 1. For internal reporting purposes, segments A and B are considered as one operating segment. 2. Segment E is considered as an operating segment for internal decision making purposes. 3. Segments C and D have similar economic characteristics and share a majority of the aggregation criteria. CAREBEAR shall report how many reportable segments? A. C. 4 5 D. 3 B.
EMBOSOM CHERISH Co. engages in five diversified operations namely, operations A, B, C, D, and E. Information on these segments are shown below: Profit (loss) 800 Segments Revenues Assets 3,200 40,000 A 3,200 400 8,000 B 200 40 4,000 600 80 8,000 D 800 280 24,000 8,000 1,600 84,000 Totals Additional information: a. For internal reporting purposes, segments A and B are considered as one operating segment. b. Segment E is considered as an operating segment for internal decision making purposes. c. Segments C and D have similar economic characteristics and share a majority of the aggregation criteria. 19. What are the reportable segments? а. А, В, С, D and E b. A, B and E c. A and B as one segment and E d. A and B as one segment, E, and C and D as one segment
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An operating segment under IFRS is identified as a reportable segment if a.its revenue is greater than 10% of the combined revenue of all the company's operating segments. b. its identifiable assets are greater than 10% of the combined assets of all operating segments. c. the absolute amount of its profit (loss) is 10% or more of the greater in absolute amount, of the combined operating segments' profit, or of the combined operating segments' loss. d. any of the above options are satisfied.
Preparing a consolidated income statement For the year ended December 31, 20Y2, the operating results of Paley Corporation and its wholly owned subsidiary, Sims Enterprises, are as follows: Sales Cost of goods sold Gross profit Operating expenses Operating income Interest revenue Interest expense Net income Sales Paley Sims Corporation Enterprises 3,200,000 (1,900,000) 1,300,000 (750,000) 550,000 20,000 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. Cost of goods sold Gross profit a. Prepare a consolidated income statement for Paley Corporation and Subsidiary. Hint: Eliminate the effect of the intercompany sale. 570,000 Net income 900,000 (550,000) 350,000 (125,000) 225,000 Operating expenses Operating income Other revenue and expense: Interest revenue Interest…
Waterway Company is involved in four separate industries. The following information is available for each of the four industries Operating Segment w X Total Revenue $56,202 9,680 24,225 6,793 $96,900 Operating Profit (Loss) $16,000 2,480 (3,130) 1,150 $16,500 Identifiable Assets $172,434 86,217 20,811 17,838 $297,300 Y Z Determine which of the operating segments are reportable based on the: Reportable Segments (a) Revenue test. (b) Operating profit (loss) test. (c) Identifiable assets test.
How do I create a tabular format for this income statement?
Assume an income statement with the following classifications: RevenuesCost of goods soldDistribution expensesGeneral & administrative expensesOther revenues and expensesIncome tax on income from continuing operationsGain from disposal of discontinued operationsIncome tax on gain from discontinued operationsNone of the above Indicate by letter how each of the following should be classified: Advertising expenseAmortization of a patent held as an investmentCash dividend received on short-term investmentDepreciation on plant that manufactures good for sale (prior to sale of the goods)Freight on salesIncome tax effect of loss on sale of plantIncome tax on gain on sale of short-term investment in securitiesInterest expenseInterest revenueLoss on sale of patentDividend revenue from investmentSalary of company presidentSalesSales returnsServices sold