ADV.FIN.ACCT.LL W/CONNECT+PROCTORIO PLUS
12th Edition
ISBN: 9781266380570
Author: Christensen
Publisher: MCG
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Chapter 13, Problem 13.2.11E
To determine
Introduction: When a company operates various businesses in various geographical areas or have different segments of one business in similar area, then segment reporting is mandatory as per ASC280. In this, company have to report various segments income, expenses, assets, liabilities, etc.
To choose: The correct option.
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publicly-owned entity, assesses performance and makes operating decisions using for the reportable segments total revenue of P7,680,000 and total profit and loss of P406,000. the total profit and loss included intersegment profit of P61,000. In addition, the entity has P5,000 of common costs for the reportable segments that are not allocated in reports reviewed by the chief operating decision maker.
For purposes of segment reporting, what amount should be reported as segment profit of the reportable segments?
Yes Corp., a publicly-owned corporation, is subject to the requirements for segment reporting. In its income statement for the year ended December 31, 2020, Yes reported consolidated revenues of P50,000,000, operating expenses of P47,000,000, and net income of P3,000,000. Operating expenses include payroll costs of P15,000,000. Yes's combined identifiable assets of all industry segments at December 31, 2020, were P40,000,000. In its 2020 financial statements, Yes should disclose major customer data if sales to any single customer amount to at least:
a.P300,000
b.P1,500,000
c.P4,000,000
d.P5,000,000
Word Corporation, a publicly owned corporation, is subject to the requirements for segment reporting. In its statement of comprehensive income for the year ending July 31, 2021, Word reported revenues of$50M, operating expenses of $47M and net income of $3M. Operating expenses included payroll costs of $15M. Word’s combined assets of all segments at July 31, 2020 were $40M. In its 2021 financial statements, Word should disclose major customer data if sales to any singlecustomer amount to at least _____________________.A. $ 300,000B. $1,500,000C. $4,000,000D. $5,000,000
Chapter 13 Solutions
ADV.FIN.ACCT.LL W/CONNECT+PROCTORIO PLUS
Ch. 13 - Prob. 13.1QCh. 13 - Prob. 13.2QCh. 13 - What are the three 10 percent significance tests...Ch. 13 - Prob. 13.4QCh. 13 - A company has 10 industry segments, of which the...Ch. 13 - Prob. 13.6QCh. 13 - Prob. 13.7QCh. 13 - Prob. 13.8QCh. 13 - Prob. 13.9QCh. 13 - Prob. 13.10Q
Ch. 13 - Prob. 13.11QCh. 13 - Prob. 13.12QCh. 13 - Prob. 13.13QCh. 13 - Prob. 13.14QCh. 13 - Maness Company made a change in accounting for its...Ch. 13 - Prob. 13.1CCh. 13 - Prob. 13.2CCh. 13 - Prob. 13.3CCh. 13 - Prob. 13.7CCh. 13 - Prob. 13.8CCh. 13 - Prob. 13.9CCh. 13 - Reportable Segments Data for the seven operating...Ch. 13 - Prob. 13.2.1ECh. 13 - Prob. 13.2.2ECh. 13 - Prob. 13.2.3ECh. 13 - Prob. 13.2.4ECh. 13 - Prob. 13.2.5ECh. 13 - Prob. 13.2.6ECh. 13 - Prob. 13.2.7ECh. 13 - Prob. 13.2.8ECh. 13 - Prob. 13.2.9ECh. 13 - Prob. 13.2.10ECh. 13 - Prob. 13.2.11ECh. 13 - Prob. 13.3.1ECh. 13 - Prob. 13.3.2ECh. 13 - Multiple-Choice Questions on Interim Reporting...Ch. 13 - Prob. 13.3.4ECh. 13 - Prob. 13.3.5ECh. 13 - Prob. 13.3.6ECh. 13 - Prob. 13.3.7ECh. 13 - Prob. 13.3.8ECh. 13 - Prob. 13.3.9ECh. 13 - Prob. 13.3.10ECh. 13 - LIFO Liquidation During July, Laesch Company,...Ch. 13 - Inventory Write-Down and Recovery Cub Company, a...Ch. 13 - MutiniedChoice Questions on Income Taxes at...Ch. 13 - Prob. 13.6.2ECh. 13 - Prob. 13.6.3ECh. 13 - MutiniedChoice Questions on Income Taxes at...Ch. 13 - Prob. 13.6.5ECh. 13 - Prob. 13.6.6ECh. 13 - Prob. 13.7ECh. 13 - Prob. 13.8ECh. 13 - Prob. 13.9ECh. 13 - Prob. 13.10ECh. 13 - Prob. 13.11ECh. 13 - Prob. 13.12ECh. 13 - Prob. 13.13PCh. 13 - Prob. 13.14PCh. 13 - Interim Income Statement Chris Inc. has...Ch. 13 - Prob. 13.17PCh. 13 - Prob. 13.20PCh. 13 - Matching Terms Match the items in the left-hand...
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