How much is the minimum revenue for an operating segment to be classified as a reportable segment under IFRS 8, Operating Segments? The following information pertains to CANDY Company for the year ended December 31, 2020:P 1,000,000Sales to unaffiliated customersIntersegment sales of products300,000Interest revenue150,000The interest revenue is not part of revenues reviewed on a regular basis by the chief operating decision maker in evaluating the performanceof each operating segment.

Reportable Segment: According to International Financial Reporting Standards 8, a business must…

Answered: How much is the minimum revenue for an…

How much is the minimum revenue for an operating segment to be classified as a reportable segment under IFRS 8, Operating Segments?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 77E: Ratio Analysis The following information was taken from Logsden Manufacturings trial balances as of...

See similar textbooks

Similar questions

The portion of the functional income statements of Brief Company for 2021 and 2020 are presented below: 2021 2020 Sales P890,000 P800,000 Cost of goods sold 530,000 450,000 Gross margin 360,000 350,000 Assuming that effective January of 2021 the unit cost is higher by 6 percent, calculate the change in sales due to change in volume rounded to nearest thousands. P85,000 Unfavorable P88,000 Favorable P88,000 Unfavorable P85,000 Favorable
The following pretax amounts pertain to Han Ae Sook Company for the year ended December 31, 2020: Sales -P800,000; Distribution and administrative costs – P84,000; Other income - P40,000; Interest expense - P4,000; Cost of goods sold – P480,000; Correction of prior period error (credit) – P16,000; Discontinued operations (debit) – P40,000; Cumulative effect of change in accounting policy (credit) – P28,000; Retained earnings, January 1 (not restated) – P160,000; Dividends declared – P12,000; Income tax rate is 30%. How much retained earnings would be shown on December 31, 2020 statement of financial position? А. Р310,400 В. Р335,600 C. P341,200 D. P344,800
The portion of the functional income statements of Brief Company for 2021 and 2020 are presented below: 2021 2020 Sales P890,000 P800,000 Cost of goods sold 530,000 450,000 Gross margin 360,000 350,000 Assuming that the selling price in 2021 is reduced by 11 percent effective January 1, calculate the change in gross profit due to change in unit cost.
Presented below is information for Chivu Company for the month of March 2020: Cost of goods sold s50,000 Salaries and wages Expense S8,000 Sales Revenue Freight-out 7.000 as0,000 Sales Returns and Allowances interest Expense 4,000 3,000 Required: Prepare a multiple-step income statement for the month of March by completing the following Salaries and wages Expense Operating Expense Total Operating Expense
Presented below is information for Chivu Company for the month of March 2020: Cost of goods sold Salaries and wages Expense S8,000 Sales Revenue Sales Returns and Allowances s50,000 Freight-out 7,000 as0,000 Interest Expense 4,000 3,000 Required: Prepare a multiple-step income statement for the month of March by completing the following: Salaries and wages Expense Operating Expense Total Operating Expense
The following data for the years ended December 31, 2019 and 2020 were presented to the management Zigzag Company: 2020 = Net sales: %3D 1,363,000, Cost of Sales: 911,800, Gross Profit: 451,200; 2019 = Net Sales: %3D 1,250,000, Cost of Sales: 776,000, Gross Profit: 474,000. The management requested you to determine the cause of the decline in gross profit on sales in spite of the favorable information given by the sales division that the quantity sold in 2020 was higher than in 2019 and that the production costs in 2020 were lower than that of 2019 by 6%. The percent change in volume is: 17.50% 14.00% 25.00% ) 20.00%
The following pretax amounts pertain to Helsinki Company for the yearended December 31, 2021: Sales, P800,000; Distribution andadministrative costs, P84,000; Other income, P40,000; Interest expense, P4,000; Cost of goods sold, P480,000; Correction of priorperiod error (credit), P16,000; Discontinued operations (debit),P40,000; Cumulative effect of change in accounting policy (credit),P28,000; Retained earnings, January 1 (not restated), P160,000; Dividends declared, P12,000; Income tax rate is 30% How much retained earnings would be shown on December 31, 2021 statement of financial position?
The portion of the functional income statements of Brief Company for 2021 and 2020 are presented below: 2021 2020 Sales P890,000 P800,000 Cost of goods sold 530,000 450,000 Gross margin 360,000 350,000 Assuming that effective January of 2021 the unit cost is higher by 6 percent, calculate the change in sales due to change in volume rounded to nearest thousands. Group of answer choices P85,000 Favorable P88,000 Favorable P88,000 Unfavorable P85,000 Unfavorable
The following data for the years ended December 31, 2019 and 2020 were presented to the management Zigzag Company: 2020 = Net sales: 1,363,000, Cost of Sales: 911,800, Gross Profit: 451,200; 2019 = Net Sales: 1,250,000 , Cost of Sales: 776,000 Gross Profit: 474,000 . The management requested you to determine the cause of the decline in gross profit on sales in spite of the favorable information given by the sales division that the quantity sold in 2020 was higher than in 2019 and that the production costs in 2020 were lower than that of 2019 by 6%. The increase ( decrease ) in net sales due to volume factor must be A.(194,000) B. 194,000 C . (312500) D. 312500
The following data for the years ended December 31, 2019 and 2020 were presented to the management Zigzag Company: 2020 = Net sales: 1,363,000, Cost of Sales: 911,800, Gross Profit: 451,200; 2019 = Net Sales: 1,250,000, Cost of Sales: 776,000, Gross Profit: 474,000. The management requested you to determine the cause of the decline in gross profit on sales in spite of the favorable information given by the sales division that the quantity sold in 2020 was higher than in 2019 and that the production costs in 2020 were lower than that of 2019 by 6%. The increase (decrease) in net sales due to volume factor is: A. (194,000) B. 194,000 C. (312,500) D. 312,500
The following data for the years ended December 31, 2019 and 2020 were presented to the management Zigzag Company: 2020 = Net sales: 1,363,000, Cost of Sales: 911,800, Gross Profit: 451,200; 2019 = Net Sales: 1,250,000, Cost of Sales: 776,000, Gross Profit: 474,000. The management requested you to determine the cause of the decline in gross profit on sales in spite of the favorable information given by the sales division that the quantity sold in 2020 was higher than in 2019 and that the production costs in 2020 were lower than that of 2019 by 6%. The percent change in volume is A. 17.50% B. 14.00% C. 25.00% D. 20.00%
The following data for the years ended December 31, 2019 and 2020 were presented to the management Zigzag Company: 2020 = Net sales: 1,363,000, Cost of Sales: 911,800, Gross Profit: 451,200; 2019 = Net Sales: 1,250,000, Cost of Sales: 776,000, Gross Profit: 474,000. The management requested you to determine the cause of the decline in gross profit on sales in spite of the favorable information given by the sales division that the quantity sold in 2020 was higher than in 2019 and that the production costs in 2020 were lower than that of 2019 by 6%. (Based on information given above) The increase (decrease) in net sales due to volume factor is: (P194,000) P194,000 (P312,500) P312,500 (Based on information given above) The increase (decrease) in net sales due to price factor is: (P113,000) P113,000 (P199,500) P199,500 (Based on information given above) The increase (decrease) in net sales due to cost factor is: (P135,800) P135,800…