1. GAME ONE Company incurred an inventory loss from market decline of P840,000 on June 30, 2020....
Question:
1. GAME ONE Company incurred an inventory loss from market decline of P840,000 on June 30, 2020. What amount of inventory loss should be recognized in the quarterly income statement for the three months ended June 30, 2020?
2. The terms and conditions of employment with Datablitz include the grant of share in the staff bonus system, under which 5% of the profit for the year before charging the bonus is allocated to the bonus pool, provided the annual profit exceeds P50,000,000. The profit before accrual of any bonus for the first half of the current year amounts to P40,000,000 and the latest estimate of the profit before accrual of any bonus for the year as a whole is P60,000,000. What amount should be recognized as bonus expense for the first half of the current year?
3. On March 12, 2020, GameLine paid property taxes of P600,000 on the factory building for calendar year 2020. On April 1, 2020, the entity made P900,000 in unanticipated ordinary repairs to the equipment. What total amount of these expenses should be included in the quarterly income statement ending June 30, 2020?
4. Raikou Company provided the following information in relation to operating divisions for the current year: Sales to unaffiliated customers, P20,000,000; Intersegment sales of products similar to those sold to unaffiliated customers, P6,000,000; Interest earned on loans to other industry segments; P400,000. Under the revenue test, what is the minimum revenue of a reportable segment?
5. Entei is subject to the requirements of segment reporting. In the income statement for the current year, the entity reported revenue of P50,000,000 excluding intersegment sales of P10,000,000, expenses of P47,000,000 and net income of P3,000,000. Expenses included payroll costs of P15,000,000. The combined total assets of all operating segments at year-end amounted to P45,000,000. What is the minimum amount of sales to a major customer?
6. Consider the information provided by the immediately preceding problem, what is the minimum amount of external revenue to be disclosed by reportable segments?
7. What is the maximum number of reportable segments to be presented as required by IAS 34?