Help me with this, please. I'm having a hard time understanding. If you may, pls put explanation of each solution. And I hope your answer is correct. Thanks.

Illustration 1: Quantitative Thresholds

Segments	Revenues	Profit /loss	Assets
A	1,000,000.00	200,000.00	14,000,000.00
B	1,200,000.00	140,000.00	18,000,000.00
C	270,000.00	-70,000.00	12,000,000.00
D	240,000.00	-700,000.00	1,000,000.00
E	290,000.00	50,000.00	1,400,000.00
Totals	3,000,000.00	-380,000.00	46,400,000.00

Requirement: Identify the reportable segments

Illustration 2: Quantitative Threshold and Major Customer

Segments	External Revenues	Internal Revenues	Total Revenues	Profit /loss	Assets
A	120,000.00	60,000.00	180,000.00	70,000.00	1,200,000.00
B	40,000.00	10,000.00	50,000.00	40,000.00	700,000.00
C	25,000.00		25,000.00	10,000.00	100,000.00
D	20,000.00		20,000.00	8,000.00	80,000.00
E	15,000.00		15,000.00	7,000.00	70,000.00
F	10,000.00		10,000.00	5,000.00	50,000.00
Totals	230,000.00	70,000.00	300,000.00	140,000.00	2,200,000.00

Requirement: Identify the reportable segments and the amount by which major customers will be disclosed?

Illustration 3: Counterbalancing and Non-counterbalancing errors

ABC Co. reported profits of P1,000,000 and P2,000,000 in 2021 and 2022, respectively. In 2023, the following prior period errors were discovered:

1. The inventory on December 31, 2021 was understated by P50,000
2. Equipment with an acquisition cost of P300,000 was erroneously charged as expense in 2021. The equipment has an estimated useful life of 5 years with non residual value. ABC Co. provides full year depreciation in the year of acquisition.

The unadjusted balances of retained earnings are P2.2 million and P4.2 million as of December 31, 20x1 and 20x2, respectively.

Requirements:

1. How much are correct profits in 2021 and 2022, respectively.
2. How much are the correct retained earnings in 2021 and 2022, respectively?

Illustration 4: Counterbalancing and Non-counterbalancing errors

ABC Co. reported profits of P400,000 and P600,000 in 2021 and 2022, respectively. In 2023, the following prior period errors was discovered:

1. Prepaid supplies in 2021 were overstated by P20,000.
2. Accrued salaries payable in 2021 were understated by P40,000
3. Repairs and maintenance expenses in 2021 amounting to P100,000 were erroneously capitalized and being depreciated over a period of 4 years.

The unadjusted balances of retained earnings are P1.6 million and P2.2 million as of December 31, 2021 and 2022, respectively.

Requirements:

1. How much are correct profits in 2021 and 2022, respectively.
2. How much are the correct retained earnings in 2021 and 2022, respectively?

Illustration 5: Comprehensive

ABC Co. made the following errors:

1. December 31, 20xI inventory was understated by P25, 000.
2. December 31, 20x2 inventory was overstated by P40,000.
3. Purchases on account in 20x1 were understated by P100,000 (not included in physical count).
4. Advances to suppliers in 20x2 totaling P130,000 were inappropriately charged as purchases
5. December 31, 20x1 prepaid insurance was overstated by P5,000.
6. December 31, 201 unearned rent income was overstated by P26,000.
7. December 31, 20x2 interest receivable was understated by P17,000.
8. December 31, 20x2 accrued salaries payable was understated by P30,000.
9. Advances from customers in 202 totaling P60,000 were inappropriately recognized as sales but the goods were delivered in 203.
10. Depreciation expense in 20x1 was overstated by P7,200
11. In 20x2, the acquisition cost of a delivery truck amounting to P90,000 was inappropriately charged as expense. The delivery truck has a useful life of five years. ABC's policy is to provide a full year's straight line depreciation in the year of acquisition and none in the year of disposal.
12. A fully depreciated equipment with no residual value was sold in 203 for P50,000 but the sale was recorded in the following year.

Profits before correction of errors were $123,00, P15600 and P210,000 in 20x1, 202, and 203, respectively.

Retained earnings before correction of errors were P1.123,08 P1,279,000 and P1,489,000 in 20x1, 20x2, and 20x3, respectively

Requirements: Ignoring income taxes, compute for the following:

1. The net effect of the errors on the following:
   1. 20x1, 20x2, and 20x3 profit
   2. 20x1, 20x2, and 20x3 year-end retained earnings
   3. 20x1, 20x2, and 20x3 working capital
2. The corrected profits for the years 20x1, 20x2 and 20x3
3. The corrected retained earnings for years 20x1, 20x2 and 20x3