Operating Segment and Interim Reporting 1. An entity identified the following segments for the current year: Segment Reverse Profit 10,000,000 1,750,000 8,000,000 1,400,000 6,000,000 1,200,000 3,000,000 550.000 4,000,000 575,000 2,000,000 525,000 What are the reportable segments? a. Segments A, B and C b. Segments A, B, C and D c. Segments A, B, C, D and E d. Segments A, B, C, D, E and F Assets 20,000,000 17,500,000 12,500,000 7,500,000 5,500,000 3,000,000 2. An entity reported the following segment profit or loss for the current year: Segment 7,000,000 profit Segment 3,000,000 profit Segment 4,000,000 loss Segment 1,000,000 profit Segment 500,000 loss What are the reportable segments? Segments 1, 2, 3.4 and 5 b. Segments 1 and 2 Segrents 1, 2 and 3 d. Segments 1, 2, 3 and 4 3. An 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 for the current year. Expenses included payroll costs of P15,000,000. The combined assets of all segments totaled P45,000,000 1. What is the minimum amount of sales to a major customer a 5.00.000 b. 400,000 c. 4.500,000 d. 6,000,000 2. What is the minimum amount of external revenue to be disclosed by reportable segments? a. 36,000,000 b. 45,000,000 c. 33,750,000 d. 37,500,000 4. An entity and its divisions reported the following for the current year Sales to unaffiliated customers 40,000,000 Intersement sales of products similar to those sold to affiliated customers 12,000,000 Interest earned on loans to other operating segments 1,000,000 The entity and all of its divisions are engaged solely in manufacturing operations. To qualify as reportable segment, the segment revenue should at least be what amount? & 5,300,000 b. 4.100,000 c. 5.200.000 d. 4.000.000 5. An entity operates in the travel industry and incursos evenly throughout the year. Advertising cost of P2,000,000 was incurred on March 1, 2019, and staff hones are paid at year-end based on sales Staff bonuses are expected to be around P20,000,000 for the year of that sum, P3,000,000 would relate to the period ending March 31, 2019. What total amount of expenses should be included in the quarterly financial report ending March 31, 2019 a. 7,000,000 b. 5.500,000 c. 5,000,000 d. 3.500.000 6. An entity reported P950,000 net income for the quarter ended September 30, 2019 which included the following after items A P600,000 expropriation gain realized in May 2019 was allocated equally to the second third and fourth quarters of 2019 A P150,000 curative effect lors resulting from a change in inventory valuation method was recognized on August 31, 2019 In addition, the city paid P480,000 on February 1, 2019 for 2019 calendar-year real property tax Of this woul. I20,000 was cated to the third quarter of 2019. What is the set income for the ended September 2019? a 1.150,000 b. 1.100.000 C. 500.000 d. 900,000 7. An entity prepares quarterly baterim financial report. The city sells electrical goods and normally 5% of customers claim o w aty. The provision in the first w e wes calculated of sales to date which amounted to P10,000,000 However, in the second quarter, a design was found w ity claims were expected to be 10% for the whole y Sales for the end P15.000.000 1. What amount of warranty expense should be repented for the first quarter? a 1,000,000 b. 750.000 500.000 d. 250,000 2. What amount of wannaty expense should be reported for the second quarter? # 2,000,000 b. 1.250,000 6. 1,500,000 d 750,000 provision and estimated effective A calendar-yarruption and the following income beliex annual tax rates for the first the quarters Quarter Income before income tax First 5,000,000 Seened 8.000.000 Third 7,000 300 What is the income tax expense for the third quarter? 1,750,000 b. 2,100,000 c. 1,100,000 d. 5,000,000 Effective annual tax rate 30% 30% 25%