Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please answer 1 and 2 Problem 10-6 (AICPA Adapted) Grum Company is subject to the requirements of segment reporting. In the income statement for the
please answer 1 and 2
Problem 10-6 (AICPA Adapted) Grum Company 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. 1. What is the minimum amount of sales to a major customer? a. 5,000,000 b. 4,000,000 c. 6,000,000 d. 4,500,000 2. What is the minimum amount of external revenue to be disclosed by reportable segments? a. 22,500,000 b. 30,000,000 c. 33,750,000 d. 37,500,000 282 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started