The BODs of WTC had authorized the date for financial statements to be issued to the public is as

February $15,2023.$ The following are the transactions that took place after the accounting period

ended till the issuance of financial statements.

a$)$ On February $3,2023,$ one of WTC$\text{'}$s customers declared bankruptcy. On December $31,2022,$ this

company owed WTC $45,000,$ of which $10,000$ was paid in January $2023.$

b$)$ On January $18,2023,$ one of the three major plants of the client burned down.

c$)$ On January $23,2023,$ a strike was called at one of WTC$\text{'}$s largest plants, which halted $30\%$ of its

production. As of today $($February $13),$ the strike has not been settled.

d$)$ On February $1,2023,$ the board of directors adopted a resolution accepting the offer of an in$-$

vestment banker to guarantee the marketing of $1,200,000$ of preference shares.

e$)$ On February $5,$ WTC determined after negotiations with the tax authorities that income taxes

payable for $2022$ should be $$450,000.$ On December $31,2022,$ the income tax payable recorded

in the statement of financial position was $$400,000.$

REQUIRED:

Determine which of the operating segments are reportable based on revenue, operating income$/($loss$)$

and identifiable assets test for $2022.$

As an accountant for WTC$,$ you have to write a one$-$page memo to the company's management team

to explaining the following:

a$.$ Which segments must be reported separately and which segments can be combined.

b$.$ Which criteria you used to determine reportable segments.

c$.$ Which major items must be disclosed for each.

Discuss how the preceding subsequent events should be reflected in the $2022$ financial statements.

ASSIGNMENT $2$: PRESENTATION AND DISCLOSURE IN FINANCIAL REPORTING

INTERMEDIATE ACCOUNTING II $($ACC$320)$

SEMESTER II$,2023-2024$

Winsor Telecommunication Corporation, a publicly traded company, is preparing the financial data which

it will issue to its shareholders for the fiscal year ending December $31,2022.$ The accountant of Winsor

Telecommunication Corporation, Anthony Reese, has provided the following segment information.

Note $7$: Major Segments of Business

WTC is telecommunication company that provides mobile, broadband, landline and corporate solu$-$

tion services the United States and Canada. Substantially all revenues of WTC$\text{'}$s major segments of

business are from unaffiliated and internal customers. Segment information for fiscal $2022$ and $2021$

are as follows:

In $2022,$ revenues of Segments Mobile and Broadcasting included intersegments revenue of $$25,000$ and

$$40,000$ respectively.