Halifax Company provided the following information for the current year: Sales P9,500,000 Dividend revenue - P250,000 Gain on sale of land - P100,000 Revaluation surplus during the year - P1,200,000 Share of profit of associate - P350,000 Cost of sales - P6,000,000 Finance cost - P150,000 Distribution cost - P500,000 Administrative expenses - P300,000 Translation loss on foreign corporation - P200,000 Income tax expense - P950,000 What is the net income for the current year? A P2,100,000 B P2,300,000 C) P3,300,000 D P4,200,000

Halifax Company provided the following information for the current year: Sales P9,500,000 Dividend revenue - P250,000 Gain on sale of land - P100,000 Revaluation surplus during the year - P1,200,000 Share of profit of associate - P350,000 Cost of sales - P6,000,000 Finance cost - P150,000 Distribution cost - P500,000 Administrative expenses - P300,000 Translation loss on foreign corporation - P200,000 Income tax expense - P950,000 What is the net income for the current year? A P2,100,000 B P2,300,000 C) P3,300,000 D P4,200,000

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter22: S Corporations

Section: Chapter Questions

Problem 16CE

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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 asset of all segment totaled P45,000,000 1. What is the minimum amount of sales to a major customer? a. 5,000,000 b. 4,000,000 c. 4,500,000 d. 6,000,000 2. What is the minimum amount of external revenue to be disclosed by reportable segments? a. 30,000,000 b. 45,000,000 c. 33,750,000 d. 37,500,000
ABC Co. provided the following:Administrative expenses 400,000Cost of sales 1,800,000Distribution costs 450,000Loss – exchange differences on translating foreign operations 100,000Finance costs 300,000Gains – cash flow hedges 50,000Gains on property revaluations 250,000Loss for the year from discontinued operations 90,000Other expenses 150,000Other income 110,000Gain – remeasurement of defined operations 270,000Sales 3,200,000Share of gain on property revaluation of associates 120,000Share of profits of associates 80,000Loss – available for sale financial assets 70,0001. Ignoring taxes, the amount reported in the profit or loss section for the year ended December 31, 2020 is2. Ignoring taxes, the amount reported in the other comprehensive income section for the year endedDecember 31, 2020 is
Tulip Company provided the following information for the current year: Sales 9,500,000 Interest revenue 250,000 Gain sale of equipment Revaluation surplus during the year Share of profit of associate 100,000 1,200,000 350,000 Cost of goods sold 6,000,000 Finance cost 150,000 500,000 300,000 200,000 Distribution costs Administrative expenses Translation loss on foreign operation Income tax expense 950,000 11. What is the net income for the current year?
The Income Statement and additional data of Crawford Properties, Inc., follows:CRAWFORD PROPERTIES Inc.Income StatementFor Year Ended June 30, 20X6Revenues:Sales revenue $237,000Expenses:Cost of goods sold $103,000Salary expense 58,000Depreciation expense 29,000Income taxes expense 9,000 199,000Net Income $38,000Additional data:a) Acquisition of plant assets is $116,000. Of this amount $101,000 is paid in cash and$15,000 by signing a note payable.b) Proceeds from sale of land total $24,000c) Proceeds from issuance of common stock total $30,000d) Payment of long-term note payable is $15,000e) Payment of dividends is $11,000f) From the balance sheet30/6/X 6 30/6/X 5Current Assets:Cash & cash equivalents $27,000 $20,000Accounts receivable 43,000 58,000Inventories 92,000 85,000Current Liabilities:Accounts payable $35,000 $22,000Accrued liabilities 13,000 21,000Required:Prepare Crawford Properties, Inc.’s statement of cash flows for the year endedJune 30, 20X6, using the indirect…
MN Plc's revenue as shown in its draft statement of profit or loss for the year ended 31 December 20X9 is GHS27m. This includes: (i) GHS8m for a consignment of goods sold on 31 December 20X9 on which MN Plc will incur ongoing service and support costs for two years after the sale. The cost of providing service and support is estimated at GHS800,000 per annum. MN Plc applies a 30% mark-up to all service costs. (ii) GHS4m collected on behalf of Aintree. MN Plc acts as an agent for Aintree and receives a 10% commission on all sales. At what amount should revenue be shown in the statement of profit or loss of MN Plc for the year ended 31 December 20X9? (Ignore the time value of money.) A. GHS22,920,000 B. GHS21,800,000 C. GHS20,520,000 D. GHS21,320,000
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The following information was reported by Amuse Yourself Parks (AYP): Net fixed assets (beginning of year) Net Fixed assets (end of year) Net sales for the year Net income for the year Required: Compute the company's fixed asset turnover ratio for the year. Numerator Denominator Fixed Asset Turnover Ratio 11 $ 8,490,000 8,290,000 4,111,100 1,930,000 "1
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Calculate the overall capitalization rate: sale price: $973, 639 potential gross income: $ 199, 188 vacancy and collection losses: $29,912 operating expenses: $47, 400 Report your answer as %. Given the following information, calculate the net operating income assuming above-line treatment of capital expenditures: property: 6 office units contract rents per unit: $2, 250 per month vacancy and collection losses: 17% operating expenses: $ 49,000 capital expenditures: $4, 500 Your Answer:
An entity identified the following segment for the current year: Segment Revenue Profit Assets A 10,000,000 1,750,000 20,000,000 B 8,000,000 1,400,000 17,500,000 C 6,000,000 1,200,000 12,500,000 D 3,000,000 550,000 7,500,000 E 4,000,000 575,000 5,500,000 F 2,000,000 525,000 3,000,000 What are the reportable segments? a. SEGMENT A, B and C b. SEGMENT A, B, C and D c. SEGMENT A, B, C, D and E d. SEGMENT A, B, C, D, E and F