Reference no: EM133168606
Questions -
Q1. On December 1, 2021, Violet Company committed to a plan to dispose of the assets of a business component. The disposal meets the requirements to be classified as discontinued operation. On that date, the entity estimated that the loss from the disposition of the assets would be P700,000 and the component's operating income was P200,000. What amount of pretax loss should be reported for discontinued operation for 2021?
A. 900,000
B. 700,000
C. 200,000
D. 500,000
E. None of the above
Q2. In the income statement for the current year, the entity which is subject to the requirements of segment report, reported external sales of P60,000,000, internal sales of P5,000,000, expenses of P45,000,000. The combined total assets of all operating segments at year-end amounted to P56,000,000. What is the lowest amount of external revenue that should be disclosed by reportable segments?
A. 45,000,000
B. 15,000,000
C. 6,500,000
D. 3,750,000
E. None of the above
Q3. Sincere Corporation financial statements for the year ended December 31, 2021 are authorized for issue on March 30, 2022. On January 28, 2022, a fire destroyed partially the production site of the company resulting to damages of P2,000,000, only P1,500,000 of which is covered by insurance. On March 10, 2022, Peaceful issued additional 100,000 shares at P10 par value. On March 15, 2022, a customer owing P400,000 to the company filed for bankruptcy. The allowance of doubtful accounts amounting to P200,000 as of December 31 included P50,000 pertaining to the said customer. What amount should be adjusted on December 31, 2021 in relation to these events?
A. 350,000
B. 200,000
C. 400,000
D. 2,400,000
E. None of the above
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