Reference no: EM132585049

Question 1: A Corporation, a publicly-owned corporation, is subject to the requirements for segment reporting. In its Statement of Comprehensive Income for 2020, the entity reported revenues of ?50,000,000, operating expenses of ?47,000,000, and net income of ?3,000,000. Operating expenses included ?15,000,000 of payroll costs. The entity's combined identifiable assets of all industry segments at the end of the current year were ?40,000,000. Reported revenues include ?30,000,000 of sales to external customers. SHOW YOUR SOLUTION(S).

In its 2020 financial statements, the entity should disclose major customer data if sales to any single customer amount to at least?

Question 2: A Corporation, a publicly-owned corporation, is subject to the requirements for segment reporting. In its Statement of Comprehensive Income for 2020, the entity reported revenues of ?50,000,000, operating expenses of ?47,000,000, and net income of ?3,000,000. Operating expenses included ?15,000,000 of payroll costs. The entity's combined identifiable assets of all industry segments at the end of the current year were ?40,000,000. Reported revenues include ?30,000,000 of sales to external customers. External revenue reported by operating segments must be at least? SHOW YOUR SOLUTION(S).

Question 3: On June 30, 2020, B Corporation incurred a ?200,000 net loss from disposal of a business segment. Also, on June 30, 2020, the entity paid ?80,000 for property taxes assessed for the current year. What amount of the foregoing items should be included in the determination of the entity's net income or loss for the 6-month ended June 30, 2020?