Solution-What amount should be reported as profit for

What amount should be reported as profit for segment

Assignment Help Accounting Basics

Reference no: EM132789529

Cloy Company has three lines of business, each of which was determined to be reportable segment. The entity sales aggregated P7,500,000 in the current year, of which Segment No. 1 contributed 40%.

Traceable costs were P1,750,000 for Segment No. 1 out of a total of P5,000,000 for the entity as a whole.
For external reporting, the entity allocated common costs of P1,500,000 based on the ratio of a segment's income before common costs to the total income before common costs.

Problem 1: In the financial statements for the current year, what amount should be reported as profit for Segment No. 1?

a. 1,250,000

b. 1,000,000

c. 650,000

d. 500,000

Reference no: EM132789529

Questions Cloud

Find what amount should be reported as segment profit : What amount should be reported as segment profit? The total profit and loss included intersegment profit of P61,000. In addition, the entity ha P5,000

KB7052 Research Project Assignment : KB7052 Research Project Assignment Help and Solution, Northumbria University - Assessment Writing Service - Evaluate different methodological approaches

Explain purpose of the quality improvement initiative : You have an assignment for which you identified the topic at the end of the 2nd Module (Recruitment and retention have been a major issue in terms of nursing.

What is? stancorp pre-tax cost of? debt : a. What is? Stancorp's pre-tax cost of? debt? Note: Compute the effective annual return.

What amount should be reported as profit for segment : Cloy Company has three lines of business, In the financial statements for the current year, what amount should be reported as profit for Segment No. 1?

Discuss the relationship between risk and return : Explain and discuss the relationship between risk and return?

How to prevent the spread of the virus : My Topic: How to improve your own immunity and prevent the spread of the virus (Covid-19).Write a 3-page double spaced (maximum) paper on a topic that presents

Which the entity should disclose major customer data : Groom Company, In the financial statements, the entity should disclose major customer data if sales to any single customer to at least

Disaster and emergency management effort : The analysis should include a brief description of the disaster and the emergency management effort, the nature of the disaster

User Account

All Pages

What amount should be reported as profit for segment

Reference no: EM132789529

Reference no: EM132789529

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT