Reference no: EM133131167
Questions -
Q1. Norte Company has three manufacturing divisions, each of which has been Determined to be reportable segment. Common costs are appropriately allocated on the basis of each division's sales in relation to Norte's aggregate sales. In the current year, Division 1 had sales of P6,000,000, which was 20%of Norte's total sales, and had traceable cost of P3,800,00. Norte incurred operating cost of P1,000,000 that were not directly traceable to any of the divisions. In addition, Norte incurred interest expense of P600,000.
In reporting segment information, what amount should be shown as operating profit of Division 1 for the current year?
a. P1,400,000
b. P2,200,000
c. P2,000,000
d. P1,880,000
Q2. Yeontan Company is engaged in a small export business. The company maintain limited records. Most of the company's transactions are summarized in a cash journal; non cash transactions are recorded by making memo entries. The following are abstracted from the company's records:
Accounts receivable- P350,000 increase
Accounts payable- P200,000 decrease
Notes payable (Trade)- P150,000 decrease
Sales returns (50,000 was refunded)- P100,000
Sales discounts- P10,000
Purchase return (30,000 was refunded)- P80,000
Purchase discount- P15,000
Accounts written off- P60,000
Cash sales- P350,000
Cash purchases- P150,000
Cash received from account customers- P1,800,000
Cash payment to trade creditors- P1,300,000
What is the amount of gross purchase?
a. P1,015,000
b. P1,195,000
c. P1,165,000
d. P1,315,000
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