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What are the reportable segments based on profit or loss

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Reference no: EM133112546

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Q1. The following information pertains to the Chicken Wings Company and its divisions for the year ended December 31, 2020: Sales to unaffiliated customers - P10,000,000

Inter-segment sales of products similar to those sold to unaffiliated customers - P2,000,000

Interest expense - P60,000

White has a reportable segment if that segment's revenue is?

Q2. Chicken Wings had five segments in 2020. Segments X, Y and Z reported profit of P40,000,000, P15,000,000 and P5,000,000 respectively. Segments A and B reported loss of P20,000,000 and P4,000,000 respectively. What are the reportable segments based on profit or loss?

Q3. An inventory loss of P900,000 from decline in net realizable value occurred in April 2021. Chicken Wings Company recorded this loss in April 2021 after its March 31, 2021 quarterly report was issued. Of its loss, P200,000 was recovered by the end of the year. How should this loss and subsequent gain be reflected in the quarterly statements (1st, 2nd, 3rd and 4th, respectively) in profit(loss) of Jimin Company?

Reference no: EM133112546

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