Reference no: EM132551498

Question 1: Universal Robina Corporation , a publicly owned corporation, is subject to the requirements for segment reporting. In its income statement for the year ended December 31, 2019, Universal Robina reported revenues of P50,000,000, operating expenses of P47,000,000, and net income of P3,000,000. Operating expenses include payroll costs of P15,000,000. Universal Robina's combined identifiable assets of all industry segments at December 31, 2019, were P40,000,000. Reported revenues include P30,000,000 of sales to external customers. In its 2019 financial statements, Universal Robina should disclose major customer data if sales to any single customer amount to at least