Reference no: EM132925618

Question - On July 1, 2020, ITech incurred a casualty loss of P300,000. The net income for the year ending December 31, 2020 is expected to be P5,000,000. In the income statement for the quarter ended September 30, 2020, what amount of casualty loss should be reported?

Retro Haven has a financial reporting year that begins July 1, 2020 and ends on June 30, 2021. The tax year ends every December 31. The entity reports quarterly for interim purposes and the quarterly income is P1,000,000 for the first quarter, P1,500,000 for the second quarter, P2,500,000 for the third quarter and P4,000,000 for the fourth quarter. The income tax rate is 30% for 2020 and 40% for 2021. What is the total income expense for the year ended June 30, 2021?

Suicune, Inc. provided the following profit (loss) relating to operating segments: Segment V, P3,400,000; Segment W, P1,000,000; Segment X, (P2,000,000); Segment Y, P400,000; Segment Z, (P200,000). What are the reportable segments based on profit or loss?

Raikou Company provided the following information in relation to operating divisions for the current year: Sales to unaffiliated customers, P20,000,000; Intersegment sales of products similar to those sold to unaffiliated customers, P6,000,000; Interest earned on loans to other industry segments; P400,000. Under the revenue test, what is the minimum revenue of a reportable segment?

Entei is subject to the requirements of segment reporting. In the income statement for the current year, the entity reported revenue of P50,000,000 excluding intersegment sales of P10,000,000, expenses of P47,000,000 and net income of P3,000,000. Expenses included payroll costs of P15,000,000. The combined total assets of all operating segments at year-end amounted to P45,000,000. What is the minimum amount of sales to a major customer?

Consider the information provided by the immediately preceding problem, what is the minimum amount of external revenue to be disclosed by reportable segments? What is the maximum number of reportable segments to be presented as required by IAS 34?