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CHAPTER 9

INTERIM REPORTING AND SEGMENT REPORTING

9.1 Angel Company


Angel Company
Income Statement
For the Quarter Ended October 31, 2007

Net sales (30% x 9,000,000) P 2,700,00


0
Cost of goods sold 1,674,00
0
Gross profit (38% x 2,700,000) P 1,026,00
0
Operating expenses * 270,000
Profit from Continuing Operations P 756,000
Income Tax 241,920
Net Profit from Continuing Operations P 514,080
Discontinued Operations, net of income tax savings of (845,000
P455,000 )
Net profit (loss) P (330,920
)

*Operating Expenses:
Variable = 30% x 600,000 P180,000
Fixed = (960,000 – 600,000) /4 90,000
Total P270,000

9.2 Galaxy Company


Galaxy Company
Income Statement
For the Month of October 2006

Net sales P 239,100


Cost of goods sold:
Merchandise Inventory, October 1 P 280,000
Purchases 215,000
Total goods available for sale 495,000
Merchandise inventory, October 31 372,600
Cost of sales P 122,400
Gross profit P 116,700
Selling expenses (54,700)
General and administrative expenses (19,000)
Net profit P 43,000

9.3 Blue Bay

Considering the criteria, Segment D is not qualified because majority of its


revenue comes from transactions with other segments.

Minimum required assets P5,000,000


Minimum required revenue 8,600,000
Minimum required operating result (profit or loss) 2,000,000
Chapter 9 – Interim Reporting and Segment Reporting

Reportable segments are A, B, C and E. The 75% test has also been met
(61M/66M is 92%).

9-4 Minimum operating result (profit or loss) P1,100,000

Reportable segments based on the above test are B, D and E.

9.4 Polygon Corporation

Minimum required revenues P3,275,000


Minimum required operating profit 580,000
Minimum required identifiable assets 6,800,000

Identified reportable segments, based on any of the above tests: A, B, C, D


and E

Multiple Choice

Interim Reporting
MC1 A
MC2 D
MC3 B
MC4 B
MC5 A
MC6 B
MC7 B
MC8 C
MC9 B
MC10 A
MC11 B
MC12 B
MC13 B
MC14 C 320,000 X ¼ = 80,000
MC15 A End of January = 200,000 + 50,000 – 192,000 = 58,000
End of February = 58,000 + 380,000 – 408,000 = 30,000
End of March = 30,000 + 704,000 – 604,000 = 130,000
MC16 C (600,000 x ½) + (1,200,000 x ½) = 900,000
MC17 A
MC18 D
MC19 A (25,000,000 X 10%) – (10,000,000 X 5%) = 2,000,000
MC20 D (45,000,000 X 10%) – (20,000,000 X 5%) = 3,500,000

Segment Reporting
MC1 D
MC2 A
MC3 B
MC4 B
MC5 C

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Chapter 9 – Interim Reporting and Segment Reporting

MC6 C
MC7 A
MC8 B
MC9 A
MC10 D
MC11 C 10% (1,000,000 + 300,000)
MC12 D 500,000 – 225,000 – (240,000 X 500,000/1,500,000)
MC13 A 2,000,000 – 900,000 – (3,000,000 X 2M/10M)
MC14 C 10% (153,000,000 – 140,000,000)
MC15 B 4,000,000 – 2,200,000 – (1,200,000 X
1,800,000/3,000,000)=1,080,000

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