MegaStores Ltd owns a number of department stores with numerous retail operations. On 30 June 2021,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
MegaStores Ltd owns a number of department stores with numerous retail operations. On 30 June 2021, MegaStores Ltd has identified the following operating segments. Segment Electronics Green Grocer Bakery Textile Multimedia Revenue ($000) Printed Materials $6,332 $5,294 -$2,506 Total External Internal $19,524 Nil $31,268 Nil Profit or Loss ($000) $22,468 $2,200 $19,092 $4,640 $3,128 $35,306 Nil -$6,024 $10,221 Assets ($000) $43,210 $125,024 $36,552 $53,153 -$4,472 $5,122 $19,128 $200,005 $119,538 $10,622 $61,770 $436,735 Required: Which of the operating segments would be reportable under the criteria identified in AASB 8? In your answer, apply all threshold tests prescribed by AASB 8 before drawing your conclusion. Support your answer with references to specific paragraphs in the relevant accounting standard. You must show all supporting calculations. MegaStores Ltd owns a number of department stores with numerous retail operations. On 30 June 2021, MegaStores Ltd has identified the following operating segments. Segment Electronics Green Grocer Bakery Textile Multimedia Revenue ($000) Printed Materials $6,332 $5,294 -$2,506 Total External Internal $19,524 Nil $31,268 Nil Profit or Loss ($000) $22,468 $2,200 $19,092 $4,640 $3,128 $35,306 Nil -$6,024 $10,221 Assets ($000) $43,210 $125,024 $36,552 $53,153 -$4,472 $5,122 $19,128 $200,005 $119,538 $10,622 $61,770 $436,735 Required: Which of the operating segments would be reportable under the criteria identified in AASB 8? In your answer, apply all threshold tests prescribed by AASB 8 before drawing your conclusion. Support your answer with references to specific paragraphs in the relevant accounting standard. You must show all supporting calculations.
Expert Answer:
Answer rating: 100% (QA)
To determine which operating segments would be reportable under the criteria identified in AASB 8 Australian Accounting Standard Board 8 we need to apply the threshold tests specified in the standard ... View the full answer
Related Book For
Marketing Research
ISBN: 9781119497639
13th Edition
Authors: V. Kumar, Robert P. Leone, David A. Aaker, George S. Day
Posted Date:
Students also viewed these accounting questions
-
Use the attached "words.txt" file to store the words along with their ranks in an AVL tree. Then provide the user the option to search for any word. If the word exists the program displays the rank...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
Identify the companies ( What companies) in the two industries to which you are assigned and briefly discuss: Discuss how the companies identified differ in significant ways from each other within...
-
Analyzing Revenues and Expenses and Completing an Income Statement Neighborhood Realty, Incorporated, has been operating for three years and is owned by three investors. S. Bhojraj owns 60 percent of...
-
A space is filled up with a charge with volume density p p0 e-r3, where P0 and a are positive constants, r is the distance from the centre of this system. Find the magnitude of the electric field...
-
A cylinder contains 0.100 mol of an ideal monatomic gas. Initially the gas is at a pressure of 1.00 X 105 Pa and occupies a volume of 2.50 X 10-3 m3. (a) Find the initial temperature of the gas in...
-
The balance sheet of Lennox Health Foods, at December 31, 2007, reported 100,000 shares of no-par common stock authorized, with 30,000 shares issued and a Common Stock balance of \(\$ 180,000\)....
-
Arm BCD is connected by pins to crank AB at B and to a collar at C. Neglecting the effect of friction, determine the couple M required to hold the system in equilibrium when θ = 0. -200mm---240...
-
What kind of fiscal policies did the pakistan follow in 2020? What tools did the government use to impose fiscal policies during 2020? And how was it important for the business? Explain in detail the...
-
In the investment world, commodities are typically pretty boring. From livestock to grains to steel and other metals, commodities have their ups and downs. But long term, the world will always need...
-
Jimball Incorporated has been operating for two years. On January 1 of last year, the accounting records had the following information: Cash $ 48,000 Accounts Receivable 12,000 Supplies 14,000 Notes...
-
A 3.2 kg block is released from rest at point A. The track is frictionless except for the rough portion between points B and C. The block travels down the track, hits a spring of force constant 2000...
-
Herman and his two friends Raul and Michael have been partners and have operating ABC Drycleaners in downtown Vancouver. The partnership has been doing well. They have an operating line of credit...
-
Martha was a successful painter and had acquired a substantial amount of real estate, which included an apartment in Yaletown and a winery in Kelowna. Martha had travelled to Switzerland in February...
-
Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of operations. April 1 Tanner invested $80,000 cash along with office...
-
Find the x- and y-intercepts of x-4y = -8. 4y=-8. Provide your answer below: X-intercept: V-intercept:
-
Darla is a witness in a criminal case. The Crown considers that she has information that is significant enough to affect the outcome of the trial. She was subpoenaed to attend court, but she did not...
-
Compare and contrast debt financing and equity financing as ways of starting a new business. Does one have an overall advantage over the other? What situation is more favorable to the use of debt...
-
In view of the problem of pollution from energy sources, it was felt that a need existed for an in-depth baseline study of consumer attitudes and perceptions of energy-related issues. As a result, a...
-
1. What secondary data sources would be useful? What types of questions might be answered by each? 2. Identify one piece of information from the library that would be helpful and relevant. How did...
-
NaturaSkin, Inc., a small U.S.-based manufacturer of vegan skincare products with natural ingredients, feels that a market exists for its product in foreign markets. However, the companys managers...
-
a. Examine how each of the following affects the natural unemployment rate. (i) The discovery of new energy resources lowers the price of energy, stimulating more industrial activities. (ii) The...
-
In a particular economy the negative oil price shock occurs in two different time periods, say 1990-1995 and 2000-2005. Assume that these two oil price shocks are similar in nature. Given the same...
-
In this problem you are asked to show that the expectations-augmented Phillips curve (derived in the text using the extended classical model) can be derived using the Keynesian model. Consider a...
Study smarter with the SolutionInn App