Looney Tunes Amusements Inc. has six business lines with the following information: Business Total Revenue Profit/...

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Looney Tunes Amusements Inc. has six business lines with the following information: Business Total Revenue Profit/ (Loss) Operating Assets Line 1 $ 90,000 $ 18,000 $150,000 25,000 (7,000) 20,000 20,000 __(4,000) 15,000 140,000 30,000 266.000 10,000 4,000 15,000 6 4.000 (3.000) 12,000 $289.000 $38.000 $478.000 Required: If Looney Tunes Inc. follows IFRS, determine which business lines, if any, qualify as a reportable operating segment for purposes of financial reporting. Show your computational support. 123456 2 3 Looney Tunes Amusements Inc. has six business lines with the following information: Business Total Revenue Profit/ (Loss) Operating Assets Line 1 $ 90,000 $ 18,000 $150,000 25,000 (7,000) 20,000 20,000 __(4,000) 15,000 140,000 30,000 266.000 10,000 4,000 15,000 6 4.000 (3.000) 12,000 $289.000 $38.000 $478.000 Required: If Looney Tunes Inc. follows IFRS, determine which business lines, if any, qualify as a reportable operating segment for purposes of financial reporting. Show your computational support. 123456 2 3

Answer rating: 100% (QA)

As per IFRS Reportable segments are such which fullfils one of the following conditions A Revenues i... View the full answer