How much is the minimum revenue that a single external customer must contribute for it to be considered as a major customer under IFRS 8? FRUITY Company has six divisions that operate in the Philippines. The financial statements of FRUITY for 2021 showed the following:AssetsLiabilitiesEquityRevenueNet ProfitP5,000,000 P3,000,0005,000,0001,000,0001,000,000Orange15,000,0004,500,0008,000,0003,500,00010,000,0001,500,00020,000,00015,000,000৪,000,0003,500,0003,000,0002.500,0001,000,0002,200,0004,000,0001,000,000P.PBananaPear3,000,000AppleGrapes2,500,000300,000500,0001,300,0002,300,000Coconut5,500,0005,000,000500,000TOTAL37,800,00017,800,00020,000,000P11,000,000PPP52,000,000Assume the following distribution of revenues for each segment:From third party customersFrom other divisionsOrange95%5%Banana35%65%Рear80%20%Apple100%NoneGrapes85%15%Coconut45%55%

As per International Finance reporting tool (IFRS 8), if total revenues from single external…

FRUITY Company has six divisions that operate in the Philippines. The financial statements of FRUITY for 2021 showed the following: Assets Liabilities Equity Revenue Net Profit P 15,000,000 4,500,000 8,000,000 3,500,000 1,300,000 5,000,000 P 3,000,000 5,000,000 1,000,000 1,000,000 Orange 20,000,000 P 15,000,000 8,000,000 3,500,000 1,000,000 2,200,000 4,000,000 1,000,000 10,000,000 Banana 1,500,000 Pear 3,000,000 Apple Grapes 2,500,000 300,000 3,000,000 2,300,000 5,500,000 37,800,000 Coconut 500,000 5,000,000 2.500,000 500,000 TOTAL P 17,800,000 P 20,000,000 P 52,000,000 P 11,000,000 Assume the following distribution of revenues for each segment: From third party customers From other divisions Orange 95% 5%

FRUITY Company has six divisions that operate in the Philippines. The financial statements of FRUITY for 2021 showed the following: Assets Liabilities Equity Revenue Net Profit P 15,000,000 4,500,000 8,000,000 3,500,000 1,300,000 5,000,000 P 3,000,000 5,000,000 1,000,000 1,000,000 Orange 20,000,000 P 15,000,000 8,000,000 3,500,000 1,000,000 2,200,000 4,000,000 1,000,000 10,000,000 Banana 1,500,000 Pear 3,000,000 Apple Grapes 2,500,000 300,000 3,000,000 2,300,000 5,500,000 37,800,000 Coconut 500,000 5,000,000 2.500,000 500,000 TOTAL P 17,800,000 P 20,000,000 P 52,000,000 P 11,000,000 Assume the following distribution of revenues for each segment: From third party customers From other divisions Orange 95% 5%

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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