Portugal, Inc. has the following amounts related to its activities for the year ended December 31, 2015: $$\begin{array} { l l }
\text { Sales to customers } & \$ 6,250,000 \
\text { Gain on sale of equipment } & \$ 450,000 \
\text { Gain on sale of investments } & \$ 950,000 \
\text { Loss on sale of land } & \$ 300,000
\end{array}$$ Portugal, Inc. uses IFRS for its external financial reporting. How much revenue should Portugal, Inc. report on its income statement for the year ended December 31, 2015?
A) $6,250,000
B) $7,200,000
C) $7,650,000
D) $7,350,000

Question

Portugal, Inc. has the following amounts related to its activities for the year ended December 31, 2015: $$\begin{array} { l l } 
\text { Sales to customers } & \$ 6,250,000 \
\text { Gain on sale of equipment } & \$ 450,000 \
\text { Gain on sale of investments } & \$ 950,000 \
\text { Loss on sale of land } & \$ 300,000
\end{array}$$ Portugal, Inc. uses IFRS for its external financial reporting. How much revenue should Portugal, Inc. report on its income statement for the year ended December 31, 2015?
A) $6,250,000
B) $7,200,000
C) $7,650,000
D) $7,350,000

Quizplus · Accepted Answer

The Answer of Portugal, Inc. has the following amounts related to its activities for the year ended December 31, 2015: $$\begin{array} { l l } 
\text { Sales to customers } & \$ 6,250,000 \
\text { Gain on sale of equipment } & \$ 450,000 \
\text { Gain on sale of investments } & \$ 950,000 \
\text { Loss on sale of land } & \$ 300,000
\end{array}$$ Portugal, Inc. uses IFRS for its external financial reporting. How much revenue should Portugal, Inc. report on its income statement for the year ended December 31, 2015?
A) $6,250,000
B) $7,200,000
C) $7,650,000
D) $7,350,000

Portugal, Inc Portugal, Inc