Y Inc. is a wholly owned subsidiary of P Corporation. The following are excerpts from the 2019 condensed statements of financial position of the two companies: P Corp. P500.000 2,000,000 Y Inc. Sales to Y Sales to others Cost of goods sold from P Cost of goods sold from others Gross profit P1,500,000 400,000 950,000 P150,000 1,750,000 P750,000 The sales of P to Y are made on the same terms as those made to others.
Q: ial Security number is 111-11-1112. Bill lives with Ashley, and she fully supports him. Bill spent…
A: Introduction: Ashley Panda's Social Security number is 123-45-6777, and she resides at 1310 Meadow…
Q: D00. Ta aible fo
A: Introduction Additional refundable tax is computed as 1023% of the lesser of the following:…
Q: Scattergraph Method, High-Low MethodDeepa Dalal opened a free-standing radiology clinic. She had…
A: The scatter graph (or scatter graph) technique is a visual tool used in accounting to separate the…
Q: Barney Technologies - As the new accountant for Barney Technologies, you notice that their some…
A: Calculation of Total Current Assets Amount Cash $ 17,000 Office Supplies $…
Q: Is this situation consistent with a monopolistically competitive firm maximizing profit? If yes, is…
A: Market Economy- A market economy is an economic system in which market forces, rather than a central…
Q: Cannington, Inc., designs, manufactures, and markets personal computers and related software. The…
A: Depreciation indicates the reduction in the historical cost of the fixed asset due to day-to-day…
Q: Cash Budget The controller of Sonoma Housewares Inc. instructs you to prepare a monthly cash budget…
A: Cash Budget is the estimates of total cash inflows and total cash outflows during a future specific…
Q: Problem 6-10 (Static) Long-term contract; revenue recognition over time (LO6-8, 6-9] [The following…
A: The question is based on the concept of Financial Accounting.
Q: How will differentiate investment on gambling?
A: Investment and gambling both necessitate putting money at risk in order to earn. Limiting risk while…
Q: For a recent year, Wicker Company-owned restaurants had the following sales and expenses (in…
A: Difference between the sales and the variable costs is called contribution margin. Contribution…
Q: ark storage lot can hold at most 100 cars k 200 sq. ft., and the lot has the usable are er day for a…
A: The answer has been mentioned below.
Q: Master budget is compiled of several operating budgets. Of these operating budgets, which budget…
A: the operating budget is such a statement that present the financial plan for each of the…
Q: Journal Entries Shorts Company has three process departments: Mixing, Encapsulating, and Bottling.…
A: A journal entry is the act of recording or keeping track of any financial or non-financial action.…
Q: At the beginning of current year, Black Company changed the inventory cost flow method to FIFO from…
A: The increase in beginning inventory increases the cost of goods sold and increase in ending…
Q: Prepare adjusting entry for October 31. Show computation.
A: Loan is taken on October 1 and payable after 6 months. But interest for 1 month will become due on…
Q: Mimi Company revealed the following account balances on December 31, 2020 Accounts payable.…
A: Introduction: Balance sheet: All assets and liabilities are shown in balance sheet. It tells the net…
Q: Question 12: Match the payment due dates with the type of depositor. Following Friday Semiveekly…
A: Payment Due Date: In business, a due date is the latest date by which a payment on an invoice or…
Q: 1. If the company accepts this offer and rejects some business from regular customers so as not to…
A: To evaluate the net profitability from a special order and whether to accept or reject a special…
Q: Weighted-average method. Larsen Company manufactures car seats in its San Antonio plant. Each car…
A: given Car Seats Direct Materials Coversion Costs Work in process, Oct 1 5000 $ 1250000 §…
Q: Justine is the manager of an investment center. Currently Justine has an ROI of 20%, which is well…
A: Return on investment= (Net operating income / Investment employed )*100
Q: out 15% of his merchandise for cash of sales account 65% are expected to be collected in the month…
A: Cash Budget Cash Budget is the estimations of the cash inflows and outflows during a specific…
Q: A Cleaning Malntenance Machine 100 250 75 5 10 Hours Floor Space 150 200 120 50 60 Total 50 000 75…
A: Under Step method, the costs of one service department is allocated to production departments and…
Q: Accounting 29-5. Which of the following is the most appropriate asset for Colleen to give to her…
A: An IRA is a saving for the purpose of retirement which ultimately gives tax benefits.
Q: Asset Cost Salvage Value Units of Useful Life Depreciation per Unit ($) Automobile $27,500 $3,500…
A: Depreciation per unit as per units of digits method = (Cost - Salvage value)/Units of Useful Life
Q: On March 1, 2022, England and Scotland formed a partnership named United Kingdom, England…
A: Mortgage- The word “mortgage” refers to a loan used to buy or maintain a home, land, or other types…
Q: A B You will prepare a static master budget, budgeted financial statements and a flexible…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first3. Please resubmit the question…
Q: Additional information that needs to be taken into account: 1. Stock taking was done on 28 February…
A: Statement of profit and loss is a financial statement prepared in order to determine the net profit…
Q: Problem 7-6. Rasheed Jones recently opened a specialty food store in Branford. As the bookkeeper of…
A: The question is based on the concept of Financial Accounting.
Q: has the following information: Sales P 480,000 Operating expenses 300,000 Net loss (60,000)
A: Cost of Sales is the difference between the sales revenue and gross margin . It is the cost of the…
Q: Northern, Inc. just finished its second year of operations. In the first year it produced 1,000…
A: Total production costs = Total Variable production costs + Fixed manufacturing overhead where, Total…
Q: Jacques Ltd purchased a truck for $45,000 on 1 July 2018. It had an estimated useful life of three…
A: Depreciation means the reduction in the value of an asset over the life of the assets due to wear…
Q: Polo Bond is the sole owner and operator of Fun Polo Shop. The following is information as of the…
A: amount of net (profit)/loss during Year 2 = opening capital + Additional capital - withdrawal-…
Q: "Suppose that a person in the 45% tax bracket invests 3000 at 10% per year, compounded annually, for…
A: Calculation of loss on purchasing power Loss on Purchasing power = Present value of Amount invested…
Q: May Made cash sales of $6,300; the cost of the inventory was $3,700. 1 Purchased $2,000 of inventory…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: The following direct materials and direct labor data pertain to the operations of Ivanhoe Company…
A: Labor cost: Labor cost is the amount paid to workers for the work done by them. It includes both…
Q: Hansen Corporation. a C Corporation (mot a manufacturer) reports the following items in income and…
A: Taxable Income: Taxable Income is the amount determined by deducting the allowed deductions from the…
Q: The following data were obtained regarding the operations of Kirsten Company: Sales in units P…
A: Since you have posted question with multiple sub-parts we will do the first three sub-parts asked by…
Q: A number of costs are listed below that may be relevant in a decision faced by the management of…
A: It is one of the important decision making tool that considers only the relevant costs. All…
Q: A part plz.. hand written plzzzzz...othereise skip
A: Under absorption costing, selling and administrative expenses are not considered as product cost.…
Q: The following data were obtained regarding the operations of Kirsten Company: Sales in units P…
A: Since you have posted question with multiple sub-parts, we will do the first three sub-parts for…
Q: 155 Patient Company prepares monthly cash budgets. Relevant data follows for 2023: 156 157 Sales 158…
A:
Q: General obligation long-term debt
A: According to the question, the total fund balances of a county government are $23,000,000, and the…
Q: Give examples where accounting is used as aid in performing the management functions
A: The accounting records are maintained for providing information to the external and internal users…
Q: During the month of March 2022, Turaco sole trader purchased goods to the value of N$12 000, of…
A: Net purchases is calculated after subtracting the purchase discounts, purchase returns, and…
Q: Georgio owns a 20 percent profits and capital interest in Rain Tree LLC. For the current year, Rain…
A: Regular income is defined as any sort of income earned by a business or individual that is taxed at…
Q: In its first vear Tapka gener ted 84 fnet
A: As per the changes in the Tax Cut & Jobs Act , the net…
Q: Ranran, Sansan, and Tantan are forming a new partnership. The following are their contributions:…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: On May 1, Boyz Security Services rented office space and paid two month's rent in advance in the…
A: The rent paid in advance is referred as Prepaid Rent. The amount paid is P 8000 The working is shown…
Q: Beauty Salon had the following information as regards the working capital of the business.…
A: Net working capital is given as: = Current Assets - Current Liabilities
Q: Question 25: Which statement regarding Form W-3 is inaccurate? Answer: A. Form W-3 contains earnings…
A: Correct option is (C) Form W-3 is submitted to social security administration and provided to each…
Determine the net income attributable to P Corporation using the information below:
Step by step
Solved in 2 steps
- A.Selected information from the separate and consolidated income statements of CHARTER LTD. and as subsidiary, MEMBER INC. for the year ended December 31, 2021 are as follows: |CHARTER LTD. P600,000 Consolidated P924,000 693,000 MEMBER INC. Sales P420,000 330,000 P 90,000 COGS 450,000 | Gross profit P150,000 P231,000 During 2021, CHARTER LTD. sold goods to MEMBER INC. at the same mark-up on cost that CHARTER LTD. uses for all sales. At December 31, 2021, MEMBER INC. had not paid all of these goods and still held 37.5% of them in inventory. Compute for the original cost of goods in MEMBER INC.'s inventory acquired from Apple.Selected information from the separate and consolidated income statements of CHAELISA LTD.and as subsidiary, JENSOO INC. for the year ended December 31, 2021 are as follows: CHAELISA LTD. JENSOOINC. ConsolidatedSales P600,000 P420,000 P924,000COGS 450,000 330,000 693,000Gross profit P150,000 P 90,000 P231,000 During 2021, CHAELISA LTD. sold goods to JENSOO INC. at the same mark-up on cost that CHAELISA LTD. uses for all sales. At December 31, 2021, JENSOO INC. had not paid all of these goods and still held 37.5% of them in inventory. Compute for the original cost of goods in JENSOO INC.’s inventory acquired from Apple.Comparative income statements of Sub Corporation for the calendar years 2019, 2020, and 2021 are as follows (in thousands): Sales Cost of sales Gross profit Operating expenses Net income 2019 $22,000 10,600 11400 5.700 $ 5700 2020 $18,500 9,900 8600 5.500 $3100 2021 $19,250 10,100 9150 6.000 $3150 ADDITIONAL INFORMATION 1. Sub was an 80 percent-owned subsidiary of Pub Corporation throughout the 2019-2021 period. Pub's separate income (excludes income from Sub) was $7,200,000, $6,600,000, and $7,500,000 in 2019, 2020, and 2021, respectively. Pub acquired its interest in Sub at its underlying book value, which was equal to fair value on July 1, 2017. 2. Pub sold inventory items to Sub during 2019 at a gross profit to Pub of $720,000. Half the merchandise, remained in Sub's inventory at December 31, 2019. Total sales by Pub to Sub in 2019 were $1,800,000. The remaining merchandise was sold by Sub in 2020. 3. Pub's inventory at December 31, 2020, included items acquired from Sub on which…
- Comparative income statements of Sub Corporation for the calendar years 2019, 2020, and 2021 are as follows (in thousands): Sales Cost of sales Gross profit Operating expenses Net income 2019 $22,000 10,600 11400 5,700 $5700 2020 $18,500 9,900 8600 5,500 $3100 2021 $19,250 10,100 9150 6.000 $3150 ADDITIONAL INFORMATION 1. Sub was an 80 percent-owned subsidiary of Pub Corporation throughout the 2019-2021 period. Pub's separate income (excludes income from Sub) was $7,200,000, $6,600,000, and $7,500,000 in 2019, 2020, and 2021, respectively. Pub acquired its interest in Sub at its underlying book value, which was equal to fair value on July 1, 2017. 2. Pub sold inventory items to Sub during 2019 at a gross profit to Pub of $720,000. Half the merchandise remained in Sub's inventory at December 31, 2019. Total sales by Pub to Sub in 2019 were $1,800,000. The remaining merchandise was sold by Sub in 2020. 3. Pub's inventory at December 31, 2020, included items acquired from Sub on which Sub…In 2020, parent reports Cost of Goods Sold of $4,000,000. Its 90% owned subsidiary reports Cost of Goods Sold of $1,000,000 in 2020. During 2019 the subsidiary had $60,000 of unrealized gains on intercompany sales to its parent. By the end of 2020, all inventory subject to the intercompany transfer has been sold to third parties. In 2020, the subsidiary had sold $200,000 of goods to its parent and had $30,000 of unrealized gains. How much is consolidated cost of goods sold in 2020.a. Using the information provided in the image below, determine the carrying amount of the inventory that S Company purchased from P Company in the December 31, 2019 consolidated Statement of financial position b. Using the same information in item 2, determine the percent of noncontrolling interest ownership in S Company as of December 31, 2019.
- Comparative income statements of Sub Corporation for the calendar years 2019, 2020, and 2021 are as follows (in thousands): 2019 2020 2021 Sales $22,000 $18,500 $19,250 Cost of sales 10,600 9,900 10,100 Gross profit 11400 8600 9150 Operating expenses 5,700 5,500 6,000 Net income $ 5700 $ 3100 $ 3150 ADDITIONAL INFORMATION Sub was an 80 percent-owned subsidiary of Pub Corporation throughout the 2019–2021 period. Pub’s separate income (excludes income from Sub) was $7,200,000, $6,600,000, and $7,500,000 in 2019, 2020, and 2021, respectively. Pub acquired its interest in Sub at its underlying book value, which was equal to fair value on July 1, 2017. Pub sold inventory items to Sub during…2. Using the information provided in the image below, determine the carrying amount of the inventory that S Company purchased from P Company in the December 31, 2019 consolidated Statement of financial position. * Selected information from the separate and consolidated statements of financial position and statements of comprehensive income of P Company. and its subsidiary, S Company., as of December 31, 2019, and for the year then ended is as follows: P Company S Company Consolidated Statement of financial position accounts Accounts receivable. . Inventory.... Investment in S Co... Goodwill. P 42,000 50,000 P 26,000 P19,000 25.000 30,000 67.000 Noncontrolling interest.. Stockholders' equity.. 30,000 10,000 154,000 154,000 50,000 Statement of comprehensive income accounts Revenues... Cost of goods sold. Gross profit. P300,000 225.000 75,000 P200,000 P140,000 150,000 50,000 110,000 30,000 Equity in earnings of S Co. Net income.. P9.000 P36,000 P20,000 P36,000 Additional information…2. Using the information provided in the image below, determine the carrying amount of the inventory that S Company purchased from P Company in the December 31, 2019 consolidated Statement of financial position. * Selected information from the separate and consolidated statements of financial position and statements of comprehensive income of P Company. and its subsidiary, S Company., as of December 31, 2019, and for the year then ended is as follows: P Company S Company Consolidated Statement of financial position accounts Accounts receivable. . Inventory.... Investment in S Co.. Goodwill. Noncontrolling interest... Stockholders' equity... P 26,000 30,000 67,000 P19,000 25,000 P 42,000 50,000 30,000 10,000 154,000 154,000 50,000 Statement of comprehensive income accounts P200,000 150,000 50,000 P140,000 110,000 30,000 P300,000 225,000 75,000 Revenues.. Cost of goods sold.. Gross profit. Equity in earnings of S Co. Net income... P9,000 P36,000 P20,000 P36,000 Additional information…
- The general ledger of Grumpy Corporation as of December 31, 2021, includes the following accounts: Соprights Deposits with advertising agency (will be used to promote goodwill) 27,000 Discount on bonds payable Excess of cost over fair value of identifiable net assets of Р30,000 70,000 acquired subsidiary Trademarks 90,000 90,000 In the preparation of Grumpy's balance sheet as of December 31, 2021, what should be reported as total intangible assets?Question:The following is the extract from trial balance of G Limited, subsidiary of Y Limited for the year ended 31 December 2021. Dr CrInventory on hand: 31/12/2020 50 000 Sales 1025000Purchases 350 000 Depreciation 25 000 Rent income 40 000Dividend paid 11 000 Other expenses 300 000 Income tax expense 145 000 Additional information: 1. Y Limited acquired its interest in G limited on the 1 st May 2021. 2.The average monthly sales of G Limited accrued evenly throughout the year.…GG Co. had the following transactions with two subsidiaries, OO and RR during 2020: Sales of P105,000 to OO, Inc., with P31,500 gross profit, OO had P26,250 of this inventory on hand at year end. Purchases of raw materials totaling P420,000 from RR Corp., a wholly owned subsidiary. RR’s gross profit on the sale was P84,000. GG had P98,000 of this inventory remaining on December 31, 2020. Before eliminating entries, GG had combined current assets of P525,000. What amount should GG report in its December 31, 2020 consolidated financial position for current assets?