450,000
Q: Which of the following funds of a governmental unit recognizes revenues only in the accounting perio...
A: correct option with proper explanation are as follows
Q: Raise three issues related to the annual report and the broader area of financial reporting, and exp...
A: Annual report refers to a corporate document or financial summary which is released by the company, ...
Q: Required Information Use the following information for the Exercises below. [The following informati...
A: Lets understand the basics. Depreciation is reduction in value of asset due to wear and tear, techno...
Q: Interpreting Information in the Statement of Shareholders' Equity The 2014 statement of stockholders...
A: Treasury Stock- The Treasury stock is also known as shareholder's reclaimed stock, which refers to s...
Q: assume informotion similar to that inthe do it on the page 207 that is on septemper 5 de lahoya comp...
A: A journal entry is the first process in the accounting process. It is used to record a business tran...
Q: Andres, VAT-registered real estate dealer, transferred a parcel of land held for sale to Camella Rea...
A: The transaction in the real estate are subjected to VAT and all transactions of sale types are subje...
Q: QUESTION 8 ABC Corporation invests $60,000 in a Certificate of Deposit (CD) paying annual interest o...
A: Certificate of Deposit (CD): A certificate of deposit is given by a bank to an individual saving cas...
Q: What is integrity? Give an example showing a violation of integrity.
A: Integrity is one of code of ethics for Auditors
Q: Which of the following correctly describes the term cost driver? a.The primary factor which is corr...
A: Cost driver is the driver cause of which the cost is incurred. On the basis of this we find the tota...
Q: James Inc. currently has P750,000 in accounts receivable, and its day sales outstanding (DSO) is 55 ...
A: Days sales outstanding = 365/ Accounts receivable turnover where, Accounts receivable turnover = Sal...
Q: Chapter (9) Practices Q1: On January 1, 2003 Baghdad Company purchased a machine for ID 22000. The c...
A: Depreciation expenditure is the fraction of a corporation's fixed asset expenditure that is deprecia...
Q: During a period when inventory costs are steadily increasing, which of the following is true? O a. N...
A: FIFO considers the cost of initial purchases as the cost of goods sold and the later purchases as th...
Q: Audit committee Audit plan Confirmation Cutoff Inherent risk Misappropriation of assets representati...
A: Here asked about the different aspect in the Audit Process and procedures which are involved with th...
Q: Henrich is a single taxpayer. In 2021, his taxable income is $454,000. What is his income tax and ne...
A: Calculation of taxable income Particulars Amount Gross taxable income 454000 Less: Standard d...
Q: A company with P50,000 in current assets, P25,000 in quick assets, and P30,000 in current liabilitie...
A: Current ratio = Current Assets / Current Liabilities Quick Assets = Quick Assets / Current Liabiliti...
Q: Sebastian Wayne's filing status is married filing jointly, and he has earned gross pay of $3,650. Ea...
A: According to the IRS- Internal Revenue Service of United States,the rate for contribution to social ...
Q: ABC Corporation purchases 3,000 units of inventory. Payment to its supplier is $30.00 per unit. In a...
A: Given: Number of unit purchase = 3000 units Payment to Supplier = $30.00 So, the total amount paid t...
Q: Kadita Sales sells cars on the installment basis. Presented below are the data for the past three ye...
A: 2019: cost of sales 1002950 less sales 1543000 collection :1518000 against1543000 . now in 1543...
Q: s Bus Service traded in a used bus for a new one. The original cost of the old bus was $52,000. Accu...
A: It is given that Willis bus sevice trade in an already used bus costing $52000 and it is also seen t...
Q: QUESTION 12 Annual data for ABC Corporation appear below, in millions of US dollars: 2016 2017 2018 ...
A: Beginning inventory of 2017 = 9.6 Ending inventory of 2017 = 10.20 Cost of goods sold of 2017 = 50...
Q: In 2020, the company's inventory turnover ratio was 7.64. What is their Inventory Turnover ratio for...
A: Inventory is the stock which the company has for the purpose to sell and the business has been estab...
Q: urnal entries for Damle d Do not Indent manuall
A: Damien Jurado purchased an insurance policy for 2 years on 1st July 2022. Since the policy has been ...
Q: Bramble Company purchased equipment for $15600 on December 1. It is estimated that annual depreciati...
A: Introduction:- The following basic information given as follows:- Annual depreciation expense = $3,9...
Q: QUESTION 4 On Jan. 1, 2017, Acme Industries put into service a milling machine that had a capitalize...
A: Introduction:- Depreciation is a term used in accounting to describe a method of distributing the co...
Q: In 2017, Monty Corporation discontinued its retail store operations to focus on its online opportuni...
A: GIVEN In 2017, Monty Corporation discontinued its retail store operations to focus on its online o...
Q: On April 1, 2021, Western Communications, Inc., issued 12% bonds, dated March 1, 2021, with face amo...
A: Journal Entry: It is the act of recording business transaction(either economic or non-economic) i...
Q: Purchase of Goods. Paid in Cash 100,000.00 Sale of Goods. Received in cash 150,000.00 Paid Utilities...
A: Statement of cash flows: It is a financial statement that shows the increase or decrease in the cash...
Q: Five years have passed and Jamie Lee, 34, is considering taking the plunge--not only is she engaged ...
A: Costs of renting and buying (acquiring) any property have their own pros and cons. Buying a property...
Q: Furniture costing S68,200 is sold at its book value in 2021. Acquisitions of furniture total $53,700...
A: Please Step 2 for the General Ledger accounts as required.
Q: Problem 8 (Ratio Calculations) Assume the following relationships for Woody Corp: Sales/Total assets...
A: GIVEN 8. Assume the following relationships for the woody Corp: Sales / total assets 1.5x Return on ...
Q: A company is planning to undertake an investment project. The following data have been calculated fo...
A: Step 1 Answer- Static payback period :it is duration that is required by any project to cover the i...
Q: Cite a specific example of non-value added activity that can be eliminated in a particular industry....
A: NVA activities are tasks that do not add to the shape or function of the market. Filing, copying, re...
Q: ABC Corporation sells just one product. At the end of fiscal year 2017, ABC applies the lower-of-cos...
A: Writing down the value of inventory by $300 decreases the value of total assets by $300 and the valu...
Q: ing control ing relative efficiency short-term, spare capacity de
A: Cost refers to the compiled sum of all the expenses involved while manufacturing a product.
Q: CHINA Corporation, on January 1, 2021, issued 30,000, 10%, P100 bonds for P2,900,305. Principal paym...
A: As per effective interest method, the amount of interest expense correlates with the carrying value ...
Q: The assets in value by $billion. (Round your response to one decimal place.) The liabilities in valu...
A: Interest is the return which a depositor or a bank gets from the amount of loan which has been given...
Q: To calculate the performance report of advertising revenue at the Daily News for March 2021, below a...
A: Revenue variance refers to difference between the budgeted and actual revenue. Revenue variance= Act...
Q: 1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, r...
A: 1) Accumulated depreciation 94,400 Loss on disposal 31,900 Milling machine 1...
Q: What is Milson's rate of return on common stock equity for 2021?
A: Return on Common Equity = Net Income for Common Stockholders / Average Common Equity Net Income for ...
Q: On May 1, 2021, Roger Rabbit Company adopted a stock-option plan that granted options to key executi...
A: Journal entries refers to recording of the business transaction into the books or day book of the bu...
Q: Please see below. I need help with this problem. In recent years, Crane Company has purchased thre...
A:
Q: At the beginning of the year, Anna began a calendar-year business and placed in service the followin...
A: Cost recovery is the process of subtracting a portion of the cost of an item used in a business or t...
Q: A company reports the following amounts: Assets = $6,400; Liabilities = $4,000; Stockholders' equity...
A: Net income (NI), also known as net profits, is computed by subtracting sales from cost of goods sold...
Q: In an activity-based costing approach, a factor that causes costs is known as a а. cost activator O ...
A: Cost driver is the main root cause for the occurrence of cost. It has a higher impact on the total c...
Q: ABC Corporation has the following inventory information for March, 2019. On March 31, ABC has 2,800 ...
A: Under the FIFO method, initial purchases are sold first so the ending inventory includes the invento...
Q: A company using perpetual FIFO has the following data for August: Beginning inventory: 150 units pur...
A: Cost of goods sold for 80 units = 80 units x $11 = $880 Sales = 80 units x $25 = $2,000
Q: Overheads applied are calculated by:
A: Applied overheads are an indirect cost that is directly related to the manufacturing of products but...
Q: Exercise 9-4 Interest-bearing notes payable with year-end adjustment Keesha Co. borrows $230,000 cas...
A: Answer 1) Calculation of maturity date of notes payable Maturity date of note = Issue date of note +...
Q: The F Company uses the allowance method is used to account for uncollectible receivables. It had the...
A: Receivables, loans, and other obligations that are likely to be paid are referred to as uncollectibl...
Q: Boyce Company purchased office supplies costing $7,000 and debited Supplies for the ful amount. At t...
A: The adjusting journal entry for correct option are as follows.
20. Selected information from the separate and consolidated income statements of Poster Corporation and its subsidiary, Sign company for the year ended December 31, 20x2 are as follows:
Poster Corp Sign Co. Consolidated
Sales P 600,000 P420,000 P924,000
Cost of Goods Sold 450,000 335,000 693,000
Gross Profit P150,000 P85,000 P 231,000
During 2025, Poster Corporation sold goods to Sign Company at the same mark-up on cost that Poster uses for all sales. At December 31, 20x2, Sign had not paid all of these goods and still held 25% of them in inventory.
What is the amount of intercompany sale of inventory?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 21. Selected information from the separate and consolidated income statements of Poster Corporation and its subsidiary, Sign company for the year ended December 31, 20x2 are as follows: Poster Corp Sign Co. Consolidated Sales P 600,000 P420,000 P924,000 Cost of Goods Sold 450,000 335,000 693,000 Gross Profit P150,000 P85,000 P 231,000 During 2025, Poster Corporation sold goods to Sign Company at the same mark-up on cost that Poster uses for all sales. At December 31, 20x2, Sign had not paid all of these goods and still held 25% of them in inventory. What is the original cost of goods in Sign’s inventory acquired from Poster Corp.?…Selected information from the separate and consolidated income statements of Poster Corporation and its subsidiary, Sign Company for the year ended December 31, 20x2 are as follows: Poster Corp. Sign Co. Consolidated Sales P 600,000 P 420,000 P 924,000 Cost of Goods Sold 450,000 335,000 693,000 Gross Profit P 150,000 P 85,000 P 231,000 During 2025, Poster Corporation sold goods to Sign Company at the same mark-up on cost that Poster uses for all sales. At December 31, 20x2, Sign had not paid all of these goods and still held 25% of them in inventory. What is the amount of intercompany sale of inventor?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.
- In 2022, ABC Company sold inventory costing P150,000 to its 80%-owned subsidiary for P210,000. A portion of this was resold by the subsidiary in 2022 for P200,000. Other information available at the end of 2022 were as follows: Parent Subsidiary Sales P4,750,000 P2,700,000 Cost of sales 3,100,000 1,750,000 Net income 225,000 120,000 Dividends declared 150,000 150,000 Inventory From outsiders 120,000 60,000 From parent 63,000 How much is the consolidated inventory as of December 31, 2022? How much is the consolidated cost of sales for 2022? How much is the consolidated sales for 2022?In 2022, ABC Company sold inventory costing P150,000 to its 80%-owned subsidiary for P210,000. A portion of this was resold by the subsidiary in 2022 for P200,000. Other information available at the end of 2022 were as follows: Parent Subsidiary Sales P4,750,000 P2,700,000 Cost of sales 3,100,000 1,750,000 Net income 225,000 120,000 Dividends declared 150,000 150,000 Inventory From outsiders 120,000 60,000 From parent 63,000 How much is the consolidated cost of sales for 2022? How much is the consolidated sales for 2022? How much is the net income attributable to the parent for 2022?Company Big owns 80% of Company Small. Their separate statements of profit or loss for the financial year ended on 31 December 2021 are as follows: Big (€) Small (€) Sales revenue 800,000 500,000 Cost of sales 560,000 300,000 Gross profit 240,000 200,000 During the year 2021 Co Big sold goods to Co small for €150,000. These goods had cost Co Big €120,000. What amounts are reported on the consolidated statement of profit or loss for the year ended 31 December 2021 for the group if all the goods were still in the inventory of Small Co at the year-end: Sales revenue ["1,180,000", "1,040,000", "1,300,000", "1,150,000"] Cost of sales ["740,000", "710,000", "860,000", "688,000"] Gross profit ["470,000", "440,000", "352,000", "410,000"]
- In 2022, ABC Company sold inventory costing P150,000 to its 80%-owned subsidiary for P210,000. A portion of this was resold by the subsidiary in 2022 for P200,000. Other information available at the end of 2022 were as follows: Parent Subsidiary Sales 4, 750,000 2,700,000 Cost of Sales 3,100,000 1,750,000 Net Income 225,000 120,000 Dividends declared 150,000 150,000 Inventory From Outsiders 120,000 60,000 From Parent 0 63,000 1. How much is the consolidated sales for 2022? 2. How much is the net income attributable to the parent for 2022? 3. How much is the net income attributable to the non-controlling interests for 2022?Comparative income statements of Sub Corporation for the calendar years 2019, 2020, and 2021 are as follows (in thousands): 2019 2020 2021Sales $22,000 $18,500 $19,250Cost of sales 10,600 9,900 10,100Gross profit 11400 8600 9150Operating expenses 5,700 5,500 6,000Net income $ 5700 $ 3100 $ 3150ADDITIONAL INFORMATION1. 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…Comparative income statements of Sub Corporation for the calendar years 2019, 2020, and 2021 are as follows (in thousands): 2019 2020 2021Sales $22,000 $18,500 $19,250Cost of sales 10,600 9,900 10,100Gross profit 11400 8600 9150Operating expenses 5,700 5,500 6,000Net income $ 5700 $ 3100 $ 3150ADDITIONAL INFORMATION1. Sub was an 80 percent-owned subsidiary of Pub Corporation throughout the 2019–2021 period. Pub’s…
- Comparative income statements of Sub Corporation for the calendar years 2019, 2020, and 2021 are as follows (in thousands): 2019 2020 2021Sales $22,000 $18,500 $19,250Cost of sales 10,600 9,900 10,100Gross profit 11400 8600 9150Operating expenses 5,700 5,500 6,000Net income $ 5700 $ 3100 $ 3150ADDITIONAL INFORMATION1. 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 made…On January 1, 2020, ABS Corporation purchased 75% of the common stock of LOPEZ Company. Separate balance sheet data for the companies at the combination data are given below: ABS LOPEZ Cash P 84,000 P 721,000 Trade Receivable 504,000 91,000 Merchandise Inventory 462,000 133,000 Land 273,000 112,000 Plant Assets 2,450,000 1,050,000 Accumulated Depreciation (840,000) (210,000) Investment in LOPEZ 1,372,000 Total Assets 4,305,000 1,897,000 Accounts Payable P 721,000…Alford Company and its 80 percent–owned subsidiary, Knight, have the following income statements for 2021: Alford Knight Revenues $ (500,000 ) $ (230,000 ) Cost of goods sold 300,000 140,000 Depreciation and amortization 40,000 10,000 Other expenses 20,000 20,000 Gain on sale of equipment (30,000 ) 0 Equity in earnings of Knight (36,200 ) 0 Net income $ (206,200 ) $ (60,000 ) Additional Information for 2021 Intra-entity inventory transfers during the year amounted to $90,000. All intra-entity transfers were downstream from Alford to Knight. Intra-entity gross profits in inventory at January 1 were $6,000, but at December 31, they are $9,000. Annual excess amortization expense resulting from the acquisition is $11,000. Knight paid dividends totaling $20,000. The noncontrolling interest's share of the subsidiary's income is $9,800. During the year, consolidated inventory rose by $11,000 while accounts…
