Determine the consolidated net income for 2022. a. P525,000 b. P611,000 c. P615,000 d. P570,000

Q: depletion expense should be recognized for 2021? 550,000

A:

Q: onal Corporation had net current assets of P2,500,000 at the end of 2022 and P1,800,000 at the end…

A: Balance Sheet: The balance sheet is a record of the organization's assets and liabilities. The…

Q: Dawson Company’s balance sheet information at the end of 2019 and 2020 is as follows: Fill in the…

A: Assets = Total liabilities + total shareholders' equity Total liabilities = Assets - Total…

Q: How much is the goodwill on the consolidated balance sheet on December 31, 2021?

A: The requirement is to compute goodwill on the consolidated balance sheet on December 31, 2021. The…

Q: Compute the taxable income. A. Zero B. P4,000,000 C. P5,000,000 D. P29,000,000

A: The taxability of income of the nonstock nonprofit educational institutions depends upon whether the…

Q: On December 01, 2021, SEVENTY-SEVEN Corporation declared equipment with carrying amount of…

A: The dividend is paid to shareholders in the form of cash, property or shares from the retained…

Q: During 2020, ABC Company constructed various assets. The weighted average expenditures for…

A: This question deals with the IAS 23 'Borrowing cost". As per IAS, interest expense incurred on…

Q: What amount should be recognized as loss on purchase pommitment in 2022? 200,000 p. 100,000 E.…

A: Purchase commitment refers to the firm's commitment to acquire the goods and services from the…

Q: The following breakdown of the MNO Corporation's property, plant and equipment and bonds payable is…

A: Cash flow from investing activities: It is a section of the cash flow statement that shows the cash…

Q: Vaughn's assets on December 31, 2020 are $200200. O $302000. O$170600. O $259100.

A: Assets = Equipment + Cash + Supplies + Accounts Receivable

Q: 2019 2020 Assets Coo,024,רה 68,109,000 120000,רה 26,107,000 248,357,000 137,332,000 646,648,000…

A: Accounting policies and rules and regulations that are used in preparing the financial statement…

Q: On October 1, 2020, Generosity Company declared a property dividend of machinery payable on April 1,…

A: Dividends are the consideration amount which the firm provides to the shareholders. .

Q: What is the loss on distribution of property dividend to be recognized on February 1,2020? P 500,000…

A: Calculation of loss on property dividend to be recognised in February 2021:::: In December…

Q: From the information given below Calculate the amount to be maintained as Legal Reserve for the year…

A: In general, reserve accounting refers to the company's accumulated profits throughout the time that…

Q: the amount of interest that should be capitalized by Sunland during 2020?

A: Interest on note payable = Outstanding amount of note payable * Rate of interest Outstanding…

Q: How much is the total assets for 2021?

A: Total Assets = Net Book value of Non current assets or Plant and equipments + Total current assets

Q: 1.  The profit attributable to equity holders of Power for 2019 is  2. The consolidated Net income…

A: Consolidated net income is the sum of income of parent and subsidiary. The income of parent is fully…

Q: What is the loss on distribution of property dividend to be recognized on February 1,2020?

A: Property dividend is paid by various companies when they intend to retain their cash. Hence, assets…

Q: 1. What amount should be recognized as depletion for 2020? a. 6,900,000 b. 9,600,000 c. 8,100,000 d.…

A: Summary of the information provided in the question : Purchase Cost of the resource…

Q: 2018 2019 Assets: Current assets Long-term investments Fixed assets (net) Intangible assets Total…

A: Common size balance sheet concept is used to complete the given table, as the given % figures means…

Q: ZZZZZZ had net current assets of P2,000,000 at the end of 2022 and P1,800,000 at the end of 2021. In…

A: The Net Current Assets investment is the excess of Current Assets over Current Liabilities.  Since…

Q: Please calculate capital allowance using declining balance method with the following information:…

A: In the context of the given question, we compute the allowances at the rate applying to the…

Q: What amount should be recognized as depletion for 2021? a. 1,344,000 b. 1,920,000 1,200,000 d.…

A: calculation of depletion expenses for 2021 are as  follows:

Q: Sheridan Companyreported the following items for 2019 Income tax expense $54000 Contribution margin…

A: Controllable margin = Contribution margin - Controllable fixed costs

Q: What amount of gain or loss would YOO-YOO Corporation report in its income statement for the year…

A: Net Gain or loss = Fair Value as on 12/31/22 - Fair Value as on 12/31/21

Q: . What is the gain on remeasurement to equity to be recognized for 2021? a. 1,500,000 b. 4,500,000…

A: Therefore, option (a) is the correct answer.

Q: In 2021 an investor sold capital property for $80,000. The cost base of the property was $55,000.…

A: A capital gain is the increase in the value of a financial instrument when it is sold. A capital…

Q: quity h other comprehensive income, w at fair value of P550,000. At Dece lue of the securities was…

A: Income statement termed as IS which is one of the financial statements of the company and this…

Q: Danforth Inc. has some financial transactions occurring in 2021 that result in future taxable…

A: As per the revenue recognition accounting principle, revenues shall be recognized only when the…

Q: 1. What amount should be recognized as investment income for 2021 as a result of the investment? a.…

A: Investment refers to those mechanism which is used by the company for the purpose of generating…

Q: What is the revenue earned from award credits for 2022? *see attached a. P 0 b. P 28,000 c. P…

A: Given, Total Sales for 3 years = P 2,800,000 Actual Warranty Expenditure = P 136,000 Total expected…

Q: Pompey Inc. carries the following marketable equity securities on its books at December 31, 2021 and…

A: Trading securities will not be considered for fair value through oci.

Q: What amount of interest is capitalized for 2023? 2,940,000 4,200,000 1,260,000 1,200,000

A: Answer: The interest to be capitalized is the part of interest to be increased in total value of…

Q: Answers the days of Working capital based on the information below:…

A: Given: Particulars 2020 2021 Trade receivables $260,000 $285,000 Inventories $350,000…

Q: Accumulated Profits - Free, January 1, 2021: P3,800,000 Accumulated Profits - Appropriated for…

A: Accumulated profit : It is a undistributed profit balance after distributing the dividend on shares.…

Q: On January 1, 2022, Charis Company adopted a plan anuary 1, 2026 at an estimated cost of P20,000,000…

A: In this question, we have to find out the annual deposit to the fund.

Q: Following are the balances of accounts of a wasting asset entity:   How much is the maximum…

A: Dividend is the share of the profits of the company.…

Q: National Corporation had net current assets of P2,500,0 at the end of 2021. In addition, National…

A: When evaluating a company's financial health, net current assets, also known as working capital, are…

Q: Taxpayer: Domestic Corporation (SME) It year of operation: 2017 Taxable period: 2021 Year 2017 2018…

A: SOLUTION   COMPUTATION OF CORPORATE INCOME TAX - CORPORATE INCOME TAX = NET TAXABLE * 2021 TAX RATE.…

Q: Corporation’s Retained Earnings at December 31, 2021 amounted to P2,000,000.  On that date, the…

A: The retained earnings are decreased with declaration of dividend to shareholders. The dividend can…

Q: a fair value of P5,960,000. What is the compound journal entry to update the carrying value of the…

A:

Q: TATEMENTS OF COMPREHENSIVE INCOME R THE FINANCIAL YEAR ENDED 31 AUGUST 2020 Group Compa 2020 RM'000…

A: The ratio helps in analyzing the financial statement of the company.

Q: X purchased 40% of Y on January 1,2019 for $400,000. Y paid dividends of $50,000 in  each year. Y's…

A: Investment :— Investment is the Assets or any thing which is invested for the purpose of generating…

Q: X corporation, a corporation with P120,000,000 in total assets, reported the following for the year…

A: Given that, Total gross income = P500,000  Total taxable income = P300,000 Unrelated taxable income…

Q: According to IAS 37 Provisions, Contingent Liabilities and Contingent Assets how much should…

A: Solution Concept As per the provisions of IAS 37 , if the outflow of resources is more likely than…

Q: X purchased 40% of Y on January 1,2019 for $400,000. Y paid dividends of $50,000 in  each year. Y's…

A: The equity method is used when the investor holds any significant influence over the investee…

Q: What amount of gain or loss should be recognized for 2022? a. 900,000 loss b. '400,000 loss c.…

A: Solution:- Given, Dayanara Company owned three investment properties  Each property was acquired in…

Q: Ken derived the following in the year 2021: (i)      Rental surplus of $5,000 from Property 1. (ii)…

A: Answer is (c) $21000

Q: What amount was recognized as actuarial gain on PBO during the year? 100 000 200 000 240 000 0…

A: Introduction As per relevant IAS, Employee benefit if there is any loss or gain in defined benefit…

Q: Dixon Development began operations in December 2021. When lots for industrial development are sold,…

A: 1. Taxable income=Pretax accounting income-Sales revenue+Collection from lot…