During year 1, Jenny Company engaged in the following transactions. How much would be disclosed as related-party transactions in Jenny's year 1 financial statements? * Salary expense to key employees who are also principal owners P100,000 Sales to affiliated enterprises P250,000

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
Problem 17P
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During year 1, Jenny Company
engaged in the following
transactions. How much would be
disclosed as related-party
transactions in Jenny's year 1
financial statements? *
Salary expense to key employees who are also principal owners
P100,000
Sales to affiliated enterprises
P250,000
Your answer
Pat Company reported the following
information on December 31, 2020.
Determine the legal capital:
Preference Share, P100 par
Share Premium - Preference
Ordinary Share, P15 par
Share Premium -Ordinary
Subscribed Ordinary Share
Retained Earnings
Notes Payable
Subscription receivable-Ordinary
P230,000
80,500
525,000
275,000
5,000
190.000
400,000
40,000
Transcribed Image Text:During year 1, Jenny Company engaged in the following transactions. How much would be disclosed as related-party transactions in Jenny's year 1 financial statements? * Salary expense to key employees who are also principal owners P100,000 Sales to affiliated enterprises P250,000 Your answer Pat Company reported the following information on December 31, 2020. Determine the legal capital: Preference Share, P100 par Share Premium - Preference Ordinary Share, P15 par Share Premium -Ordinary Subscribed Ordinary Share Retained Earnings Notes Payable Subscription receivable-Ordinary P230,000 80,500 525,000 275,000 5,000 190.000 400,000 40,000
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