In the consolidated statement of financial position of the parent and its subsidiaries, what total amount should be reported as investment property? A. 6,000,000 B. 5,500,000 C. 8,000,000 D. 9,000,000
Q: Beginning Inventory $11,500 Dairy Alternative Purchases (+) $1,000 Produce Purchases (+) $500 Protei...
A: The standard rate maintained for food cost is between 28%-32%. As long as there is profit covering a...
Q: A taxpayer places a $50,000 5-year recovery period asset (not an auto) in service in 2021. This is t...
A: half-year convention, bonus depreciation specifies that asset is acquired during middle of the year,...
Q: Book Value P60,000 Market Value P60,000 Cash 130,000 580,000 200,000 40,000 (250,000) (10,000) (450,...
A: Non controlling interest also known minority interest means where share holder own less then 50 % of...
Q: ABC Corporation acquired 70 percent of XYZ Corporation on August 1 for P420,000. On that date, XYZ C...
A: Purchase acquisition accounting is a method that is used for recording the purchase of a company on ...
Q: Question 2: If an individual whose filing status is single earns $256,000 during the year, what port...
A:
Q: the allocation base. This period's estimat $500,000 and estimated direct labour he
A: These are the indirect cost that provides support to the direct cost in the manufacturing process of...
Q: Assume the following: Lomo Engineering Company had the following transactions: Jan-01 Issued cap...
A: * As per Bartle by policy, in case question have multiple subparts then answer first three only. I...
Q: A machine with a cost of $100 000 has an estimated residual value of $10 000 and an estimated life o...
A: Solution.. Cost = $100,000 Salvage value = $10,000 Life = 45,000 hours over the estimated life...
Q: ABC Company and XYZ Company reported the following condensed Statements of Financial Position on Jan...
A: Consolidated financial statements means financial statements of overall groups.
Q: 10 In July, TPM Co. incurred total costs of $60,000 and made 6000 units. In December it produced 400...
A: Formula: Variable cost per unit = Total variable cost / Number of units produced
Q: 10. On July 1, 20x6, Entity A leased a delivery truck from Entity B under a 3-year operating lease. ...
A: Given that entity A leased the delivery truck on July 1st, 20X6 and rent payment need to be done ann...
Q: . Compute for the issue price of the bonds on January 1, 2019. 2. Compute for the bonds outstanding...
A: 1. There was no need of interest calculation. So, it's ignored. 2. Bonds are retired before maturit...
Q: TB MC Qu. 07-116 (Algo) Giorgio Italian Market bought... Giorgio Italian Market bought $5,200 worth ...
A: A journal entry is used to record a commercial transaction in the accounting records of a corporatio...
Q: If the Revenue (sales) decreases and everything else remains the same, what happens to the Food Cost...
A: Cost percentage or Cost ratio is the accounting ratio which shows the amount of cost incurred by fir...
Q: Overhead Expected Activity Product V Product W Product X Activities and Activity Measures Machine se...
A: Answer 1) Calculation of overhead cost allocated to Product X using Predetermined overhead rate base...
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: or pay off cumulative loan. Initial cash balance in June is $6,000,000 and there is no cumulative lo...
A: Introduction Cash Budget: In the business world, a cash budget is an estimate of a company's cash ...
Q: Book Value P40,000 170,000 Market Value P40,000 230,000 700,000 Cash Inventory Plant Assets (net) Co...
A: The non controlling interest is the interest of equity that belongs to minority shareholders of the ...
Q: year 2011 Sales lo ss 8,00,000 3,75,000 2012 45,000 30.000 Calculate: Piv Ratio BEP Ca a Sale of Rs....
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for you...
Q: Which of the following taxpayers may not use the standard mileage method of calculating transportati...
A: The correct answer is (b)
Q: Question 23: Identify the contribution limit for each item. First Social Security wage base $142,800...
A: Social security tax is mandatorily levied upon the employers and employees. Such taxes fund the disa...
Q: The Fleming Company of Anguilla (FCA) designs and produces automotive parts. In 2019, actual variabl...
A: Cost Accounting: Cost accounting is characterized as "an efficient arrangement of strategies for rec...
Q: To be deductible as the cost of special work clothing or uniforms: a.The clothing must be required a...
A: The correct answer is option (d)The clothing must not be suitable for everyday use and must be requi...
Q: Question 11: Which statement about calculating taxable earnings for Social Security tax is accurate?...
A:
Q: ABC Company and XYZ Company reported the following condensed Statements of Financial Position on Jan...
A: When a company purchases or buys more than fifty one percent of shares of another company then the f...
Q: discuss the forms of business organization as to ownership.
A: There are different type of business organisation which are prevailed in the current market. The de...
Q: On January 1, 2022, Isabel Company purchased bonds with face amount of P8,000,000 for P7,679,000 to ...
A: The question is based on the concept of Financial Instruments. Financial Assets are investment asset...
Q: On February 1, 20x21, Paco Corp. acquired outstanding ordinary shares of School Inc. for cash. The i...
A: Control premium: Control premium refers to a sum that the buyer will pay over the honest assessment ...
Q: A $60,000 loan with interest at 6% compounded quarterly is being paid off with monthly payments of $...
A: The notion of the time value of money (TVM) states that an amount of money is worth more now than it...
Q: Prepare all the necessary journal entries for the year 2020, 2021 and 2022.
A: 12% , 1000000 ,3 year Bond Issued Price 103084 Principal Payment is due on 31.12.23 Annual Interes...
Q: . If a business has received cash in advance of services performed and credits a liability account,...
A: On receipt of advance the entity debit cash and credit liability Account (Unearned service revenue a...
Q: Jessie purchased land as an investment on January 12, 2016 for $80,000. On January 31, 2021, Jessie ...
A: Amount of the realized gain or loss on the sale = selling price + Mortgage value -purchase price
Q: Lapuz Company uses the Job order costing. On January 1, 2020, Job no. 101 was the only job in proces...
A: Prime cost means the addition of direct material and direct labor and other direct expenses. Manufac...
Q: Particulars Credit balance as per cash book 5,000 Cheques issued, but not yet presented for payment ...
A: Bank reconciliation was an statementwhich was prepared by an entity to reconcile general ledger and ...
Q: dependen les as Singie lax year Answer: А. S2,500 В. $5,000 C. S7,500 D. $10,000 B.
A: The correct answer is option (d)$10000
Q: for the next 29 years. At a 7 percent discount rate, the present value of the lease payments totals ...
A: Expenditure A/C dr. 23,000,000 Cash A/C. Cr 1732,231 Other f...
Q: TB MC Qu. 07-149 (Algo) MacKenzie Company sold... MacKenzie Company sold $460 of merchandise to a cu...
A: Company will record cash sales transaction in its books, as the payment has been made by the custome...
Q: The Ohio Company has the following historical pattern on its credit sales: 70% collected in the mont...
A: Budgets are the forecasts or estimates that are made for future period of time. Budgeted cash collec...
Q: True or false The definition of Control is under the PFRS 3 standard.
A: As per accounting standard PFRS 3 /PFRS 10 Following is answer
Q: Using 0 and 3,000 patient-days, the total cost at an activity level of 8,000 customer patient-days w...
A: The correct option is (a) $63,360.
Q: Sold P480,000 of ABC Corporation 7% bonds at 102, plus accrued interest of P2,790.00.
A: The current portion of the investments means the amount of investment remaining after adjusting the ...
Q: Pasig Corp uses job order costing to produce its products. It applied a factory overhead at P18.00 p...
A: The factory overhead is applied to the production on the basis of predetermined overhead rate for th...
Q: Pomelo Company's ROE last year was only 3%; but its management has developed a new operating plan th...
A: Net Income = (EBIT - Interest) x (1 - Tax Rate) Total Assets = Sales / Total Assets Turnover Ratio D...
Q: At the beginning of Year 1, Copeland Drugstore purchased a new computer system for $170,000. It is e...
A: Depreciation is permanent fall or decline in value of tangible fixed asset, attributing to wear and ...
Q: A. Record the withdrawal of Daryl from the partnership under each of the following independent assum...
A: Since you have asked two questions under a different multi sub-parts kindly resubmit another part to...
Q: 17. On January 1, 2015, Battle Company purchased a delivery truck for $252,000 with an estimated use...
A: Depreciation per miles (units of production method) = (Cost of the assets - salvage value) / Expecte...
Q: Expected Sales Total Required Units Required Production Total
A: Answer) Lens Junction Sales Budget For the two Months Ended February 28 20XX ...
Q: Hickory Company manufactures two products—15,000 units of Product Y and 7,000 units of Product Z. Th...
A: Distribution of Expenses: The total of all expenditures made by a product's manufacturer in order to...
Q: How is depreciation treated in the indirect method of estimating project cash flows? O Include the c...
A: Under the indirect method of estimating project cash flows, adjustment of calculating cash flows sta...
Q: What is the % of t
A: In this question, we have to answer according to the Philippine government data.
Step by step
Solved in 3 steps
- MMM Company and its subsidiaries own the following properties at year end: Land held by MMM for undetermined use = 5,000,000; A vacant building owned by MMM and to be leased out under an operating lease = 3,000,000; Property held by a subsidiary of MMM, a real estate firm in the ordinary course of business = 2,000,000; Property held by MMM for use in production = 4,000,000; Building owned by a subsidiary of MMM and for which the subsidiary provides security and maintenance services to the lessees = 1,500,000; Land leased by MMM to a subsidiary under an operating lease = 2,500,000; Property under construction for use as investment property = 6,000,000; Land held for future factory site = 3,500,000; Machinery leased out by MMM to an unrelated party under an operating lease = 1,000,000. What total amount should be considered as owner-occupied property and included in property, plant and equipment in the consolidated statement of financial position?Theirs Company owns the properties below, which it leases out under operating leases to the following: Fair Value RenterBuilding -------------- P 5,000,000 subsidiaryMachinery ------------ 800,000 AssociateCondominium Unit--- 3,000,000 subsidiaryLand ------------------ 8,000,000 AssociateIn Theirs's consolidated statement of financial position, how much would be presented as investment property?PUMASA AKO Company and its subsidies own the following properties that are accounted for in accordane with international accounting standards: >Land held by the parent for undetermined use= P6,000,000 >A vacant building owned by the parent and to leased out under an operationg lease= P2,500,000 >Property held by a subsidiary, a real estate firm, in ordinary course of business= P2,000,000 >Property held by the parent for use in production= P4,000,000 >Building owned by a subsidiary and for which the subsidiary provides security and maintenance services to the lessees= P2,000,000 >Land leased by the parent to a subsidiary under an operating lease= P2,500,000 >Property under construction for use as investment property=P 4,000,000 >Land held for future factory site= P3,500,000 >Machinery leased out by the parent to an unrelated party under an operating lease= P1,000,000 How much is the total investment property that should be repoted in the consolidated statement…
- Dayanara Company owns three properties which are classified as investment properties. Details of the properties are as follows: Initial Cost Fair Value 12/31/2019 Fair Value 12/31/2020 Property 1 2,700,000 3,200,000 3,500,000 Property 2 3,450,000 3,000,000 2,280,000 Property 3 3,300,000 3,900,000 3,400,000 Each property had an estimated useful life of 25 years. The entity’s accounting policy is to use the fair value model for investment properties. What is the carrying value of the investment properties that should be presented for the year ended December 31,2020 in the statement of financial position?He Company owns land and building classified as investment property . The land and building is being leased out under operating leases. The company uses the fair value model for all its other investment property. Data relating to the land and building follows: Cost FV Dec. 31, 2020 FV Dec. 31, 2021 FV Dec. 31, 2021Land -------- P 10,000,000 -- P14,000,000 -------P15,500,000 ------- P 17,000,000Building ----- 20,000,000 --- 9,000,000 -------- 9,500,000 ------- 10,000,000 How much fair value gain should He company report in profit or loss for year 2021?Panther Company is acquiring the net assets of Sharon Company. The book and fair values of Sharon’s accounts are as follows: Accounts Book FairCurrent Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $100,000 $120,000Land. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000 80,000Building and Equipment . . . . . . . . . . . . . . . . . . . . . . . 300,000 400,000Customer List . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 20,000Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .100,000 100,000What values will be assigned to current assets, land, building and equipment, the customer list, liabilities, goodwill, and gain under each of the following acquisition price scenarios?a. $800,000b. $450,000
- Pepper Company owns a majority interest in Salt Company and consolidated financial statements are prepared for external reporting. The entry on Pepper’s books to record amortization of a difference related to undervalued equipment from the Investment in Salt will be: Select one: a. A debit to Income from Salt and a credit to Equipment b. A debit to Depreciation expense and a credit to Accumulated Depreciation c. A debit to Operating expense and a credit to Equipment d. A debit to Income from Salt and a credit to the Investment in Salt account2. Lynx Company is planning to dispose of a collection of assets. The entity designated these assets as a disposal group. The carrying amount of these assets immediately before classification as held for sale was P2,000,000. Upon being classified as held for sale, the assets were revalued to P1,800,000. The entity feels that it would cost P100,000 to sell the disposal group. What should be reported as the carrying amount of the disposal group in the entity's accounts after its classification as held for sale? a. 2,000,000 b. 1,800,000 c. 1,700,000 d. 1,900,000On January 1, 20x8, Pares Company classified its property interest under an operating lease from Allan Company, the lessor, as investment property. The asset was recognized at P 8M with an estimated remaining useful life of 15 years. The fair value of such asset is P 8.1M on December 31, 20x8. Pares adopts the cost model in valuing its investment properties subsequent to initial recognition. The investment property account of Pares, excluding the transaction described above, is composed of the following Asset CV 1/1/x8 Remaining Useful Life FV 12/31/x8 A 4.5M NA 5M B 6.55M 16 4.89M C 10.6M 20 11.050MIf Pares uses the straight line method in computing for depreciation expense, how much is the net amount of investment property to be reported in the December 31, 20x8 statement of financial position
- KK owns the following properties as at 31st December 2017: Property: Fair value (GH¢) Land with future use undetermined 3,200,000 Factory rented to KK’s subsidiary under an operating lease 2,400,000 10 floor office building (fair value is equal per floor) with 3 floors used as the subsidiary's head office and seven floors rented to third parties under an operating lease. 15,000,000 Empty building held for capital appreciation, but not leased out. 4,100,000 KK's accounting policy is to hold its investment properties under the fair value model and its land and buildings under the revaluation model. Required: In accordance with IAS 40 Investment Property calculate the carrying amount to be recognized as investment property in KK's consolidated financial statements as at 31 December 2017. 1She Company owns land and building classified as investment property . The land and building is being leased out under operating leases. The company uses the fair value model for all its other investment property. Data relating to the land and building follows: Cost FV Dec. 31, 2020 FV Dec. 31, 2021Land -------- P 10,000,000 ----- P14,000,000 -------P15,500,000Building ----- 20,000,000 ------ 9,000,000 -------- 8,500,000 On December 31, 2021, the company decided to use the land and building for its operations. How much gain on is to be recorded by She on reclassification of the asset?She Company owns land and building classified as investment property . The land and building is being leased out under operating leases. The company uses the fair value model for all its other investment property. Data relating to the land and building follows: Cost FV Dec. 31, 2020 FV Dec. 31, 2021Land -------- P 10,000,000 ----- P14,000,000 -------P15,500,000Building ----- 20,000,000 ------ 9,000,000 -------- 8,500,000 On December 31, 2021, the company decided to use the land and building for its operations. How much gain on is to be recorded by She on reclassification of the asset? At what amount should the land and building be recorded on December 31, 2021?