On January 1, 2021, Blue Company purchased 20% of the outstanding ordinary shares of Yellow Company for  P 4,000,000. At the acquisition date, the carrying amounts of the identifiable assets and liabilities of the investee were equal to their fair values. The investor has a significant influence over the investee.  The journal entry on January 1, 2021 would be:

Q: For each independent situation below, indicate whether the transactions would be included in the…

A: CFS stands for Cash flow statement refers to the statement which is prepared by the business at the…

Q: Describe how total variable costs and unit variable costs behave with changes in the level of…

A: Introduction:- CVP analysis is used to identify the changes in costs and volume affect a company's…

Q: Prepare a cash budget for the first quarter.

A: Cash budget is a statement prepared by accountants to estimate cash revenue and cash expense .It is…

Q: The units of an item available for sale during the year were as follows: Jan, 1 Inventory 50 units…

A: Inventory can be valued using various methods -First-in First-Out Method - Under the First-in…

Q: A company reports a year end credit sales in the amount of 390,000 and accounts receivable of…

A: Recording of journal entry and post into the T accounts are as follows Bad debt expenses can be…

Q: Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending…

A: Cost to retail methods is simple method . This help them to find relationship between cost of…

Q: Aaron, Deanne, and Keon formed the Blue Bell General Partnership at the beginning of the current…

A: INTRODUCTION:- This is a tax accounting question that involves a partnership formed by Aaron,…

Q: Explain the difference between western dominant worldview (exploitation mindset) and Indigenous…

A: Culture refers to the shared values, beliefs, behaviors, and artifacts that characterize a group or…

Q: What are the 4 sources of Regular Output VAT?

A: The four sources of regular output VAT (Value Added Tax) are: Sales of goods or services: When a…

Q: Required information [The following information applies to the questions displayed below.] Morganton…

A: The gross profit is calculated as difference between sales and cost of goods sold. The net operating…

Q: Date Jan. 1 Inventory (beg.) Jan. 3 Purchases Jan. 7 Sales (at $26 per unit) Jan. 20 Purchases Jan.…

A: a.

Q: Novak Company uses the LCM method, on an individual-item basis, in pricing its inventory items…

A: Under lower of cost or market (LCM) rule, inventory is valued lower of cost or market value. Market…

Q: Problem 9-7 (IAA) Sheraton Company reported the following information for the current year: Ending…

A: Cost of Goods Manufactured: means the cost that is incurred for producing the products in the…

Q: A real property dealer sold an agricultural lot for 2,500,000 with the following values: Appraisal…

A: The Output VAT (Value-Added Tax) can be computed as follows:

Q: Longwood Corporation processes a liquid into three outputs: K-2. K-4, and K-5. The sales value of…

A: Joint and by product comes into existence in the process costing, when product has similar value…

Q: Calculations Marketing Inc. issued 8.5% bonds with a par value of $530,000 and a five-year life on…

A: “Since you have posted a question with multiple sub parts, we will provide the solution only to the…

Q: Problem 9-3 (IAA) Bangladesh Company provided the following information for the current year: Sales…

A: a comprehensive income statement includes both net income and unrealized income which comes from…

Q: The following is a list of alphabetically arranged accounts and balances, in highly simplified form,…

A: 1. Worksheet - The worksheet is a 10-column table that includes unadjusted Trial Balance,…

Q: Vaughn, Inc. had the following equity investment portfolio at January 1, 2025. Evers Company Rogers…

A: Journal entry is a specific format for recording day-to-day business transactions. It follows a…

Q: Interstate Automobiles Corporation leased 40 vans to VIP Transport under a four-year noncancelable…

A: Based on the information provided, the lease term is 7 years, which is longer than 75% of the…

Q: On November 1, 2024, Survival Training Corporation borrows $49,000 cash from Community Savings and…

A: Notes: Accrued Interest = $49000 x 6% x 2/12 = $490 Interest expense = $49000 x 6% x 1/12 = $245

Q: A VAT-registered practicing lawyer disclosed the following during a month: P 800,000 Total…

A: VAT is the value added tax. It is charged on various products and services. It is charged by the…

Q: A VAT-registered realty dealer sold a parking lot at the following terms: Zonal value P 2,000,000…

A: Value Added Tax (VAT) is levied at a standard rate of 12% on the sale of goods and services in the…

Q: 0 Microsoft's current assets consist of cash, short-term investments, accounts receivable, and…

A: The question is based on the ratio of cost accounting :

Q: Required information [The following information applies to the questions displayed below.] At…

A: Accounts receivables are those customer accounts to whom business has made credit sales on account,…

Q: 1.Three years ago, Morris loaned Alma $5,000 (Year 1) with the understanding that the loan would be…

A: An ordinary loss is a loss that arises from a transaction or activity that is considered to be part…

Q: Determine the amount of the child tax credit in each of the following cases: a. A single parent with…

A: Child Tax  Credit For each dependent kid under the age of 17 , the child tax credit is worth $2,000…

Q: Allocation of variable plant overhead based on labour hours worked on the building, $34,000…

A: An alternate approach to estimating asset worth is to calculate the "cost to generate," which…

Q: Problem 9-13 Multiple choice 1. The income statement reveals Resources and equity at a point in…

A: “Since you have posted multiple questions with multiple sub parts, we will provide the solution only…

Q: During 2025, Wildhorse Furniture Company purchases a carload of wicker chairs. The manufacturer…

A: Gross Profit :— Gross profit is the profit a business makes after subtracting all the costs that…

Q: Assuming they all me 2021? a. A single taxpayer w b. A married taxpayer c. A single taxpayer w d. A…

A: If a person is self employed, qualifying specified income limit criteria and having dependent child…

Q: Required information (The following information applies to the questions displayed below.) Raleigh…

A: Working : Cost to retail percentage = (Goods available for sale at cost / Goods available for sale…

Q: Stewart Company's inventory records for the most recent year contain the following data: (Click the…

A: Cost of goods sold is the cost incurred on the making of the goods sold. Ending inventory is the…

Q: Ryanbay, Incorporated had net income of $916,000 based on variable costing. Beginning and ending…

A: Net income is the amount of the money earned by the entity after deducting the expenses from the…

Q: On January 1, 2025, Blossom Co. redeemed its 15-year bonds of $7130000 par value for 101. They were…

A: In accounting, bonds refer to a type of long-term debt that a company issues to raise capital. A…

Q: Munoz Company incurs annual fixed costs of $125,220. Variable costs for Munoz’s product are $28.80…

A: Sales in dollars means the amount of sales revenues earned by the entity, by selling the goods in…

Q: Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur…

A: SALES BUDGET Sales Budget is the quantitative & Financial statement of Sales, Prepared prior to…

Q: Professor Kilchenmann recently started a business called Accounting in a Box to sell two new…

A: Operating income is the net income after the deduction of operating expenses from the operating…

Q: i Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers On…

A: Last in, first out (LIFO) is a method used to account for inventory. Under LIFO, the costs of the…

Q: Required information [The following information applies to the questions displayed below.] In its…

A: Introduction: - FIFO means First-in-first-out It is one of the inventory valuation method. As per…

Q: A US company with the US dollar as its functional currency is preparing to report consolidated…

A: INTRODUCTION:- This question involves the preparation of consolidated financial statements by a US…

Q: Required information [The following information applies to the questions displayed below.] During…

A: The journal entries are prepared to record the transactions on regular basis. The gain or loss on…

Q: Lawn Corporation purchased 297,500 of the 1,190,000 common shares of Abacus Ltd. on October 1, 2021,…

A: JOURNAL ENTRIES Journal Entry is the First stage of Accounting Process. Journal Entry is the Process…

Q: Morganton Company makes one product and it provided the following information to help prepare the…

A: Cash collections is the amount of money collected by the entity from sales of current period or…

Q: Problem 10-78 (Algo) Assigning Capacity Costs: Seasonality (LO 10-6) Remington Agricultural Products…

A: The costs incurred in the manufacturing of a product are known to as its product cost. These prices…

Q: It is December 31, the end of the year, and the controller of Durtz Corporation is applying the…

A: INVENTORY VALUATION Inventory Valuation is a Method of Calculation of Value of Inventory at the End…

Q: Groove Street Games (GSG) is developing a new free-to-play, massive multiplayer online crime…

A: Q1: A suitable distribution to simulate the Microtransaction Rate would be a normal distribution.…

Q: Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets. Equipment…

A: Cash Flow Statement - Cash Flow Statement is a financial statement that includes inflow and outflow…

Q: Pharoah Limited exchanged equipment that it uses in its manufacturing operations for similar…

A: A journal entry must contain at least two line items, but there is no limit…

Q: aldwin Enterprises has two service departments, Personnel and Legal, and two operating divisions,…

A: Outsourcing is the process of engaging a third party to execute services or generate commodities…

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.