Shark Company purchased inventory from Dolphin Corporation for P120,000 on October 4, 2020, and resold 80% to outsider before er the year, for P140,000. Dove manufactured the inventory sold to Sh the following costs: Direct materials -P40,000, Direct labor -P20,00 Overhead-applied at 75% of direct labor costs. Shark owns 70% of Dolphin. Assume that there are no other transactions occur during How much is the consolidated sales?
Q: n January 1, Beckman, Inc., acquires 60 percent of the outstanding stock of Calvin for $36,000.…
A: FV of trade secret=Total acquisition value-Allocated to machine=$60,000-$50,000=$10,000
Q: Baxter, Inc., owns 90 percent of Wisconsin, Inc., and 20 percent of Cleveland Company. Wisconsin, in…
A: The answer is stated below:
Q: Following are several figures reported for Allister and Barone as of December 31, 2018:Allister…
A: Consolidated Total Assets means, as of any date of determination, the total amount of all assets of…
Q: On January 1, Beckman, Inc., acquires 60 percent of the outstanding stock of Calvin for $61,680.…
A: Non-controlling interest represents the shareholders that have a minority interest in the company.
Q: 29. Lion Company purchased inventory from Dove Corporation for P120,000 on October 4, 2020, and…
A: In the consolidated financial statements: 1. Subsidiaries' assets are included in the consolidated…
Q: What was consolidated cost of goods sold?
A: COGS = Opening Inventory + Purchases - Closing Inventory
Q: Baxter, Inc., owns 90 percent of Wisconsin, Inc., and 20 percent of Cleveland Company. Wisconsin, in…
A:
Q: January 1, Beckman, Inc., acquires 60 percent of the outstanding stock of Calvin for $47,052. Calvin…
A: A financial statement that details the amounts of cash and cash equivalents that enter and leave a…
Q: Green Co. sold inventories on May 1, 2019 to its 75% owned subsidiary, Indigo Company. The…
A: Non-controlling interest refers to the shareholders of the company who does not control the affairs…
Q: he following are several figures reported for Allister and Barone as of December 31, 2021:…
A: Financial Accounting Standards Board defines the consolidated financial statements reporting as…
Q: Pepper Corporation owns 75 percent of Salt Company's voting shares. During 20X8, Pepper produced…
A: Pepper corporation owns Salt company voting shares = 75% During 20X8, Pepper produced chairs = 50000…
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A: The cost of a product to a distributor, producer, or retailer is known as the cost of goods sold…
Q: The following are several figures reported for Allister and Barone as of December 31, 2021:…
A: To determine balances for the above-mentioned items that would appear on Allister's consolidated…
Q: Inventory s 948,400 $ 1,924,000 $ 875,600 Sales Cost of goods sold Operating expenses 622,000 Net…
A: When the parent company and the subsidiary company merge their financial statement, then the…
Q: Planner Corporation owns 70 percent of Schedule Company's voting shares. During 20X3, Planner…
A: Introduction: The cost of goods sold refers to the direct costs of delivering the product sold by a…
Q: The following are several figures reported for Allister and Barone as of December 31, 2021:…
A: WORKING NOTES: INTRA ENTITY GROSS PROFIT = $200000 - $140000 = $60000 ENDING INVENTORY FROM…
Q: Palermo Corporation acquired an 80% interest in Steel Corporation at a cost equal to 80% of the book…
A: Given, Palermo Corporation acquired an 80% interest in Steel Corporation.
Q: The following are several figures reported for Allister and Barone as of December 31, 2021:…
A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…
Q: What are the consolidated balances for? Cost of Goods Sold Net income attributable to non…
A: Consolidation is a process of acquiring the various small companies by the large ones by obtaining…
Q: RAM, Inc., acquired a 60 percent interest in LMU Company several years ago. During 2017, LMU sold…
A: Cost of Goods Sold - It the value of costs which are incurred in the transacting sales of goods or…
Q: Planner Corporation owns 70 percent of Schedule Company's voting shares. During 20X3, Planner…
A: Introduction: The cost of goods sold refers to the direct costs of providing a company's product…
Q: ansa Co. acquired 60% interest in Arya on January 1, 2025 for $46,800 when Arya's net assets had a…
A: Consolidated Financial statements : When a company invests in another company for more than…
Q: P Inc. owns a 60% interest in S Corp. During 2020 S sold inventory costing $160,000 to P for…
A:
Q: Shark Company purchased inventory from Dolphin Corporation for P120,000 on October 4, 2020, and…
A: Consolidated Statement: It is a financial statement, which present the all income ,expenses, assets…
Q: Acker Inc. bought 40% of Howell Co. on January 1, 2020 for $576,000. The equity method of accounting…
A: Equity Method:-It is a method of accounting, the investor company shows the revenue earned from…
Q: Pepper Corporation owns 75 percent of Salt Company's voting shares. During 20X8, Pepper produced…
A: When one company acquired shares of another company then one company is parent company and other…
Q: ABC Corp. acquired a 60% interest in DEF on January 1, 2021 for P468,000 when DEF's net assets had a…
A: The question is multiple choice question Required Choose the Correct Option.
Q: On January 1, 2020, P Company acquired 80% of S Company for P2,000,000. The fair value of…
A: The financial statements of the company are prepared to check the financial health of the Company on…
Q: 29. Lion Company purchased inventory from Dove Corporation for P120,000 on October 4, 2020, and…
A: SOLUTION FORMULA GROSS PROFIT = SALES - COGS.
Q: P Corporation owns 80 percent of S Inc.’s common stock. During 2020, P sold Inventory to S for…
A: Consolidated financial statements can be defined as the financial statements where the balance…
Q: statement in 2020?*
A: The cost of goods manufactured (COGM) is the sum of the cost of direct labor used, the cost of…
Q: On January 1, Beckman, Inc., acquires 60 percent of the outstanding stock of Calvin for $57,732.…
A: SOLUTION- CONSOLIDATED BALANCE SHEET IS MERE CONSOLIDATION OF FINANCIAL DETAILS OF ALL A SUBSIDIARY…
Q: Pepper Corporation owns 75 percent of Salt Company's voting shares. During 20X8, Pepper produced…
A: Cost of goods sold exhibits direct cost incurred by company for producing goods and services.
Q: 10,000 Sales 820,000 620,000 Investment income not given Cost of goods sold 410,000…
A: Customer list amortization = $ 60000 / 4 years = $ 15000 Intra - entity gross profit = $ 162000 - $…
Q: The following are several figures reported for Allister and Barone as of December 31, 2021: Allister…
A: Consolidated financial statements(CFS) are a combination of financial statements that show the…
Q: Parkette, Inc., acquired a 60 percent interest in Skybox Company several years ago. During 2020,…
A: Unrealized Profit Upto 31/12/2020 Profit from Intra Activity = (110,000 -90,200) = 19,800 Closing…
Q: Camille, Inc., sold $130,000 in inventory to Eckerle Company during 2020 for $250,000. Eckerle…
A: The equity method is used to record the profit earned through its investment in another business.…
Q: On January 1, Beckman, Inc., acquires 60 percent of the outstanding stock of Calvin for $66,312.…
A: Consolidation is a term used for merging of several companies of an industry. The assets,…
Q: On January 1, Beckman, Inc., acquires 60 percent of the outstanding stock of Calvin for $36,000.…
A: Compute the non-controlling interest in subsidiary income. Working Notes:
Q: Following are several figures reported for Allister and Barone as of December 31, 2021:…
A: Customer list amortization = $78,000/4 years Customer list amortization = $19,500 per year…
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A: Intercompany transaction required to be adjusted in consolidated financial statements. Not adjusting…
Q: Hide Corporation is a wholly owned subsidiary of Seek Company. During 2015, Hide sold all of its…
A: Given: Sold amount of the company to Seek = $ 400,000 The sold amount at year-end by Seek=$ 416,000…
Q: How much is the realized profit to be allocated to non-controlling interest in 2022?
A: If goods have been sold from one company to another within the group with profit and if aportion of…
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A: Determine the amount of intra-entity profit that remains in S company inventory at year-end.
Q: Allison Corporation acquired 90 percent of Bretton on January 1, 2016. Of Bretton’s total…
A:
Q: Lend Co. acquired inventories on May 1, 2021 from its 70% owned subsidiary, Martin Company. The…
A: Solution Unrealised profit means the part of the gross profit that are yet earned . This should be…
Q: Following are several figures reported for Allister and Barone as of December 31, 2018: Allister…
A: Customer list amortization = $ 60000 / 4 years = $ 15000 Intra - entity gross profit = $ 162000 - $…
Q: What amount of cost of goods sold will be reported in the 20x2 consolidated income statement?
A: Cost of goods sold is the amount of direct expenses and overhead applied of the goods and does not…
Q: Sanchez Company acquired inventories on June 1, 2021 from its 60% owned subsidiary, Black…
A: Answer - 229,700
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A: The profit component is 125% on cost 125% =. $12000 100%. =. ? Cross…
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- On May 1, 2015, Zoe Inc. purchased Branta Corp. for $15,000,000 in cash. They only received $12,000,000 in net assets. In 2016, the market value of the goodwill obtained from Branta Corp. was valued at $4,000,000, but in 2017 it dropped to $2,000,000. Prepare the journal entry for the creation of goodwill and the entry to record any impairments to it in subsequent years.Kraft Manufacturing Company manufactures two products: Mult and Tran. At December 31, 2019, Kraft used the FIFO inventory method. Effective January 1, 2020, Kraft changed to the LIFO inventory method. The cumulative effect of this change is not determinable, and, as a result, the ending inventory of 2019, for which the FIFO method was used, is also the beginning inventory for 2020 for the LIFO method. Any layers added during 2020 should be costed by reference to the first acquisitions of 2020, and any layers liquidated during 2020 should be considered a permanent liquidation. The following information was available from Krafts inventory records for the two most recent years: Required: Compute the effect on income before income taxes for the year ended December 31, 2020, resulting from the change from the FIFO to the LIFO inventory method.Steele Corp. purchases equipment for $30,000. Regarding the purchase, Steele paid shipping of $1,200, paid installation fees of $2,750, pays annual maintenance cost of $250, and received a 10% discount on sales price. Determine the acquisition cost of the equipment.
- Parkette, Inc., acquired a 60 percent interest in Skybox Company several years ago. During 2020, Skybox sold inventory costing $90,200 to Parkette for $110,000. A total of 12 percent of this inventory was not sold to outsiders until 2021. During 2021, Skybox sold inventory costing $294,800 to Parkette for $335,000. A total of 29 percent of this inventory was not sold to outsiders until 2022. In 2021, Parkette reported cost of goods sold of $527,500 while Skybox reported $422,500. What is the consolidated cost of goods sold in 2021? Multiple Choice a $605,718. b $959,282. c $635,400. d $624,282.Sansa Co. acquired 60% interest in Arya on January 1, 2025 for $46,800 when Arya's net assets had a book value equal to its fair value of $79,000. On the same year, Sansa sold inventory items costing $78,000 to Arya for $104,000 and Arya's inventory at December 31, 2025 included one-fourth of this merchandise. Sansa reported separate income from its own operations of $48,800, and Arya reported a net loss of $19,500 for the year. Compute for the consolidated net income,2025.Rommel, Inc. acquired a 60% interest in Mikee Company several years ago. During 2020, Mikee sold inventory costing P75,000 to Rommel for P100,000. A total of 16% of this inventory was not sold to outsider until 2021. During 2021, Mikee sold inventory costing P96,000 to Rommel for P120,000. A total of 35% of this inventory was not sold to outsiders until 2022. In 2021, Rommel reported cost of sales of P380,000 while Mikee reported P210,000. What is the consolidated cost of sales?a. 522,400b. 474,400c. 473,400d. 594,400
- Nidal Corp. acquired 90% of Wail Corp for $270,000 on Jan.1,2019, on that date Jazzy fair value of net assets equal book value. Following intercompany transactions occurred: * During 2019 Aziz sold Jazzy inventory by $60,000 at end of 2019, the original cost is $45,000 only $5,000 of inventory is still on hand at Jazzy book while remaining was sold during 2020. * On Jan.1, 2019 Jazzy Sold inventory to Aziz by $100,000, the original cost of them is $80,000, at end of 2019 $10,000 of inventory is still on hand and they were sold in 2020. Jazzy determined income and paid dividends as following: Income Dividends 2019 $80,000 $20,000 2020 $100,000 $20,000 In 2020 Aziz determined net income of $200,000 Required: 1. Prepare required entries in Aziz Books using fully adjusted equity method in 2019 and 2020. 2. Prepare all required…Camille, Inc., sold $130,000 in inventory to Eckerle Company during 2020 for $250,000. Eckerle resold $89,000 of this merchandise in 2020 with the remainder to be disposed of during 2021. Assuming that Camille owns 20 percent of Eckerle and applies the equity method, what journal entry is recorded at the end of 2020 to defer the intra-entity gross profit? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.)Camille, Inc., sold $147,000 in inventory to Eckerle Company during 2020 for $245,000. Eckerle resold $109,000 of this merchandise in 2020 with the remainder to be disposed of during 2021. Assuming that Camille owns 34 percent of Eckerle and applies the equity method, what journal entry is recorded at the end of 2020 to defer the intra-entity gross profit?
- Pol Corp. acquired 80% of Gas Corp. on January 1, 2020. Pol Corp. purchased inventory for P280,000 on April 1, 2020 and sold it to Gas Corp. for P380,000 on June 1, 2020. Gas Corp. still holds the inventory at the end of the year, and determines that its market value is P328,000 at that time. Gas Corp. writes the inventory down from P380,000 to P328,000 on December 31, 2020. What amount of inventory should be eliminated in the consolidated working paper for 2020?* a. P 48,000 b. P 56,000 c. P 60,000 d. P 52,000 thanks for answering!Parkette, Inc., acquired a 60 percent interest in Skybox Company several years ago. During 2017, Skybox sold inventory costing $160,000 to Parkette for $200,000. A total of 18 percent of this inventory was not sold to outsiders until 2018. During 2018, Skybox sold inventory costing $297,500 to Parkette for $350,000. A total of 30 percent of this inventory was not sold to outsiders until 2019. In 2018, Parkette reported cost of goods sold of $607,500 while Skybox reported $450,000. What is the consolidated cost of goods sold in 2018?a. $698,950b. $720,000c. $1,066,050d. $716,050RAM, Inc., acquired a 60 percent interest in LMU Company several years ago. During 2017, LMU sold inventory costing $160,000 to RAM for $200,000. A total of 18 percent of this inventory was not sold to outsiders until 2018. During 2018, LMU sold inventory costing $297,500 to RAM for $350,000. A total of 30 percent of this inventory was not sold to outsiders until 2019. In 2018, RAM reported cost of goods sold of $607,500 while LMU reported $450,000. What consolidation entries will be made for these transactions in 2018 consolidation?