What was consolidated cost of goods sold?
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A: The answer is stated below:
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Q: Baxter, Inc., owns 90 percent of Wisconsin, Inc., and 20 percent of Cleveland Company. Wisconsin, in…
A:
Q: Prime Corp acquired 90% of the outstanding ordinary share of Bee Company. On March 31, 2030, Prime…
A: In the context of the given question, Prime Corp acquired 90% of the outstanding ordinary share of…
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A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
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A: Consolidation In the consolidation parent company acquired the subsidiary company above the 50%…
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A: Acquisition Goodwill: Generally speaking, goodwill is an intangible asset that is related with the…
Q: Prime Corp acquired 90% of the outstanding ordinary share of Bee Company. On March 31, 2030, Prime…
A: Prime acquired 90% of the shares of Bee Co. So Prime is holding…
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A: Solution Common stock can be defined as securities that represent individuals ownership in a said…
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A: Step 1 Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for…
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A: The excess of the selling price of an asset over its carrying value is referred to as capital gain.
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A: Net assets =Common stock + Retained earnings = 15000 + 255000 = P270,000
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Q: statement in 2020?*
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A: Net assets =Common stock + Retained earnings = 15000 + 255000 = P270,000
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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: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
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A: Answer - Calculation of consolidated cost of sales - Particulars Amount Cost of sales of…
Q: Sanchez Company acquired inventories on June 1, 2021 from its 60% owned subsidiary, Black…
A: Answer - 229,700
Nautilus Co. acquired 100% of XYZ Corp. on January 2, 2020. During 2020, Nautilus sold goods to XYZ Corp for $700,000 that cost Nautilus $500,000. XYZ Corp still owned 40% of the goods at the end of the year. Cost of goods sold was $1,000,000 for Nautilus and $990,000 for XYZ Corp.
What was consolidated cost of goods sold?
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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.Sanchez Company acquired inventories on June 1, 2021 from its 60% owned subsidiary, Black Corporation. The inventories were sold for P285,000, including the 20% mark up on cost. Out of these inventories, 70% were sold to outsiders during the current year and the rest was sold in 2022. During 2022, Sanchez Company reported net income of P880,000 and Black Corporation reported net income of P560,000. How much of the realized profit is to be allocated to non-controlling interest in 2022?Thaddeus Company purchased 30% of Norris Company’s ordinary share capital on January 1, 2020. The following events occurred after the purchase: Norris sold goods costing P500,000 for P750,000 to Thaddeus in 2020. At December 31, 2020, the goods remained unsold by Thaddeus. In 2021, Thaddeus sold such goods to its customers. On January 2, 2020, Norris also sold machinery with a carrying amount of P3,000,000 for P4,200,000 to Thaddeus. The machinery’s remaining life was 6 years. Norris reported net income of P3,500,000 and P2,500,000 in 2020 and 2021 respectively. What amount of equity in earnings of Norris should Thaddeus report in 2021?
- Prime Corp acquired 90% of the outstanding ordinary share of Bee Company. On March 31, 2030, Prime sold equipment to Bee Company costing P150,000, with accumulated depreciation of P30,000 for P100,000. The remaining useful life of the equipment is four years. On September 30, 2030, Bee sold machinery with carrying amount of P200,000 for P240,000. The remaining useful life of the machine is five years. On December 31, 2030, Prime and Bee reported net income from their own operation amounting to P1,000,000 and P600,000, respectively. Bee also paid dividend of P200,000. What is the amount of non-controlling interest in net income for 2030? What is the amount of consolidated net income attributable to parent for 2030? What is the amount of Investment income under equity method for 2030?Prime Corp acquired 90% of the outstanding ordinary share of Bee Company. On March 31, 2030, Prime sold equipment to Bee Company costing P150,000, with accumulated depreciation of P30,000 for P100,000. The remaining useful life of the equipment is four years. On September 30, 2030, Bee sold machinery with carrying amount of P200,000 for P240,000. The remaining useful life of the machine is five years. On December 31, 2030, Prime and Bee reported net income from their own operation amounting to P1,000,000 and P600,000, respectively. Bee also paid dividend of P200,000. What is the amount of consolidated net income attributable to parent for 2030? Group of answer choices 1,516,625 1,522,050 1,520,425 1,342,050Prime Corp acquired 90% of the outstanding ordinary share of Bee Company. On March 31, 2030, Prime sold equipment to Bee Company costing P150,000, with accumulated depreciation of P30,000 for P100,000. The remaining useful life of the equipment is four years. On September 30, 2030, Bee sold machinery with carrying amount of P200,000 for P240,000. The remaining useful life of the machine is five years. On December 31, 2030, Prime and Bee reported net income from their own operation amounting to P1,000,000 and P600,000, respectively. Bee also paid dividend of P200,000. What is the amount of Investment income under equity method for 2030? Group of answer choices 524,633 516,625 522,050 520,425
- 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.Sanchez Company acquired inventories on June 1, 2021 from its 60% owned subsidiary, Black Corporation. The inventories were sold for P285,000, including the 20% mark up on cost. Out of these inventories, 70% were sold to outsiders during the current year and the rest was sold in 2022. During 2022, Sanchez Company reported net income of P880,000 and Black Corporation reported net income of P560,000. How much is the non-controlling interest in net income of subsidiary for 2022?Choco, Inc. acquires 15% of Cake Corporation on January 1, 2020, for $130,000 when the book value of Cake’s net assets was $760,000. During 2020 Cake reported net income of $150,000 and paid dividends of $32,000. Cake has a land that are undervalued by $30,000 in January 1, 2020. On January 1, 2021, Choco purchased an additional 30% of Cake for $280,000, giving Choco the ability to significantly influence the operating policies of Cake. During 2021, Cake reported net income of $180,000 and paid dividends of $32,000. Cake’s land was undervalued by $32,000 in January 1, 2021. Any excess of cost over book value is attributable to Trademark which has a useful life of 8 years in January 1, 2020. During 2020 and 2021, there was no fair value adjustment for Cake (there was no changes in fair value). And during 2020 and 2021, there was no changes in net assets. 3) In 2021, when Choco acquired additional 30% of Cake, Choco needs to use equity method retrospectively to record for…
- Choco, Inc. acquires 15% of Cake Corporation on January 1, 2020, for $130,000 when the book value of Cake’s net assets was $760,000. During 2020 Cake reported net income of $150,000 and paid dividends of $32,000. Cake has a land that are undervalued by $30,000 in January 1, 2020. On January 1, 2021, Choco purchased an additional 30% of Cake for $280,000, giving Choco the ability to significantly influence the operating policies of Cake. During 2021, Cake reported net income of $180,000 and paid dividends of $32,000. Cake’s land was undervalued by $32,000 in January 1, 2021. Any excess of cost over book value is attributable to Trademark which has a useful life of 8 years in January 1, 2020. During 2020 and 2021, there was no fair value adjustment for Cake (there was no changes in fair value). And during 2020 and 2021, there was no changes in net assets. 5) In 2021, using the equity method, what is the balance of the investment account in Cake at December 31, 2020? Show your…Parmelot purchased Spamalot on January 1, 2020, for $5,000,000. On the day of the acquisition Spamlot had Retained Earnings of $1,700,000, Common Stock of $1,300,000 and Additional Paid in Capital of $600,000. The book value of Spamalot’s assets and liabilities equaled their current value on that day except for a Building that had a book value of $1,000,000 and a current value of $1,400,000 on that day and a 10-year remaining life. Required:1) Prepare the elimination entry necessary to prepare the consolidated financial statements as of January 1, 2020 (the day of acquisition). 2) Prepare the elimination entries necessary to prepare the consolidated financial statements one year later (on December 31, 2020), assuming that Spamalot earned $90,000 for the year. 3) Assume that on January 1, 2021, $300,000 of the Goodwill is determined to be impaired. Prepare the necessary journal entry to write this off by the Parent.
