19. Company P acquired 90% of the shares of Company S on Jan 1, 20 On Dec 31, 20X1, the incomplete income statement of P and S is given below. Consolidated Statements P Co. S Co. Income Statement Sales 800,000 250,000 Less: COGS -200,000 -125,000 Less: Dep Exp -50,000 -10,000 Less: Other Exp Income from S Co. -225,000 -40,000 Net Income What amount of controlling income will be reported in the consolidated income statement? $67,500 O $325,000 $392,500 O $400.000

19. Company P acquired 90% of the shares of Company S on Jan 1, 20 On Dec 31, 20X1, the incomplete income statement of P and S is given below. Consolidated Statements P Co. S Co. Income Statement Sales 800,000 250,000 Less: COGS -200,000 -125,000 Less: Dep Exp -50,000 -10,000 Less: Other Exp Income from S Co. -225,000 -40,000 Net Income What amount of controlling income will be reported in the consolidated income statement? $67,500 O $325,000 $392,500 O $400.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On Jan 2, 20X1, ABC acquired 20% of the 400,000 ordinary shares of Yellow Co at P30 per share. The following data are applicable for 20X1 and 20X2: 20X1 20X2 Yellow dividends 40,000 48,000 Yellow profit 140,000 160,000 Yellow share market price at year end 32 31 On Jan 2, 20X3, ABC sold 20,000 shares of Yellow at its quoted price of P31 per share. How much should be recognized in profit or loss on January 2, 20X3? 9,400 27,000 33,000 37,600
What is the Consolidated/Group Net Income for 20x1, considering the intercompany transactionsA. 356,500 B. 362,200 C. 363,075 D. 387,375
Gant Company purchased 30 percent of the outstanding shares of Temp Company for $74,000 on January 1, 20X6. The following results are reported for Temp Company: 20X6 Net income $ 46,000 20X7 $ 41,000 Dividends paid 20X8 $ 53,000 12,000 29,000 17,000 Fair value of shares held by Gant: January 1 74,000 93,000 90,000 December 31 93,000 90,000 101,000 Required: Determine the amounts reported by Gant as income from its investment in Temp for each year and the balance in Gant's investment in Temp at the end of each year assuming that Gant uses the following options in accounting for its investment in Temp: a. Carries the investment at fair value. b. Uses the equity method. Complete this question by entering your answers in the tabs below. Required A Required B Determine the amounts reported by Gant as income from its investment in Temp for each year and the balance in Gant's investment in Temp at the end of each year assuming that Gant uses the equity method in accounting for its investment…
Compute for Consolidated Total Equity *Consolidated Inventories *
The Consolidated/Group Net Income for 20x1: A. 356,500 B. 362,200 C. 363,075 D. 387,375
answer in text form please (without image)
How much is the investment balance on December 31?
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