ABC acquired 70% of EFG on June 30, 2021. Based on EFG's acquisition-date fair value on intangible of P300,000 was recognized and is being amortized at the rate of P10,000 per year. The 2022 financial statements are as follows: АВС EFG Sales Cost of goods sold Operating Expenses 800,000 (535,000) (100,000) 35,000 200,000 600,000 (400,000) (100,000) Dividend Income Net Income 100,000 Retained Earnings, beg 1,300,000 200,000 (100,000) 1,400,000 850,000 100,000 (50,000) 900,000 Net Income Dividend Paid Retained Earnings, end 400,000 298,000 902,000 1,000,000 Cash and Receivables 300,000 700,000 Inventory Investment in EFG Fixed Assets 600,000 (200,000) 1,400,000 Accumulated Depreciation (300,000) Totals 2,300,000 Labilities 600,000 300,000 1,400,000 2,300,000 400,000 100,000 Ordinary Share Accumulated Profit 900,000 Totals 1,400,000 ABC sold EFG inventory costing P72,000 during the last six months of 2021 for P120,000. At year-end 30% remained. ABC sells EFG inventory costing P200,000 during 2022 for P250,000. At year-end, 20% is left. Compute for Consolidated asset for 2022.

ABC acquired 70% of EFG on June 30, 2021. Based on EFG's acquisition-date fair value on intangible of P300,000 was recognized and is being amortized at the rate of P10,000 per year. The 2022 financial statements are as follows: АВС EFG Sales Cost of goods sold Operating Expenses 800,000 (535,000) (100,000) 35,000 200,000 600,000 (400,000) (100,000) Dividend Income Net Income 100,000 Retained Earnings, beg 1,300,000 200,000 (100,000) 1,400,000 850,000 100,000 (50,000) 900,000 Net Income Dividend Paid Retained Earnings, end 400,000 298,000 902,000 1,000,000 Cash and Receivables 300,000 700,000 Inventory Investment in EFG Fixed Assets 600,000 (200,000) 1,400,000 Accumulated Depreciation (300,000) Totals 2,300,000 Labilities 600,000 300,000 1,400,000 2,300,000 400,000 100,000 Ordinary Share Accumulated Profit 900,000 Totals 1,400,000 ABC sold EFG inventory costing P72,000 during the last six months of 2021 for P120,000. At year-end 30% remained. ABC sells EFG inventory costing P200,000 during 2022 for P250,000. At year-end, 20% is left. Compute for Consolidated asset for 2022.

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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ABC-EFG