ABC-EFG ABC acquired 70% of EFG on June 30, 2021. Based on EFG's acquisition-date fair value on intangible ofP300,000 was recognized and is being amortized at the rate of P10,000 per year. The 2022 financialstatements are as follows:АВСEFGSalesCost of goods soldOperating Expenses800,000(535,000)(100,000)35,000200,000600,000(400,000)(100,000)Dividend IncomeNet Income100,000Retained Earnings, beg1,300,000200,000(100,000)1,400,000850,000100,000(50,000)900,000Net IncomeDividend PaidRetained Earnings, end400,000298,000902,0001,000,000Cash and Receivables300,000700,000InventoryInvestment in EFGFixed Assets600,000Accumulated DepreciationTotals(300,000)2,300,000(200,000)1,400,000Labilities600,000300,0001,400,0002,300,000400,000100,000Ordinary ShareAccumulated Profit900,0001,400,000TotalsABC sold EFG inventory costing P72,000 during the last six months of 2021 for P120,000. At year-end30% remained. ABC sells EFG inventory costing P200,000 during 2022 for P250,000. At year-end, 20% isleft. Compute for Consolidated asset for 2022.

Consolidated assets are determined by adding the assets of parent and subsidiary company and some…

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 600,000 (400,000) 800,000 (535,000) (100,000) 35,000 200,000 Operating Expenses Dividend Income (100,000) Net Income 100,000 Retained Earnings, beg 1,300,000 200,000 (100,000) 1,400,000 850,000 Net Income 100,000 (50,000) 900,000 Dividend Paid Retained Earnings, end Cash and Receivables Inventory 400,000 298,000 902,000 1,000,000 (300,000) 2,300,000 300,000 700,000 Investment in EFG Fixed Assets Accumulated Depreciation Totals 600,000 (200,000) 1,400,000 Labilities 600,000 300,000 400,000 100,000 Ordinary Share Accumulated Profit Totals 1,400,000 2,300,000 900,000 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 600,000 (400,000) 800,000 (535,000) (100,000) 35,000 200,000 Operating Expenses Dividend Income (100,000) Net Income 100,000 Retained Earnings, beg 1,300,000 200,000 (100,000) 1,400,000 850,000 Net Income 100,000 (50,000) 900,000 Dividend Paid Retained Earnings, end Cash and Receivables Inventory 400,000 298,000 902,000 1,000,000 (300,000) 2,300,000 300,000 700,000 Investment in EFG Fixed Assets Accumulated Depreciation Totals 600,000 (200,000) 1,400,000 Labilities 600,000 300,000 400,000 100,000 Ordinary Share Accumulated Profit Totals 1,400,000 2,300,000 900,000 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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