Homework Help is Here – Start Your Trial Now!
Business
Accounting
Assume during 20x2, P Corporation sold merchandise again to S Company for P25,000 at a gross margin of 20%. Of this merchandise, P6,000 remains in the ending inventories of S Company on December 31, 20x2 Parent Subsidiary Statement of Financial Position Cash 231,000 85,000 Accounts receivable, net 150,000 80,000 Inventory 180,000 90,000 PPE 475,000 300,000 Investment in subsidiary 300,000 Total Assets 1,336,000 555,000 Accounts payable 100,000 100,000 Bonds Payable 200,000 100,000 Share capital: P Company S Company 500,000 200,000 Retained Earnings 536,000 155,000 Total Liabilities and equity 1,336,000 555,000 Statement of Comprehensive Income Sales 450,000 300,000 Dividend Income 32,000 Total Revenue 482,000 300,000 Cost of Goods Sold 180,000 160,000 Operating Expenses 50,000 20,000 Other Expenses 60,000 45,000 Total Cost and expenses 290,000 225,000 NET/CONSOLIDATED CI 192,000 75,000

Assume during 20x2, P Corporation sold merchandise again to S Company for P25,000 at a gross margin of 20%. Of this merchandise, P6,000 remains in the ending inventories of S Company on December 31, 20x2 Parent Subsidiary Statement of Financial Position Cash 231,000 85,000 Accounts receivable, net 150,000 80,000 Inventory 180,000 90,000 PPE 475,000 300,000 Investment in subsidiary 300,000 Total Assets 1,336,000 555,000 Accounts payable 100,000 100,000 Bonds Payable 200,000 100,000 Share capital: P Company S Company 500,000 200,000 Retained Earnings 536,000 155,000 Total Liabilities and equity 1,336,000 555,000 Statement of Comprehensive Income Sales 450,000 300,000 Dividend Income 32,000 Total Revenue 482,000 300,000 Cost of Goods Sold 180,000 160,000 Operating Expenses 50,000 20,000 Other Expenses 60,000 45,000 Total Cost and expenses 290,000 225,000 NET/CONSOLIDATED CI 192,000 75,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Compute for 

Consolidated Total Equity *
Consolidated Inventories *

Assume during 20x2, P Corporation sold merchandise again to S Company for P25,000 at a gross margin of 20%. Of this merchandise, P6,000 remains in the ending inventories of S Company on December 31, 20x2 Parent Subsidiary Statement of Financial Position Cash 231,000 85,000 Accounts receivable, net 150,000 80,000 Inventory 180,000 90,000 PPE 475,000 300,000 Investment in subsidiary 300,000 Total Assets 1,336,000 555,000 Accounts payable 100,000 100,000 Bonds Payable 200,000 100,000 Share capital: P Company S Company 500,000 200,000 Retained Earnings 536,000 155,000 Total Liabilities and equity 1,336,000 555,000 Statement of Comprehensive Income Sales 450,000 300,000 Dividend Income 32,000 Total Revenue 482,000 300,000 Cost of Goods Sold 180,000 160,000 Operating Expenses 50,000 20,000 Other Expenses 60,000 45,000 Total Cost and expenses 290,000 225,000 NET/CONSOLIDATED CI 192,000 75,000
Transcribed Image Text:Assume during 20x2, P Corporation sold merchandise again to S Company for P25,000 at a gross margin of 20%. Of this merchandise, P6,000 remains in the ending inventories of S Company on December 31, 20x2 Parent Subsidiary Statement of Financial Position Cash 231,000 85,000 Accounts receivable, net 150,000 80,000 Inventory 180,000 90,000 PPE 475,000 300,000 Investment in subsidiary 300,000 Total Assets 1,336,000 555,000 Accounts payable 100,000 100,000 Bonds Payable 200,000 100,000 Share capital: P Company S Company 500,000 200,000 Retained Earnings 536,000 155,000 Total Liabilities and equity 1,336,000 555,000 Statement of Comprehensive Income Sales 450,000 300,000 Dividend Income 32,000 Total Revenue 482,000 300,000 Cost of Goods Sold 180,000 160,000 Operating Expenses 50,000 20,000 Other Expenses 60,000 45,000 Total Cost and expenses 290,000 225,000 NET/CONSOLIDATED CI 192,000 75,000
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Horizontal Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS