Determine the consolidated balances of SALES in the year 20x6. Phlaire acquired 70 percent of Syanne on July 1, 20x5. Based on the purchase price, proportionate goodwill ofP450,000 was recognized. The 20x6 financial statements are as follows:PhlaireSyanneIncome Statement900,000(600,000)(150,000)SalesP 1,200,000(802,500)(150,000)PCost of Goods SoldOperating ExpensesDividend Income52,500-0-Net Income300.000P.150.000Statement of Accumulated ProfitsAccumulated Profits, January 1, 2016P 1,275,000P1,950,000300,000Net Income150,000Dividends Paid(150,000)( 75,000)Accumulated Profits, December 31, 2016P2,100,000 P 1,350,000Statement of Financial PositionCash and Receivables600,000447,000P450,0001,050,000InventoryInvestment in SyanneFixed Assets1,353,0001,500,000-0-900,000Accumulated DepreciationTotal Assets(450,000)P 3,450,000 P 2,100,000(300,000)Liabilities600,000150,000P900,000POrdinary shareAccumulated profitsTotal Liabilities and Equity450,0002,100 000(Ctrl)P 3,450,000 P 2,100,000Phlaire sells inventory costing P108,000 to Syanne during 20x5 for P180,000. At year's end, 30 percent isleft. Syanne sellsinventory costing P300,000 to Phlaire during 201x for P375,000. At year's end, 20 percent isleft.

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Business

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Determine the consolidated balances of SALES in the year 20x6.

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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