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Using the information provided in the image below, determine the carrying amount of the inventory that S Company purchased from P Company in the December 31, 2019 consolidated
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- 3. Determine the percent of noncontrolling interest ownership in S Company as of December 31, 2019.account balance. Assume that nt of downstream intra-entity profits against its share of Sheridan's income. b. Prepare a consolidated worksheet to determine appropriate balances for external financial reporting as of December 31, 2024. Complete this question by entering your answers in the tabs below. Required A Required B Show how Pulaski determined the $409,651 Investment in Sheridan account balance. Assume that Pulaski defi of downstream intra-entity profits against its share of Sheridan's income. Note: Amounts to be deducted should be indicated with a minus sign. Consideration transferred Increase in Sheridan's retained earnings 1/1/23 to 1/1/24 Excess fair value amortization 2023 ending inventory profit deferral Pulaski's equity in earnings of Stinson for 2024 Sheridan 2024 dividends declared to Pulaski Investment account balance 12/31/24 Required A $(20,340) + $362,400 (20,340) $342,060 Required B >Determine the carrying amount of the inventory that S Company purchased from P Company in the December 31, 2019 consolidated Statement of financial position.
- Prepare the Consolidated Statement of Financial Position as at 31 December 2020 and the Income Statement and Partial Statement of Changes in Equity for the year ended 31 December 2020. Worksheets are required.Prepare the Pro Forma Statement of Financial Position as at 31 December 2023 from the Statement ofFinancial Position and additional information provided below:INFORMATIONThe financial position of Gatti Limited as at 31 December 2022 is reflected the following statement:Statement of Financial Position as at 31 December 2022 R ASSETSNon-current assets 1 400 000Property, plant and equipment 1 200 000Fixed deposits 200 000Current assets 5 800 000Inventories 3 400 000Accounts receivable 2 000 000Cash and cash equivalents 400 000Total assets 7 200 000 EQUITY AND LIABILITIESEquity 4 680 000Ordinary share capital 3 600 000Retained earnings 1 080 000Non-current liabilities 720 000Long-term loan 720 000Current liabilities 1 800 000Accounts payable 1 800 000Total equity and liabilities 7 200 000 Additional informationThe following must be taken into account for 2023:■ Sales are forecast at R60 000 000, with a profit margin of 10% and a gross margin of 30%. Fifty percent(50%) of the sales is…The following information pertains to BTS Co. for the year.· Net assets, Jan.1, 2021- P1,008,480· Net assets, Dec. 31. 2021- P2,112,960· Share capital issued in 2021- P335,520· Dividends declared in 2021- P195,120How much is the profit (loss)?
- Please answer competelyThe financial statements of Company Permanent and its subsidiary Company Senior are shown below. Statement of Financial Position As at 31 December 2019: Permanent Senior $ $ Investment in Senior 450,000 - Other net assets 4,653,400 605,550 5,103,400 605,550 Share capital 2,350,000 300,000 Retained earnings 2,753,400 305,550 5,103,400 605,550 Income Statement and Partial Statement of Changes in Equity For the Year Ended 31 December 2019 Permanent Senior $ $ Sales 10,000,000 3,300,000 Cost of sales (9,000,000) (3,139,450) Dividend income from Senior 24,000 - Profit before tax 1,024,000 160,550 Tax (220,000) (35,000) Profit after tax 804,000 125,550 Retained earnings, 1 January 2019 2,050,000 210,000 Dividends declared (100,600)…The financial statements of Company Permanent and its subsidiary Company Senior are shown below. Statement of Financial Position As at 31 December 2019: Permanent Senior $ $ Investment in Senior 450,000 - Other net assets 4,653,400 605,550 5,103,400 605,550 Share capital 2,350,000 300,000 Retained earnings 2,753,400 305,550 5,103,400 605,550 Income Statement and Partial Statement of Changes in Equity For the Year Ended 31 December 2019 Permanent Senior $ $ Sales 10,000,000 3,300,000 Cost of sales (9,000,000) (3,139,450) Dividend income from Senior 24,000 - Profit before tax 1,024,000 160,550 Tax (220,000) (35,000) Profit after tax 804,000 125,550 Retained earnings, 1 January 2019 2,050,000 210,000 Dividends declared (100,600)…
- Question for income statement : BAYAN INVESTMENT CO. (K.S.C.P) a. List 2 expense accounts AND their amounts for 2020. b. What was the net profit/(loss) for 2020? What about 2019? c. Compared with 2019, has the net profit/(loss) increased or decreased?Determining ending consolidated balances in the third year following the acquisition-Cost method Assume a parent company acquired a subsidiary on January 1, 2017, for $1,250,000. The purchase price was $900,000 in excess of the subsidiary's $350,000 book value of Stockholders' Equity on the acquisition date. Of this excess purchase price, $650,000 was assigned to Property, plant and equipment with a remaining economic useful life of 10 years, and $250,000 was assigned to Goodwill. On the acquisition date, the subsidiary reported retained earnings equal to $80,000. The parent uses Investment cost method of pre-consolidation Equity investment bookkeeping. The financial statements of the parent and its subsidiary for the year ended December 31, 2019, are as follows: Parent Subsidiary Income statement: Sales Cost of goods sold Gross profit Investment income Operating expenses Net income Statement of retained earnings: BOY retained earnings Net income Dividends Ending retained earnings…You are required to calculate:1. Liquidity ratios 2. Solvency rations 3. Profitability ratios For the selected companies and shortly write your comments and findings.