How much is the realized profit to be allocated to non-controlling interest in 2022?
Q: Wattle Ltd owns all the share capital of Ashgrove Ltd. The income tax rate is 30%. During the period…
A: The profit before tax of Ashgrove Ltd on the sale of inventories to Wattle Ltd is $10,000. However,…
Q: Using either the direct or indirect method, compute net cash flows from operating activities during…
A: A cash Flow Statement is a part of the Financial Statement of a company. It literally means a…
Q: What was consolidated cost of goods sold?
A: COGS = Opening Inventory + Purchases - Closing Inventory
Q: The following are several figures reported for Allister and Barone as of December 31, 2021:…
A: A degree of confidence regarding the correctness and dependability of the reported financial…
Q: 1. Calculate the goodwill that should appear in the consolidated balance sheet of Pop and Subsidiary…
A:
Q: he following are several figures reported for Allister and Barone as of December 31, 2021:…
A: Financial Accounting Standards Board defines the consolidated financial statements reporting as…
Q: Atoms, Inc. committed to sell a division on March 22, 2022. It sold the division on June 14, 2024.…
A: A component of a business that has been discontinued or is being held for sale can have its…
Q: Canter Corporation acquired two inventory items at a lump-sum cost of $40,000. The acquisition…
A: Gross Profit = Sales - Cost Sales can be easily calculated by multiplying the selling price by the…
Q: Proform acquired 70 percent of ClipRite on June 30, 2020, for $910,000 in cash. Based on ClipRites…
A: The cost of a product to a distributor, producer, or retailer is known as the cost of goods sold…
Q: The following are several figures reported for Allister and Barone as of December 31, 2021:…
A: To determine balances for the above-mentioned items that would appear on Allister's consolidated…
Q: Inventory s 948,400 $ 1,924,000 $ 875,600 Sales Cost of goods sold Operating expenses 622,000 Net…
A: When the parent company and the subsidiary company merge their financial statement, then the…
Q: Blupa Ltd acquired a 25% interest in Trinity Ltd for $145,000 on 1 July 2020. At that date,…
A: Journal - A journal is a thorough account that documents all of a company's financial activities. It…
Q: Acker Inc. bought 40% of Howell Co. on January 1, 2020 for $576,000. The equity method of accounting…
A: Unrealized profit, December 31, 2020 = [($20,000 / $75,000) x $15,000] x 40% = $1,600
Q: Arriba and its 80 percent-owned subsidiary (Abajo) reported the following figures for the year…
A: Consolidated net income is significant for breaking down the gathering's presentation and is many…
Q: Prepare all journal entries for Bactin for 2015 and 2016, assuming no change in fair value of the…
A: A key accounting concept known as a journal entry is used to meticulously and systematically…
Q: The following are several figures reported for Allister and Barone as of December 31, 2021:…
A: WORKING NOTES: INTRA ENTITY GROSS PROFIT = $200000 - $140000 = $60000 ENDING INVENTORY FROM…
Q: MAR Corporation, a manufacturer, has a gross sales of P90,000,000.00 for YER 2021, its fifth year of…
A: Solution: MAR Corporation, a manufacturer for YER 2021. Gross sales = P90000000 in its 5th year of…
Q: The following are several figures reported for Allister and Barone as of December 31, 2021:…
A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…
Q: What are the consolidated balances for? Cost of Goods Sold Net income attributable to non…
A: Consolidation is a process of acquiring the various small companies by the large ones by obtaining…
Q: Trayer Corporation has income from continuing operations of $254,000 for the year ended December 31,…
A: Income from continuing operations: It is the after tax income generated by a company from its…
Q: Inventory Sales Investment income Cost of goods sold Operating expenses eporte TOT All and Allister…
A: A consolidated financial statement is a combination of a financial statement of a parent company and…
Q: am.113.
A: First, we need to identify the unrealized profit in the inventory that was unsold at the end of…
Q: Parent Co. owns 80% of Subsidiary Co. During 2021, Parent Co. sold goods with a 40% gross profit to…
A: Following is the answer to the given question
Q: What is equity in Maya income that should be recognized by Cayman in 2023?
A: Given in the question: Cayman Inc. has bought 25% of Maya Company and there is as well the…
Q: Instruction: 1. compute amount reported as consolidated net income for 2022. 2. Give the…
A: Kline Industries - Parent company (holds 80% in Spawn) - buyer of equipment Spawn Corp - Subsidiary…
Q: Barb's Bait Corporation has operating income of $0.95 million, a loss on sale of investments of…
A: The company's financial performance over a specific time period is explained in an income statement.…
Q: Flounder Corp. has income from continuing operations of $246,500 for the year ended December 31,…
A: Comprehensive Income includes Income statement and the other comprehensive income for the period…
Q: Oriole Corporation acquired two inventory items at a lump-sum cost of $123000. The acquisition…
A: Gross profit is an excess amount of revenue over cost of gods sold it can be calculated by following…
Q: During 2023, Blue Corp. disposed of Blackberry Division, a major segment of its business. Blue…
A: Income statement is the financial statement which is prepared to show the profitability of the…
Q: Martindale Company, a 100% owned subsidiary of Weisman Corporation, sells inventory to Weisman at a…
A: Pre-consolidation income (loss) refers to the net income or loss generated by a subsidiary before…
Denzel Co. acquired inventories on May 1, 2021 from its 70% owned subsidiary, Martin Company. The inventories were sold for P188,000, including the 25% mark up on cost. Out of these inventories, 65% were sold to outsiders. During 2022, Denzel Co. reported net income of P430,000 and Martin Co. reported net income of P280,000.
How much is the realized profit to be allocated to non-controlling interest in 2022?
Step by step
Solved in 2 steps
- Pinky Company has 80% holdings over Silk Company. During 2018, Pinky Company sold merchandise to Silk Company for P120,000 and in turn, purchased P90,000 from Silk Company. Both sales were made on account. Intercompany sales of merchandise during 2018 were made at the following gross profit rates: Downstream intercompany sale Upstream intercompany sale 25% based on sales 20% based on cost As of December 31, 2018, 30% of all intercompany sales remain in ending inventory of the buying affiliate. The beginning inventory of Pinky includes P2,500 worth of merchandise acquired from Silk on which Silk reported a profit of P1,000 while the beginning inventory of Silk also includes P3,000 of merchandise acquired from Pinky at 35% mark- up. Using cost method, the following results of operations for 2018 are as follows: Pinky Company 198,000 60,000 Silk Company 75,000 10,000 Net income Dividends declared and paid 33. How much of the consolidated net income for 2018 is attributable to the…Alford Company and its 80 percent-owned subsidiary, Knight, have the following income statements for 2021: Knight $ (230,000) Alford $ (500,000) 300,000 40,000 140,000 10,000 20,000 20,000 (30,000) (36,200) $ (206, 200) Revenues Cost of goods sold Depreciation and amortization Other expenses Gain on sale of equipment Equity in earnings of Knight Net income 0 0 $ (60,000) Additional Information for 2021 • Intra-entity inventory transfers during the year amounted to $90,000. All intra-entity transfers were downstream from Alford to Knight. • Intra-entity gross profits in inventory at January 1 were $6,000, but at December 31, they are $9,000. • Annual excess amortization expense resulting from the acquisition is $11,000. • Knight paid dividends totaling $20,000. • The noncontrolling interest's share of the subsidiary's income is $9,800. . During the year, consolidated inventory rose by $11,000 while accounts receivable and accounts payable declined by $8,000 and $6,000, respectively. Net…The following are several figures reported for Allister and Barone as of December 31, 2021: Allister Barone $ 470,000 $ 270,000 940,000 not given 470,000 215,000 Inventory Sales 740,000 Investment income Cost of goods sold Operating expenses 370,000 285,000 Allister acquired 80 percent of Barone in January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $72,000 that was unrecorded on its accounting records and had a four-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells inventory costing $127,000 to Allister for $174,000. Of this amount, 10 percent remains unsold in Allister's warehouse at year-end. Determine balances for the following items that would appear on Allister's consolidated financial statements for 2021: Amounts Inventory Sales Cost of goods sold Operating expenses Net income attributable to…
- In 2020, parent reports Cost of Goods Sold of $4,000,000. Its 90% owned subsidiary reports Cost of Goods Sold of $1,000,000 in 2020. During 2019 the subsidiary had $60,000 of unrealized gains on intercompany sales to its parent. By the end of 2020, all inventory subject to the intercompany transfer has been sold to third parties. In 2020, the subsidiary had sold $200,000 of goods to its parent and had $30,000 of unrealized gains. How much is consolidated cost of goods sold in 2020.The following are several figures reported for Poyer and Sutter as of December 31, 2024: Sutter $ 250,000 700,000 Items Inventory Sales Investment income Cost of goods sold Operating expenses Poyer $ 450,000 900,000 450,000 205,000 350,000 275,000 Poyer acquired 90 percent of Sutter in January 2023. In allocating the newly acquired subsidiary's fair value at the acquisition date, Poyer noted that Sutter had developed a unpatented technology worth $68,000 that was unrecorded on its accounting records and had a five-year remaining life. Any remaining excess fair value over Sutter's book value was attributed to an indefinite-lived trademark. During 2024, Sutter sells inventory costing $125,000 to Poyer for $170,000. Of this amount, 15 percent remains unsold in Poyer's warehouse at year-end. Required: Determine balances for the following items that would appear on Poyer's consolidated financial statements for 2024: Note: Input all amounts as positive values. a. Inventory b. Sales c. Cost…The semiconductor business of the California Microtech Corporation qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $19 million. The loss from operations of the segment during 2021 was $3.3 million. Pretax income from continuing operations for the year totaled $6.1 million. The income tax rate is 25%. Assume that the semiconductor segment was not sold during 2021 but was held for sale at year-end. The estimated fair value of the segment’s assets, less costs to sell, on December 31 was $20 million. Prepare the lower portion of the 2021 income statement beginning with income from continuing operations before income taxes. Ignore EPS disclosures. (Amounts to be deducted and negative amounts should be indicated with a minus sign. Enter your answers in whole dollars and not in millions.)
- Following are several figures reported for Allister and Barone as of December 31, 2021: Allister Barone Inventory $ 500,000 $300,000 Sales 1,000,000 800,000 Investment income not given Cost of goods sold 500,000 400,000 Operating expenses 230,000 300,000 Allister acquired 90 percent of Barone in January 2020. In allocating the newly acquired subsidiary’s fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $78,000 that was unrecorded on its accounting records and had a 4-year remaining life. Any remaining excess fair value over Barone’s book value was attributed to goodwill. During 2021, Barone sells inventory costing $130,000 to Allister for $180,000. Of this amount, 10 percent remains unsold in Allister’s warehouse at year-end. Required: Determine balances for the following items that would appear on Allister’s consolidated financial statements for 2021: Inventory Sales…The following are several figures reported for Allister and Barone as of December 31, 2021: Inventory Sales Investment income Cost of goods sold Operating expenses Allister Barone $ 530,000 $ 330,000 860,000 1,060,000 not given 530,000 245,000 430,000 315,000 Allister acquired 90 percent of Barone in January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $62,000 that was unrecorded on its accounting records and had a four-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells inventory costing $133,000 to Allister for $186,000. Of this amount, 10 percent remains unsold in Allister's warehouse at year-end. Determine balances for the following items that would appear on Allister's consolidated financial statements for 2021:Hide Corporation is a wholly owned subsidiary of Seek Company. During 2015, Hide sold all of its production to Seek Company for $400,000, a price that includes a 25% gross profit. 2015 was the first year that such intercompany sales were made. By year-end, Seek sold, for $416,000, 80% of the goods it had purchased. The balance of the intercompany goods, $80,000, remained in the ending inventory and was adjusted to a lower fair value of $70,000. The adjustment was a charge to the cost of goods sold.1. Determine the gross profit on sales recorded by both companies.2. Determine the gross profit to be shown on the consolidated income statement.
- The following are several figures reported for Allister and Barone as of December 31, 2021: Allister Inventory Sales Investment income Cost of goods sold Operating expenses $ 620,000 $ Barone 420,000 1,240,000 1,040,000 not given 620,000 290,000 520,000 360,000 Allister acquired 90 percent of Barone in January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $80,000 that was unrecorded on its accounting records and had a four-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells inventory costing $142,000 to Allister for $204,000. Of this amount, 10 percent remains unsold in Allister's warehouse at year- end. Determine balances for the following items that would appear on Allister's consolidated financial statements for 2021: Inventory Sales Cost of goods sold Operating expenses Net income attributable to…Information for 2018 taken from the separate company income statements of Odette Company and its 60%-owned subsidiary, Lancelot Corporation is presented as follows: Odette Lancelot Company 168,000 Corporation 392,500 Profit On April 1, 2018, Lancelot sold equipment with a carrying value of P30,000 to Odette for P60,000. The equipment is expected to have a remaining useful life of five years from April 1, 2018. Moreover, Lancelot also sold other items of its properties during 2018 resulting to a total gain of P25,500. On September 30, 2018, Odette sold machinery with a carrying value of 40,000 to Lancelot for P25,000. The machinery is expected to last for ten years from the date of sale. 34. How much is the profit attributable to the controlling interest for 2018? A. 386,775 B. 387,600 C. 402,600 D. 402,825 35. How much is the profit attributable to the minority interest for 2018? A. 146,800 B. 147,400 C. 162,400 D. 162,850The following are several figures reported for Allister and Barone as of December 31, 2021: Allister Barone $ 500,000 $ 300,000 1,000,000 not given 500,000 230,000 Inventory Sales 800,000 Investment income Cost of goods sold Operating expenses 400,000 300,000 Allister acquired 90 percent of Barone in January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $78,000 that was unrecorded on its accounting records and had a four-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells inventory costing $130,000 to Allister for $180,00o. Of this amount, 10 percent remains unsold in Allister's warehouse at year-end. Determine balances for the following items that would appear on Allister's consolidated financial statements for 2021: Amounts Inventory Sales Cost of goods sold Operating expenses Net income attributable…