In 2022, ABC Company sold inventory costing P150,000 to its 80%-owned subsidiary for P210,000. A portion of this was resold by the subsidiary in 2022 for P200,000. Other information available at the end of 2022 were as follows: Parent Subsidiary Sales P4,750,000 P2,700,000 Cost of sales 3,100,000 1,750,000 Net income 225,000 120,000 Dividends declared 150,000 150,000 Inventory From outsiders 120,000 60,000 From parent 63,000 How much is the consolidated inventory as of December 31, 2022? How much is the consolidated cost of sales for 2022? How much is the consolidated sales for 2022?
In 2022, ABC Company sold inventory costing P150,000 to its 80%-owned subsidiary for P210,000. A portion of this was resold by the subsidiary in 2022 for P200,000. Other information available at the end of 2022 were as follows: Parent Subsidiary Sales P4,750,000 P2,700,000 Cost of sales 3,100,000 1,750,000 Net income 225,000 120,000 Dividends declared 150,000 150,000 Inventory From outsiders 120,000 60,000 From parent 63,000 How much is the consolidated inventory as of December 31, 2022? How much is the consolidated cost of sales for 2022? How much is the consolidated sales for 2022?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
In 2022, ABC Company sold inventory costing P150,000 to its 80%-owned subsidiary for P210,000. A portion of this was resold by the subsidiary in 2022 for P200,000. Other information available at the end of 2022 were as follows:
|
|
Parent |
Subsidiary |
|
Sales |
P4,750,000 |
P2,700,000 |
|
Cost of sales |
3,100,000 |
1,750,000 |
|
Net income |
225,000 |
120,000 |
|
Dividends declared |
150,000 |
150,000 |
|
Inventory |
|
|
|
From outsiders |
120,000 |
60,000 |
|
From parent |
|
63,000 |
How much is the consolidated inventory as of December 31, 2022?
How much is the consolidated cost of sales for 2022?
How much is the consolidated sales for 2022?
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