On January 1, 2022, P Company acquired 80% of S Company for P2,000,000. The fair value of identifiable net assets is P1,800,000. NCI is measured at fair value. During 2022, P Company ships merchandise to S Company costing P800, 000 at 25% above cost. Additional data are as follows: P Company S Company Sales 5,500,000 2,500,000 Cost of Sales 3,200,000 1,600,000 Operating Expense 650,000 300,000 The ending inventories of S Company includes merchandise from P Company amounting to P50,00 Impairment of goodwill is P20,000. (INPUT YOUR ANSWERS IN FIGURES. DO NOT PUT ANY COMMA, PESO SIGN, DECIMALS, AND EXTRA SPACES) 1. Consolidated cost of sales is reported at 2. The net income attributable to parent is
On January 1, 2022, P Company acquired 80% of S Company for P2,000,000. The fair value of identifiable net assets is P1,800,000. NCI is measured at fair value. During 2022, P Company ships merchandise to S Company costing P800, 000 at 25% above cost. Additional data are as follows: P Company S Company Sales 5,500,000 2,500,000 Cost of Sales 3,200,000 1,600,000 Operating Expense 650,000 300,000 The ending inventories of S Company includes merchandise from P Company amounting to P50,00 Impairment of goodwill is P20,000. (INPUT YOUR ANSWERS IN FIGURES. DO NOT PUT ANY COMMA, PESO SIGN, DECIMALS, AND EXTRA SPACES) 1. Consolidated cost of sales is reported at 2. The net income attributable to parent is
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
.46
Transcribed Image Text:On January 1, 2022, P Company acquired 80% of S Company for P2,000,000. The fair value of
identifiable net assets is P1,800,000. NCI is measured at fair value. During 2022, P Company ships
merchandise to S Company costing P800, 000 at 25% above cost. Additional data are as follows:
P Company
S Company
Sales
5,500,000
2,500,000
Cost of Sales
3,200,000
1,600,000
Operating Expense
650,000
300,000
The ending inventories of S Company includes merchandise from P Company amounting to P50,000.
Impairment of goodwill is P20,000. (INPUT YOUR ANSWERS IN FIGURES. DO NOT PUT ANY
COMMA, PESO SIGN, DECIMALS, AND EXTRA SPACES)
1. Consolidated cost of sales is reported at
2. The net income attributable to parent is
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