On January 2, 2021, the Statement of Financial Position of Parent and Subsidiary Company prior to the combination are:Parent Co.Subsidiary Co.CashP 450,000P 15,000Inventories300,00030,000Property and equipment (net)750,000105,000Total AssetsP 1,500,000P 150,000Current LiabilitiesP 90,000P 15,000Common Stock, P100 par150,00015,000Additional Paid in Capital450,00030,000Retained Earnings810,00090,000Total Liabilities and Stockholders' EquityP 1,500,000P 150,000The fair value of Subsidiary Company's equipment is P153,000.Assuming Parent Company acquired 80% of the outstanding common stock of Subsidiary Company for P136,800 and NCI is measured at its proportionate share ofsubsidiary's net assets, how much is the consolidated stockholder's equity on the date of acquisition?

Consolidated Shareholder's Equity- Consolidated Shareholders’ Equity means the sum of Assets of the…

On January 2, 2021, the Statement of Financial Position of Parent and Subsidiary Company prior to the combination are: Parent Co. Subsidiary Co. Cash P 450,000 P 15,000 Inventories 300,000 30,000 Property and equipment (net) 750,000 105,000 Total Assets P1,500,000 P 150,000

On January 2, 2021, the Statement of Financial Position of Parent and Subsidiary Company prior to the combination are: Parent Co. Subsidiary Co. Cash P 450,000 P 15,000 Inventories 300,000 30,000 Property and equipment (net) 750,000 105,000 Total Assets P1,500,000 P 150,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Using the proportionate basis or partial goodwill method, compute the consolidated retained earnings on January 1.A. P 48,000 C. P 84,900B. P52,100 D. P 89,000
On 12/31/2020, a parent company purchased the bonds of its subsidiary from the bondholders of the subsidiary for $102,000 cash. The carrying value of the bonds on the general ledger of the subsidiary was $107,000. What amounts will appear on the parent's consolidated balance sheet for 2020? Investment Bonds A) In Bonds Payable $0 $0 Investment Bonds B) In Bonds Payable $102,000 $0 Investment Bonds In Bonds Payable $107,000 $102,000 Investment Bonds D) In Bonds Payable $102,000 $107,000 Investment Bonds E) In Bonds Payable $0 $107,000
IF equipment account at 1/1/2019 was ( 150,000 for parents ,160,000 for subsidiary ) and at 31/12/2019 ( 160,000 for patents , 180,000 for subsidiary ) if equipment in subsidiary co fair value at beginning of the year was more than book value by 5,000$ and useful life 5 years . what the amount of equipment reported in consolidated balance sheet in 1/1/2019 Select one: a. 315,000 b. 314,000 c. 305,000 d. 310,000
White Bright Limited has three subsidiary Companies as on 31st March, 2018. Based upon the information given in the following, ascertain how the Cost of Investment will be treated in the Consolidated Balance Sheet. Particulars Amount in Millions Hazy Limited Clear Limited Sun Limited Investment made 205.00 117.00 145.00 Percent of Shares Owned 60% 65% 75% Assets at the time of Investment 625.40 314.84 443.75 Liabilities at the time of Investment 260.44 134.84 329.55 don't give hand written answers plz
IF equipment account at 1/1/2019 was ( 50,000 for parents ,60,000 for subsidiary ) and at 31/12/2019 ( 160,000 for patents , 180,000 for subsidiary ) if equipment in subsidiary co fair value at beginning of the year was less than book value by 5,000$ and useful life 5 years . what the amount of equipment reported in consolidated balance sheet in 1/1/2019 Select one: a. 106,000 b. 110,000 c. 105,000 d. 104,000
In the consolidated statement of financial position of CANBERRA Company at December 31, 2021, how much is to be reported as "Payable to Related Parties"? The following balances were reported by CANBERRA Company at December 31, 2021: Receivable from Alice Springs, Inc., an associate Receivable from Cook, Inc., a joint venture Payable to Gold Coast, Inc., a subsidiary Payable to Hobart, Inc., a third-party supplier 350,000 150,000 140,000 95,000
Using the information provided, determine the net income attributable to P Corporation.
29
IF equipment account at 1/1/2019 was ( 150,000 for parents ,160,000 for subsidiary ) and at 31/12/2019 ( 160,000 for patents , 180,000 for subsidiary ) if equipment in subsidiary co fair value at beginning of the year was more than book value by 5,000$ and useful life 5 years . what the amount of equipment reported in consolidated balance sheet in 31/12/2019 Select one: a. 335,000 b. 344,000 c. 336,000 d. 345,000
based on the information in the picture, In the consolidated statement of comprehensive income for the year ended December 31, 2021, how much is the consolidated net income attributable to the controlling interest? a. 1,980,000 b. 1,860,000 c. 1,830,000 d. 1,760,000
Selected information from the separate and consolidated income statements of CHAELISA LTD.and as subsidiary, JENSOO INC. for the year ended December 31, 2021 are as follows: CHAELISA LTD. JENSOOINC. ConsolidatedSales P600,000 P420,000 P924,000COGS 450,000 330,000 693,000Gross profit P150,000 P 90,000 P231,000 During 2021, CHAELISA LTD. sold goods to JENSOO INC. at the same mark-up on cost that CHAELISA LTD. uses for all sales. At December 31, 2021, JENSOO INC. had not paid all of these goods and still held 37.5% of them in inventory. Compute for the original cost of goods in JENSOO INC.’s inventory acquired from Apple.
1. At what amount will the gain on sale of building appear on the consolidated/group income statement of Power and Speed for the year 2019 should be: 2. The consolidated depreciation expense for 2019 should be