P acquired 70% of S in 20X8. The statements of profit or loss of the two companies for the year ended 31 December 20X9 showed revenues: P                      $100000 S                      $70000 During November 20X9, S sold goods to P for $8000. None of these items remained in inventory at the end of year. What is the consolidated revenue for P for the year ended 31 December 20X9?

Q: Corn Corporation purchased inventory from Beef Corporation for P 120,000 on September 20, 2012, and…

A: Here are the cases to be recorded in the consolidated financial statements.

Q: Tookey Ltd sold inventory items (with a cost of $75 000) to its parent Milky Ltd for $135 000. One…

A: In  case one company overtake the assets and liabilities of another company, then accounting for…

Q: On January 2, 20x6, T

A: Consolidated Gross Profit on 02.01.16 Power company acquired outstanding shares of Solar Inc. = 90%…

Q: Abbot Company purchased 80% of Costello Company on January 1, 20X1 The purchase price paid was…

A: Calculation of Goodwill :        An explanation is given below in step 2 :

Q: Cattle Company sold inventory with a cost of $40,000 to its 90%-owned subsidiary, Range Corp., for…

A: Lets understand the basics. When inter company transaction of inventory is made between the parent…

Q: Required: Compute consolidated net income and income assigned to the controlling interest for 20X2,…

A: The consolation is the accounting process in which the financial results of the parent company and…

Q: Preparing a consolidated income statement For the year ended December 31, 20Y2, the operating…

A: To eliminate the effect of the intercompany sale, we need to adjust the sales and cost of goods sold…

Q: Several years ago, Sa Co purchased 80% of Su Co's equity share capital. Sa Co made a profit after…

A: Profit attributable to parent company includes the profit earned by is own and proportionate share…

Q: assuming the beginning of the year (20X3) balance |in the Investment in A account is $716,000…

A: Consolidated worksheet is a statement which is prepared as a financial help for creating other…

Q: Deflorio Corporation's inventory at the end of Year 2 was $169,000 and its inventory at the end of…

A: Step 1:Computation of the average total assets at the end of Year 2:Average total assets at the end…

Q: Frank Corp. owned a 90% interest in Roberts Co. Roberts frequently made sales of inventory to Frank.…

A: The objective of the question is to calculate the net income attributable to the noncontrolling…

Q: Summer Company sells all its output at 25 percent above cost. Parade Corporation purchases all its…

A: Consolidated net income refers to the total income that is determined by adding the income of the…

Q: Deflorio Corporation's inventory at the end of Year 2 was $167,000 and its inventory at the end of…

A: Ratio analysis means where different ratio of various years of years companies has been compared and…

Q: P CO owns a 90% interest in S Co, purchased at a time when the book values of S recorded assets and…

A: SOLUTION- INTER COMPANY TRANSACTION ARE TRANSACTIONS INCUR BETWEEN THE PARENT AND SUBSIDIARY COMPANY…

Q: P CO owns a 90% interest in S Co, purchased at a time when the book values of S recorded assets and…

A: Intercompany Sales means sale between parent company and subsidiary company. Parent company is 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: A owns 30% of the stock of B. During the year, A sold inventory to B for $ 96,000. A charges a…

A: Cost of inventory$24,000Profit charge by A on cost20%Total unrealized profit ($24,000 * 20 /…

Q: January Transactions a. On 1/01, OPC paid employees' salaries and wages that were previously accrued…

A: Journal Entry It is important to enter the required journal entries into the debit and credit of…

Q: For the year ended December 31, the following results were given:…

A: Consolidated financial statements are the financial statements of a group consisting of multiple…

Q: On December 31, 20X1, Parent Company purchased 80% of the common stock of Subsidiary Company for…

A: Determination and distribution of excess schedule (D & D) Compares the price paid with the…

Q: 3. On April 1, 20X2, Pack Company paid $800,000 for all of Sack Corporation's issued and outstanding…

A: Cash$80,000Fair value of Inventory$190,000Fair value of Property and equipment$560,000Total fair…

Q: Assets Parent Subsidiary Cash Accounts receivable, net Company P' 36,900 Company Р 37,400 34,200…

A: On 01.01., Parent company acquired subsidiary company = 90% Purchase consideration = 5400 shares @…

Q: am.113.

A: First, we need to identify the unrealized profit in the inventory that was unsold at the end of…

Q: nartzi Company purchased a 90% interest in Liang Company on January 1 of the current year. Benartzi…

A: Lets understand the basics. There are two type of interests are there in the consolidated entity…

Q: P CO owns a 90% interest in S Co, purchased at a time when the book values of S recorded assets and…

A: Intercompany sales means sales between two companies, in which one company is parent company and…

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: Income statement information for the year 2020 for Perena Corporation and its 60% owned subsidiary,…

A: Consolidated cost of sales is computed as follows

Q: Alnoor corporation has current assets of $600,000 and current liabilities of $330,000. Al Noor…

A: Current ratio is a type of liquidity ratio. It helps to measure the ability of company to pay off…

Q: Problem: Dia Corp. acquired a 70% interest in Rubie Co. in 2021. For the year ended December 31,…

A: When the goods are sold by subsidiary to parent or parent to subsidiary, it is known as intercompany…

Q: Silver Corporation owns 80 percent of Billy Company's stock. At the end of 20X8, Silver and Billy…

A: Cost of goods sold (COGS) is a section on an income statement that shows the expenses a company…

Q: By how much will the unrealised profit decrease the profit attributable to the non-controlling…

A: Non-controlling interest is the interest in the company on which there is no holding on it means the…

Q: K owns 80% of T’s common stock.  During October T sold merchandise to K for $250,000.  On December…

A: Ending inventory with Parent company = Total inventory sold x 40% = $250000 x 40% = $100,000

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…

Q: Sweeny Corporation owns 60 per cent of Bitner Company's shares. Partial 20X2 financial data for the…

A: Solution An intercompany transaction is one between a parent company and its subsidiaries or other…

Q: On January 1, 2012, Aspen Company acquired 80 percent of Birch Company's outstanding voting stock…

A: A business combination is a transaction in which a buyer takes over control of another company (the…

Q: Fromage purchased 80% of the equity shares in Frais on 1 January 20X1. During the year ended 31…

A: ADJUSTMENTS FOR INTERGROUP TRANSACTION WITH SUBSIDIARY Adjustments For Intergroup Transaction With…

Q: Meadows Company purchased a 80% interest in Szot Company five years ago with no AAP (i.e., purchased…

A: The question is based on the concept of Financial Accounting.

Q: Paneer owns 30% of Lassi and has done so for many years. During the year ended 31 December 20X1,…

A: Lassi sold inventory of 1 million at 50% mark up  out of which 40% is still in stock cost of…

Q: How much is the share in the profit of associate in 20x1?

A: In this case the share in the profit of associate would be calculated as share in profit of…

Q: During the current year, a parent sold inventory priced at $800,000 to its subsidiary, and the…

A: An asset that is meant to be sold in the regular course of business is called inventory. Not all…

Q: In 2020, parent reports Cost of Goods Sold of $4,000,000.  Its 90% owned subsidiary reports Cost of…

A: Cost of goods sold: The direct expense incurred by the company in producing the products that the…

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.