1. Prepare all necessary 20x6 elimination entries relating to the intercompany sale of inventories PROBLEM 7Phlaire acquired 70 percent of Syanne on July 1, 20x5. Based on the purchase price, proportionate goodwill of P450,000 wasrecognized. The 20x6 financial statements are as follows:PhlaireSyanneIncome StatementP 1,200,000(802,500)(150,000)52,500300,000Sales900.000Cost of Goods Sold(600,000)(150,000)Operating ExpensesDividend Income-0-Net Income150.000Statement of Accumulated ProfitsP 1,275,000150,000( 75,000)P2.100,000 P 1,350,000Accumulated Profits, January 1, 2016P1,950,000Net Income300,000Dividends Paid(150,000)Accumulated Profits, December 31, 2016Statement of Financial PositionCash and ReceivablesP 600,000P 450,000InventoryInvestment in SyanneFixed Assets447,0001,353,0001,500,0001,050,000-0-900,000Accumulated Depreciation(450,000)P 3.450.000 P 2,100,000(300,000)Total AssetsLiabilitiesP 900,000P 600,000Ordinary shareAccumulated profitsTotal Liabilities and Equity450,0002,100 000P 3,450,000 P 2,100,000150,0001,350,000Phlaire sells inventory costing P108,000 to Syanne during 20x5 for P180,000. At year's end, 30 percent is left. Syanne sellsinventory costing P300,000 to Phlaire during 201x for P375,000. At year's end, 20 percent is left.

Given: To prepare the elimination entries of the intercompany sales of the inventories as,

Answered: Phlaire Syanne Income Statement P…

Phlaire Syanne Income Statement P 1,200,000 (802,500) (150,000) 52,500 P 900,000 (600,000) (150,000) -0- P 300,000 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

An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance Receiving Report Number Quantity Unit Price MaterialsRequisition Number Quantity Amount Date Quantity Unit price Amount May 1 310 $9 $2,790 27 220 $11 May 4 fill in the blank 0fee43fc4fc8fc9_1 fill in the blank 0fee43fc4fc8fc9_2 fill in the blank 0fee43fc4fc8fc9_3 fill in the blank 0fee43fc4fc8fc9_4 fill in the blank 0fee43fc4fc8fc9_5 fill in the blank 0fee43fc4fc8fc9_6 102 350 $fill in the blank 0fee43fc4fc8fc9_7 May 10 fill in the blank 0fee43fc4fc8fc9_8 fill in the blank 0fee43fc4fc8fc9_9 fill in the blank 0fee43fc4fc8fc9_10 33 150 13 May 21 fill in the blank 0fee43fc4fc8fc9_11 fill in the blank 0fee43fc4fc8fc9_12 fill in the blank 0fee43fc4fc8fc9_13 fill in the blank…
Please explain how you get the amount, quantity and unit price.
Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Receiving Issued Materials Requisition Number Report Number 23 +A 29 Received Quantity 240 d. Comparing 160 Received Unit Price $10 12 108 b. Determine the materials inventory balance at the end of May. 121 Issued Quantity 380 230 LA Issued Amount Balance Date May 1 May 4 May 10 May 21 May 27 Balance Quantity 340 000000 Balance Unit price c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. $8 000000 Balance Amount $2,720 000000 as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) causes idle time.
Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: Question Content Area a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. ReceivedReceivingReportNumber ReceivedQuantity ReceivedUnitPrice IssuedMaterialsRequisitionNumber IssuedQuantity IssuedAmount BalanceDate BalanceQuantity BalanceUnitprice BalanceAmount May 1 360 $7 $2,520 26 250 $9 May 4 fill in the blank 1 of 20 fill in the blank 2 of 20 fill in the blank 3 of 20 fill in the blank 4 of 20 fill in the blank 5 of 20 fill in the blank 6 of 20 102 410 fill in the blank 7 of 20$ May 10 fill in the blank 8 of 20 fill in the blank 9 of 20 fill in the blank 10 of 20 32 170 11 May 21 fill in the blank 11 of 20 fill in the blank 12 of 20 fill in the blank 13 of 20 fill in the blank 14 of 20 fill in the blank 15 of 20 fill in the blank 16…
Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO Received Issued Materials Receiving Report Number Requisition Number 25 31 Received Quantity 210 d. Comparing 140 Received Unit Price $11 13 106 119 b. Determine the materials inventory balance at the end of May. Issued Quantity 340 200 Issued Amount 0 Balance Date May 1 May 4 May 10 May 21 May 27 Balance Quantity 300 000000-*** Balance c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. price Balance 10000⁰0 Amount $2,700 es reported in the materials ledger with predetermined order points would enable management to order materials before (4) causes idle time
Cost of materials issuances under the FIF0 method Instructions Chart of Accounts Materials Inventory Journal Final Question Instructions X. An incomplete subsidiary ledger of materials inventory for May is as follows: RECEIVED ISSUED BALANCE Receiving Materials Report Unit Requisition Unit Number Quantity Price Number Quantity Amount Date Quantity Price Amount May 1 284 $30.00 $8,520 139 $32.90 May 4 91 373 May 10 44 117 38.80 May 21 97 100 May 27 Required: A. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Round your unit price answers to two decimal places and final answers to the nearest dollar. B. Determine the materials inventory balance at the end of May. Round your answer to the nearest dollar. C. Journalize the summary entry on May 31 to transfer materials to work in process. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to the nearest dollar. D. Explain how the materials ledger might be used…
Calculate the total remittance due to Revenu Québec for this remitting period, if a Québec employer's total statutory deductions including employer and employee portions are Québec Pension Plan \$7,000.00, Employment Insurance $5,600.00 , Québec Parental Insurance Plan $2,500.00 , provincial tax $15,000.00 plus employer contributions to the health services fund $3,000.00 , and employer contributions to Commission de la santé et de la sécurité du travail \$1,200.00:
Assuming that Bramble uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method.
Identify which of the following statement is correct for perpetual inventory system? When valuing ending inventory under a perpetual inventory system, weighted average cost method requires that a new weighted average unit cost be calculated after every sale. When valuing ending inventory under a perpetual inventory system, valuation using weighted average is the same as the valuation using weighted average under the periodic inventory system. When valuing ending inventory under a perpetual inventory system, oldest units purchased during the period using FIFO are allocated to the cost of goods sold when units are sold. 5 Under the perpetual inventory system, on the purchase of inventory purchase account is debited. 7
An incomplete subsidiary ledger of materials inventory for May is as follows: RECEIVED ISSUED BALANCE Receiving Materials Report Unit Requisition Unit Number Quantity Price Number Quantity Amount Date Quantity Price Amount May 1 280 $29.90 $8,372 40 131 $32.50 May 4 91 371 May 10 44 114 37.80 May 21 97 100 May 27 Required: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Round your unit price answers to two decimal places and final answers to the nearest dollar. b. Determine the materials inventory balance at the end of May. Round your answer to the nearest dollar. c. Journalize the summary entry on May 31 to transfer materials to work in process. Refer to the chart of accounts for the exact wording of the account titles. CNOW…