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

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