Prepare all necessary 20x6 elimination entries relating to the intercompany sale of inventories. Phlaire acquired 70 percent of Syanne on July 1, 20x5. Based on the purchase price, proportionate goodwillof P450,000 was recognized. The 20x6 financial statements are as follows:PhlaireSyanneIncome StatementSales1,200,000P900,000Cost of Goods Sold(802,500)(600,000)(150,000)52,500300,000Operating Expenses(150,000)Dividend IncomeNet IncomeP150,000Statement of Accumulated ProfitsAccumulated Profits, January 1, 20161,950,0001,275,000Net Income300,000150,000Dividends Paid(150,000)( 75,000)Accumulated Profits, December 31, 20162,100,0001,350,000Statement of Financial PositionCash and Receivables600,000P450,000Inventory447,0001,050,000Investment in Syanne1,353,000Fixed Assets1,500,000900,000Accumulated Depreciation(450,000)3,450,000(300,000)Total AssetsP2,100,000Liabilities900,000600,000Ordinary share450,000150,000Accumulated profitsTotal Liabilities and Equity2,100 0001,350,0003,450,000P2,100,000Phlaire sells inventory costing P108,000 to Syanne during 20x5 for P180,000.At year's end, 30 percent is left. Syanne sells inventory costing P300,000 to Phlaire during 201x forP375,000. At year's end, 20 percent is left.

Elimination entries are those journal entries that are used for the elimination of unrealized profit…

Answered: Prepare all necessary 20x6 elimination…

Business

Accounting

Prepare all necessary 20x6 elimination entries relating to the intercompany sale of inventories.

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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