On I January 2015, Hill Ltd acquired 80% of the voting shares of River Ltd and 20% of the voting sharesof Valley Ltd. On the same day, River Ltd acquired 70% of the voting shares in Valley Ltd.Profit and dividends paid/declared by group entities for the financial year ended 31 December 2016 wereas follows:DetailsHill LtdRiver LtdValley LtdProfit after taxInterim dividend paidFinal dividend declared2,000,000300,000900,0001,500,000200,000300,000800,000660,000200,000Additional Information:(a) During the financial year ended 31 December 2015, Hill Ltd sold goods to River Ltd for$440,000. These goods cost Hill Ltd $290,000. At 31 December 2015, 10% of these goodsremained in River Ltd's inventory. The closing inventory at 31 December 2015 was sold toexternal parties during the year ended 31 December 2016(b) During the financial year ended 31 December 2015, River Ltd sold goods to Valley Ltd for$135,000. These goods cost River Ltd $75,000. At 31 December 2015, 55% of these goodsremained in Valley Ltd's inventory. The closing inventory at 31 December 2015 was sold toexternal parties during the year ended 31 December 2016(c) During the financial year ended 31 December 2016, Valley Ltd sold goods to River Ltd for$110,000. These goods cost Valley Ltd $60,000. At 31 December 2016, 60% of these goodsremained in River Ltd's inventory.(d) All entities in the group use the perpetual inventory system.(e) Dividend revenue is recognised by entities when the dividend has been declared.(f) The corporate tax rate is 30%.Required:Based on the information provided, prepare a NCI Memorandum Account to calculate the total non-controlling interest in consolidated profit after tax for the year ended 31 December 2016. Show allworkings.Journal entries are not required.• Show all workings. Where workings are not shown, part marks will not be awarded.

Answered: Image /qna-images/answer/64a6d465-9cc3-4e8b-a865-b387d860afa4.jpg

Required: Based on the information provided, prepare a NCI Memorandum Account to calculate the total non- controlling interest in consolidated profit after tax for the year ended 31 December 2016. Show all workings. Journal entries are not required. Show all workings. Where workings are not shown, part marks will not be awarded.

Required: Based on the information provided, prepare a NCI Memorandum Account to calculate the total non- controlling interest in consolidated profit after tax for the year ended 31 December 2016. Show all workings. Journal entries are not required. Show all workings. Where workings are not shown, part marks will not be awarded.

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

The company's equity and results (before tax) for the fiscal year 2021 are € 1,200,000 and € 390,000 respectively. How will these two sizes be formed (answer using a table) if there are the following observations of the statutory auditor: The company had created a provision for staff compensation for the first time with an amount of € 20,800 in 2017 and increased it by € 13,000 in 2020 and by € 3000 in 2021. According to an actuarial study, this provision at the end of the closed financial year 2021 should amount to € 44,800, of which € 33,500 concern the previous years. The company erroneously never depreciated the fixed asset acquired on 01/10/2019, with a purchase value of € 31,000 and a residual value of € 900. The useful life of this fixed asset is 12 years. During 2020, the company erroneously transferred to a multi-year / 5-year depreciation account an expense of € 16,000 Make as many annotations as necessary, and display your calculations. The answer must be in a table format…
arkman Sporting Goods is preparing its annual report for its fiscal year. The company's controller has asked for your help in determining how best to disclose information about the following items: Required: Indicate whether each item should be disclosed (A) in the summary of significant accounting policies note, (B) in a separate disclosure note, or (C) on the face of the balance sheet. 1. A related-party transaction.2. Depreciation method.3. Allowance for uncollectible accounts.4. Composition of investments.5. Composition of long-term debt.6. Inventory costing method.7. Number of shares of common stock authorized, issued, and outstanding.8. Employee benefit plans.
Please Do not Give image format
In December of 2019, a company received consulting services of $100,000. No entry was recorded for these service in 2019. The invoice for the services was received in January 2020 and recorded by debiting consulting expense and crediting accounts payable. This error was discovered in 2020 and was determined to be a material error. What is the impact of the error on the net income of 2019 and 2020? Provide the proper correcting journal enntry assuming a 30% tax rate.