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Philippians Company acquired 70% of the ordinary shares of Seth Company at a time when Seth
Company’s book values and fair values were equal. Separate income of Philippians and Seth for 2022 are
as follows:
Philippians Seth
Sales 7,000,000 4,000,000
Cost of Sales 4,000,000 2,000,000
Dividend Revenue 490,000 0
Net Income 1,800,000 1,000,000
Intercompany sales from Philippians to Seth for 2021 and 2022 are as follows:
Cost Selling Price Sold as of year-end
2021 2,496,000 3,900,000 40%
2022 1,650,000 2,750,000 50%
Required
For the year 2022, compute for the following:
1. The consolidated Cost of Sales.
2. Net income attributable to the parent.
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- P Company acquired 70% of the ordinary shares of S Company at a time when SCompany’s book values and fair values were equal. Separate income of P and Sfor 2022 areas follows: P SSales 7,000,000 4,000,000Cost of Sales 4,000,000 2,000,000Dividend Revenue 490,000 0Net Income 1,800,000 1,000,000Intercompany sales from P to S for 2021 and 2022 are as follows: Cost Selling Price Sold as of year-end2021 2,496,000 3,900,000 40%2022 1,650,000 2,750,000 50%For the year 2022, compute for Net income attributable to the parentP Company acquired 70% of the ordinary shares of S Company at a time when SCompany’s book values and fair values were equal. Separate income of P and Sfor 2022 are as follows: P SSales 7,000,000 4,000,000 Cost of Sales 4,000,000 2,000,000 Dividend Revenue 490,000 0 Net Income 1,800,000 1,000,000 Intercompany sales from P to S for 2021 and 2022 are as follows: Cost Selling Price Sold as of year-end 2021 2,496,000 3,900,000 40% 2022 1,650,000 2,750,000 50% For the year 2022, compute for The consolidated Cost of Sales.Washington Corp. acquired 70% of the voting common stock of George Co. at the time when George Corp's book values and fair values were equal. Separate income of Washington and George Co. for 2020 are as follos: Washington Corp George Co. Sales 700,000 400,000 COGS 400,000 200,000 OPEX 120,000 100,000 Separate Income 180,000 100,000 Intercompany Sales from Washington to George for 2019 and 2020 summarized as follows: Selling Unsold at year End Cost Price Intercompany Sales-19 250,000 390,000 40% Intercompany Sales-20 175,000 275,000 50% The…
- A Co. acquired 60% of the outstanding shares of B Co. on January 2, 2021. A Co. acquired it at book value which is the same as its fair value at the date of acquisition. Income Statement of A Co. and B Co. for 2022 are as follows: A Co. B Co.Net Sales P1,093,750 P437,500Cost of Sales 656,250 262,500Gross Profit 437,500 175,000Operating Expenses 131,250 65,625Operating Income 306,250 109,375Dividend Income 70,000 0Net Income P 376,250 P109,375 B Co. made sales to A Co. of P140,000 in 2021 and P210,000 in 2022. A Co. reported inventory on December 31, 2021 amounting to P87,500 of which 20% comes from B Co. and inventory on December 31, 2022 amounting to P105,000 of which 30%…A Co. acquired 60% of the outstanding shares of B Co. on January 2, 2021. A Co. acquired it at book value which is the same as its fair value at the date of acquisition. Income Statement of A Co. and B Co. for 2022 are as follows: A Co. B Co.Net Sales P1,093,750 P437,500Cost of Sales 656,250 262,500Gross Profit 437,500 175,000Operating Expenses 131,250 65,625Operating Income 306,250 109,375Dividend Income 70,000 0Net Income P 376,250 P109,375 B Co. made sales to A Co. of P140,000 in 2021 and P210,000 in 2022. A Co. reported inventory on December 31, 2021 amounting to P87,500 of which 20% comes from B Co. and inventory on December 31, 2022 amounting to P105,000 of which 30%…A Co. acquired 60% of the outstanding shares of B Co. on January 2, 2021. A Co. acquired it at book value which is the same as its fair value at the date of acquisition. Income Statement of A Co. and B Co. for 2022 are as follows: A Co. B Co.Net Sales P1,093,750 P437,500Cost of Sales 656,250 262,500Gross Profit 437,500 175,000Operating Expenses 131,250 65,625Operating Income 306,250 109,375Dividend Income 70,000 0Net Income P 376,250 P109,375 B Co. made sales to A Co. of P140,000 in 2021 and P210,000 in 2022. A Co. reported inventory on December 31, 2021 amounting to P87,500 of which 20% comes from B Co. and inventory on December 31, 2022 amounting to P105,000 of which 30%…
- A Co. acquired 60% of the outstanding shares of B Co. on January 2, 2021. A Co. acquired it at book value which is the same as its fair value at the date of acquisition. Income Statement of A Co. and B Co. for 2022 are as follows: A Co. B Co.Net Sales P1,093,750 P437,500Cost of Sales 656,250 262,500Gross Profit 437,500 175,000Operating Expenses 131,250 65,625Operating Income 306,250 109,375Dividend Income 70,000 0Net Income P 376,250 P109,375 B Co. made sales to A Co. of P140,000 in 2021 and P210,000 in 2022. A Co. reported inventory on December 31, 2021 amounting to P87,500 of which 20% comes from B Co. and inventory on December 31, 2022 amounting to P105,000 of which 30%…Anthem Co. acquired 60% of the outstanding shares of Bethel Co. onJanuary 2, 2021. Anthem Co. acquired it at book value which is the sameas its fair value at the date of acquisition. Income Statement of AnthemCo. and Bethel Co. for 2022 are as follows:Anthem Co.Net Sales P875,000Cost of Sales 525,000Gross Profit 350,000Operating Expenses 105,000Operating Income 245,000Dividend Income 56,000Net Income P301,000Bethel Co. made sales to Anthem Co. of P112,000 in 2021 andP168,000 in 2022.Anthem Co. reported inventory on December 31, 2021 amounting toP70,000 of which 20% comes from Bethel Co. and inventory onDecember 31, 2022 amounting to P84,000 of which 30% comes fromBethel Co.Anthem Co. made sales to Bethel Co. of P273,000 in 2021 andP338,000 in 2022.Bethel reported inventory coming from Anthem Co. as of December31, 2021 and December 31, 2022 in the amount of P54,600 andP152,100, respectively.Anthem Co. uses 30% mark-up on cost and Bethel Co. uses 25%mark-up on cost for their selling…Discuss the relevant accounting treatments Kof-Let Berhad acquired 20% and 55% of equity interests in two of itssuppliers, EP Premium Berhad and Sahara Berhad respectively on 1 January2016. As the demand for the products of Kof-Let Berhad had increasedtremendously, the company had decided to increase additional 30% of itsshareholding in EP Premium Berhad on 1 January 2022.
- Anthem Co. acquired 60% of the outstanding shares of Bethel Co. on January 2, 2021. Anthem Co. acquired it at book value which is the same as its fair value at the date of acquisition. Income Statement of Anthem Co. and Bethel Co. for 2022 are as follows: Anthem Co. Bethel Co. Net Sales P875,000 P350,000 Cost of Sales 525,000 210,000 Gross Profit 350,000 140,000 Operating Expenses 105,000 52,500 Operating Income 245,000 87,500 Dividend Income 56,000 0 Net Income P301,000 P87,500 Bethel Co. made sales to Anthem Co. of P112,000 in 2021 and P168,000 in 2022. Anthem Co. reported inventory on December 31, 2021 amounting to P70,000 of which 20% comes from Bethel Co. and inventory on December 31, 2022 amounting to P84,000 of which 30% comes from Bethel Co. Anthem Co. made sales to Bethel Co. of P273,000 in 2021 and P338,000 in 2022. Bethel reported inventory coming from Anthem Co. as of December 31, 2021 and December 31,…On January 1, 2021, CBA acquires 60% of outstanding ordinary shares of LPU at a gain on bargain purchaseof P40,000. For the year ended December 31, 2022, CBA and LPU reported sales revenue of P2,000,000and P1,000,000 in their respective separate income statements. At the same year, CBA and LPU reportedcost of sales of P1,200,000 and P700,000 in their respective separate income statements.During 2021, CBA sold inventory to LPU at a selling price of P280,000 with gross profit rate of 40%based on cost. On the other hand, LPU sold inventory to CBA at a selling price of P400,000 with grossprofit rate of 30% based on sales during 2022.On December 31, 2021, ¼ of the goods coming from CBA remained in LPU’s inventory but all wereeventually sold to third persons during 2022. As of December 31, 2022, 2/5 of the goods coming from LPUwere eventually sold to third persons. For the year ended December 31, 2022, CBA reported net income ofP500,000 while LPU reported net income of P200,000 and…On January, 2020, P Company acquired 90% of S Company in exchange for 5,400 shares of P10 par common stock having a market value of P120,600. P and S condensed balance sheet where as follows: Requirements: Compute the following:1. Partial goodwill on Jan. 1, 20202. Non-controlling interest (in net assets) on Jan. 1, 20203. Consolidated Retained Earnings, Jan. 1, 20204. Equity Holders of Parent - Retained Earnings, Jan. 1, 20205. In addition to the information, assuming that on Dec. 31, 2020, the following results were given: Dividends Paid Net IncomeP Company P 15,000 P 30,200S Company 4,000 9,400 Using cost method to record results of operations, compute the Investment balance on Dec. 31, 20206. Dividend income for 2020 using cost method.7. Non-controlling interest in Net Income on Dec. 31, 2020.8. Non-controlling interest on Dec. 31, 2020.9. Profit for the period attributable to Equity Holders of Parent on Dec. 31, 2020.10. Consolidated/Group Net Income on Dec. 31, 2020.11.…
