Answered: statement in 2020?*

Business

Accounting

statement in 2020?*

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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The following are several figures reported for Allister and Barone as of December 31, 2021: Allister Inventory Sales Investment income Cost of goods sold Operating expenses $ 620,000 $ Barone 420,000 1,240,000 1,040,000 not given 620,000 290,000 520,000 360,000 Allister acquired 90 percent of Barone in January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $80,000 that was unrecorded on its accounting records and had a four-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells inventory costing $142,000 to Allister for $204,000. Of this amount, 10 percent remains unsold in Allister's warehouse at year- end. Determine balances for the following items that would appear on Allister's consolidated financial statements for 2021: Inventory Sales Cost of goods sold Operating expenses Net income attributable to…
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The following are several figures reported for Allister and Barone as of December 31, 2021 Allister Barone $ 600,000 $ 400,000 1,200,000 1,000,000 not given 600,000 280,000 Inventory Sales Investment income Cost of goods sold Operating expenses 500,000 350,000 Allister acquired 90 percent of Barone in January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date Allister noted that Barone had developed a customer list worth $76,000 that was unrecorded on its accounting records and had a five- year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells inventory costing $140,000 to Allister for $200,000. Of this amount, 15 percent remains unsold in Allister's warehouse at year-end Determine balances for the following items that would appear on Allister's consolidated financial statements for 2021 4 Inventory Sales Cost of goods sold Operating expenses Net income attributable to…
The following are several figures reported for Allister and Barone as of December 31, 2021: Allister Barone $ 500,000 $ 300,000 1,000,000 not given 500,000 230,000 Inventory Sales 800,000 Investment income Cost of goods sold Operating expenses 400,000 300,000 Allister acquired 90 percent of Barone in January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $78,000 that was unrecorded on its accounting records and had a four-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells inventory costing $130,000 to Allister for $180,00o. Of this amount, 10 percent remains unsold in Allister's warehouse at year-end. Determine balances for the following items that would appear on Allister's consolidated financial statements for 2021: Amounts Inventory Sales Cost of goods sold Operating expenses Net income attributable…
P Co acquired an 80% interest in S Co on 1/1/2023 when the book values of S assets and liabilities were equal to their fair values. The cost of the 80% interest was equal to 80% of the book value of S net assets. During 2023,P sold merchandise that cost $86,000 to S for $70,000. On 31/12/2014, three-fourths of the merchandise acquired from P remained in S inventory. Separate incomes (investment income not included) of the two companies are as follows: P S Sales Revenue 160,000 Cost of Goods Sold 90,000 Operating Expenses 21,000 Select one: O Separate incomes 49,000 What is P income from S for 2023? a. $29,600 b. $39,200 180,000 c. $49,000 d. $ 51,200 120,000 17,000 43,000
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Fried Inc. purchased 90% ownership of Chicken Corp. in 2020, at underlying book value. On that date, the fair value of non-controlling interest was equal to 10% of the book value of Chicken Corp. Fried Inc. purchased inventory from Chicken Corp. for P270,000 on September 1, 2021, and resold the 70% of the inventory to unrelated parties on December 5, 2021 for P300,000. Chicken Corp. produced the inventory sold to Fried Inc. for 201,000. The entities had no other transactions during 2021. What amount of consolidated net income will be assigned to Fried Inc. in 2021?* a. P 111,000 b. P 60,300 c. P 154,470 d. P 159,300 Thank you for answering!
Ff.55.
Perke Corporation purchased 80% of the stock of Superstition Company for $1,970,000 on January 1, 2012. On this date, the fair value of the assets and liabilities of Superstition Company was equal to their book value except for the inventory and equipment accounts. The inventory had a fair value of $725,000 and a book value of $600,000. Sixty percent of Superstition Company's inventory was sold in 2012; the remainder was sold in 2013. The equipment had a book value of $900,000 and a fair value of $1,075,000. The remaining useful life of the equipment is seven years. The balances in Superstition Company's capital stock and retained earnings accounts on the date of acquisition were $1,200,000 and $600,000, respectively. Perke uses the complete equity method to account for its investment in Superstition. The following financial data are from Superstition Company's records. Net income: (2012) $750,000; (2013) $900,000 Dividends declared: (2012) $150,000; (2013) $225,000 Required: c.…