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…
P Corporation acquired an 80% interest in S Corporation on January 1, 2014, 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 2014, P sold merchandise that cost $70,000 to S for $86,000. On December 31, 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 $180,000 $160,000 Cost of Goods Sold 120,000 90,000 Operating Expenses 17,000 21,000 Separate incomes $ 43,000 $ 49,000 What is P income from S for 2014? Select one: a. $33,000 b. $39,200 c. $29,600 d. $ 27,200
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…
On 1/1/2020 P Company acquired 80% of S Company for 200000 JD cash. The book value of equity for S is 195000 JD. The following table shows differences between FV and BV: Difference between FV & BV Inventory 25000 Equipment 60000 the remaining balance of differences will be: Select one: a. 30000 bargain gain O b. 30000 goodwill Oc.0 O d. None of the given answers
Francis acquired 80% of Cole’s Co. equity shares for $300,000 on January 1, 2018. On 31 December 2018 Francis sold $100,000.00 worth of goods to Cole’s. These goods had cost Francis $80,000.00. On December 31, 2018, Cole still had 20% of worth of goods remaining in inventory (held at cost to Cole). The two companies draft income statements as at 31 December 2018 are shown below. Francis Cole’s $'000 $'000 Revenue 5,000.00 1,000.00 Cost of sales (2,900.00) (600.00) Gross profit 2,100.00 400.00 Administrative expense (1,000.00) (200.00) Distribution costs (700.00) (120.00) Profit before tax 400.00 80.00 Income tax expense (130.00) (25.00) Profit for the year 270.00 55.00 Required Prepare the consolidated income statement to incorporate Francis and Cole for the year ended 31 December 2018. Note: Show all workings
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
P Corporation acquired an 80% interest in S Corporation on January 1, 2014, 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 2014, P sold merchandise that cost $70,000 to S for $86,000. On December 31, 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 $180,000 $160,000 Cost of Goods Sold 120,000 90,000 Operating Expenses 17,000 21,000 Separate incomes $ 43,000 $ 49,000 The consolidated income statement for P Corporation and subsidiary for the year ended December 31, 2014 will show…
Lorn Corporation purchased inventory from Dresser Corporation for P 120,000 on September 20, 20x2, and resold 80% of the purchased inventory to unaffiliated companies prior to December 31, 20x2, for P140,000. Dresser produced the inventory sold to Lorn for P75,000. Lorn owns 70% of Dresser’s voting common stock. The companies had no other transactions during 20x2. What inventory balance will be provided by the consolidated entity on December 31, 20x2? A. P15, 000 B. P16, 800 C. P24, 000 D. P39, 000
please print the journal entries