Margaux CorporationA. 800,000B. 1,000,000C. 560,000D. 920,000 The separate incomes (which do not include investment income) of Celine Corporation andMargaux Corporation, its 80% owned subsidiary, for 2020 were determined as follows:CELINEP800,000MARGAUXSales .P200,000Less Cost of sales400,000P400,000120,000P 80,000Gross profit .Other expenses .200,000P200,00060,000Separate incomes.P 20,000During 2020 Celine sold merchandise that cost P40,000 to Margaux for P80,000, and atDecember 31, 2020 half of these inventory items remained unsold by Margaux.The Consolidated sales for 2020:

Consolidated sales for 2020 = Sales of Celine Corporation for 2020 + Sales of Margaux Corporation…

Answered: The Consolidated sales for 2020:

Business

Accounting

The Consolidated sales for 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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You have secured the following information for Companies A, B, and C concerning their internally generated net incomes (excluding subsidiary income) and dividends paid: A B C2015 Internally generated net income . . . . $30,000 $20,000 $10,000Dividends declared and paid . . . . . . . . . . . . .10,000 5,0002016 Internally generated net income . . . . 50,000 30,000 25,000Dividends declared and paid . . . . . . . . . . . . .10,000 5,000 5,0002017 Internally generated net income . . . . 40,000 40,000 30,000Dividends declared and paid . . . . . . . . . . . . .10,000 5,000 5,0001. Assume Company A acquires an 80% interest in Company B on January 1, 2015, and Company B acquires a 60% interest in Company C on January 1, 2016. Prepare the simple equity method adjusting entries made by Companies A and B for subsidiary…
9. KUNG AKO NA LANG SANA Company acquired land and building with fair value of P3,500,000 by issuing 30,500 shares with par value of P15 per share and quoted price of P75 per share. What is the initial cost of the land? A. 457,500 B. C. 1,800,000 D. 3,500,000 2,287,500 10. MR. Co. a VAT-registered business, acquired a piece of equipment for P84,000 on account. The purchase is inclusive of 12% VAT. The credit term for this transaction is 1/10, n30, but MR. Co. did not avail of the discount. MR. Co. also incurred P45,250 cost of training the personnel who will be operating the equipment and installation cost of P10,250. After one month, MR. Co. decided to redeploy the equipment to another location. MR. Co. incurred P10,500 in the relocation and reinstallation. The cost of the equipment is D. 94,910 A. 74,160 B. 119,410 C. 84,410
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Lourse Hero FFacebook AlpQLSemRocZTySC1Qmxn3WNrCDDNEqZOcNLOvBFeteSg98lhAYbXw/formResponse The following income relates to a proprietorship registered as a BMBE: Gross income from sales P400,000 Dividend income – domestic corporation 9,000 Interest on bank deposits 6,800 Compute the total exclusion from gross income. O 415,800 O 400,000 O 15,800 O Zero
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Bl 69% i 4:18 pm SAR Co paid P110,000 for the net assets of Ken Corp. At the time of the acquisition,the attached photo are informatiom available related to Ken Corp's balance sheet. What is the amount of gain or loss on disposal of a business should Ken Corp. recognize? Same problem with the previous SAR Co. * Book Value Fair Value P 50,000 100, 000 50,000 30, 000 Current Assets P50,000 Building Equipment Liabilities 80,000 40,000 30, 000 Gain of 30,000 Gain of 60,000 Loss of 30,000 O Loss of 60,000
Q14: The following are the Condensed statement of Financial Position of Company A and on december 31,2020. A В Current Assets. 2562500 7639375 Plant and Equipment 768500 22918125 Current liability 555000 300,000 long Term Debt. 2220000. 500,000 Share Premium 1250,000 100,000 Retained Earning. 1609000. 425000 Additional Paid-in 1516000. 437500 Сapital 79 Company C acquires the Net Asset of Both A and B. Paying Cash in Amount of 185000 and by issuing 198500 shares to A, Paying of 72000 and by issuing 54350 shares is 30 to B' Par cash in the amount by issuing 54350 Shares value of Share is 30 and market value on acquisition is 40. Requirments: a) Entry that made in the Book of A. b) Entry that made in the Book of B. c) Entry that made in the Book of C.
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3l 69% 1 4:18 pm SAR Co paid P110,000 for the net assets of Ken Corp. At the time of the acquisition,the attached photo are informatiom available related to Ken Corp's balance sheet. What is the amount recorded by SAR for the building? * Book Value P50,000 80,000 40,000 Fair Value P 50,000 100, 000 Current Assets Building Equipment 50,000 30,000 Liabilities 30, 000 20,000 80,000 100,000 110,000 SAR Co paid P110,000 for the net assets of Ken Corp. At the time of 9 the acquisition,the attached photo are informatiom available related to
A2 1ai Use the following information for Delta Corporation : Year 20X1 20X2 Net sales $1,500,000 $1,656,598 Cost of goods sold 675,000 745,469 Depreciation 270,000 298,188 Interest paid 43,600 44,000 Cash 127,500 140,811 Accounts receivable 450,000 496,980 Inventory 525,000 579,809 Net fixed assets 1,800,000 1,987,918 Accounts payable 375,000 414,150 Notes payable 45,000 50,000 Long-term debt 500,000 500,000 Common stock 1,000,000 1,000,000 Retained earnings 982,500 1,241,368 Tax rate 35% 35% Dividend payout 30% 30% Delta has 600,000 common shares outstanding. The firm is projecting a 20% increase in net sales for the coming year (20X3). Delta uses the percentage of sales approach to plan for its financing needs. In using this approach, the firm assumes that cost of goods sold, all assets (current and fixed), and accounts payable will all remain a…