What amount of consolidated net income will be assigned to the controlling interest for 20x2?   A. P20, 000 B. P30, 800 C. P44, 000 D. P45, 000 E. 69, 200 F. 80, 000

Q: Delta Corporation owns 70 percent of Sigma Company, and Sigma owns 60 percent of Pi, Inc., all of…

A: In the context of the given question, The chain holding concept was adopted by the three companies.…

Q: P Ltd acquired 35% of the equity share of A Ltd on 1 January 2021 for $272,000. P Ltd prepares…

A: (a) Johnny's proposed approach to consolidation, where the accounts of the two entities are combined…

Q: 80%-owned subsidiary for P210,000. A portion of this was resold by the subsidiary in 2022 for…

A: Consolidated balance sheet presents the financial position of the company in an affiliated group…

Q: 4. Pate Corp. owns 80% of Strange Inc.’s common stock. During 20X1, Pate sold inventory to Strange…

A: Cost of sales refers to the amount paid for the purchase of inventory of goods that should be sold…

Q: Bale Co. acquired Silo Inc. on December 31, 2021, in an acquisition business combination…

A: Consolidated net income for 2021 = Net Income - Direct Combination Costs - Indirect Costs

Q: Frank Corp. owned a 90% interest in Roberts Co. Roberts frequently made sales of inventory to Frank.…

A: The objective of the question is to calculate the net income attributable to the noncontrolling…

Q: First Boston Corporation acquired 80 percent of Gulfside Corporation common stock on January 1,…

A: The consolidation is the process of combining the financial data of subsidiary and parent company to…

Q: What is the double entry when: During 20x0, Subsea Co will sell inventory which it bought for…

A: An unrealised inter-company profit exists only when there is a sale of goods by one company in the…

Q: Sharpe electronics corp holds a 75% stake in worldwide electronics corp. On Oct 29, 20x4, from a…

A: Realized Income can be defined as that portion of income that is completely under the control of a…

Q: H has a 75% owned subsidiary S. During the year ending 31 December 2021 H sold inventory to  S for…

A: Lets understand the basics. When transaction of inventory happen between inter company then there is…

Q: On December 31, 20X1, Parent Company purchased 80% of the common stock of Subsidiary Company for…

A: Determination and distribution of excess schedule (D & D) Compares the price paid with the…

Q: Martin has a controlling interest in Rowen's outstanding stock. At the current year-end, the…

A: Income tax expense is the amount of money a company or individual is obligated to pay to the…

Q: Zosih Co. acquired 60% of the outstanding stocks of Bimbz for 156,000 cash. The book value of Bimbz…

A: Goodwill is calculated as the difference between the fair value and book value of the assets…

Q: K owns 80% of T’s common stock.  During October T sold merchandise to K for $250,000.  On December…

A: Ending inventory with Parent company = Total inventory sold x 40% = $250000 x 40% = $100,000

Q: Company S is 80% owned by Company P. Near the end of 2015, Company S sold merchandise with a cost of…

A: Introduction:   Consolidation is a process in which financial statements of subsidiary is merged…

Q: Lake acquired a controlling interest in Boxwood several years ago. During the current fiscal period,…

A: Income tax payable is the amount which is to be paid to the government after applying the tax rate…

Q: 14) On October 1, 2012, Peacock Inc. acquired 80% of the outstanding common stock of Shade Co. for…

A: Non-controlling interest in a corporation is a stake in the company that is not substantial enough…

Q: The parent acquired 75% of the ordinary shares of Sub with acquired control. The summarized…

A: On preparing consolidated financial statements, the inter party transactions must be eliminated.

Q: H has a 75% owned subsidiary S. During the year ending 31 December 2021 H sold inventory to S for an…

A: Consolidated financial statements are the financial statements of an entity that has a subsidiary or…

Q: On January 1, 20X6, Plus Corporation acquired 90 percent of Side Corporation for $180,000 cash. Side…

A: Investment is the allocation of resources,  generally money, with the goal of earning  profit or…

Q: Corn Corporation purchased inventory from Beef Corporation for P 120,000 on September 20, 2012, and…

A: Profit assigned to the controlling interest based on their holding in the subsidiary entity.…

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.