What amount of sales will be reported in the 20x2 consolidated income statement?

Q: Tookey Ltd sold inventory items (with a cost of $75 000) to its parent Milky Ltd for $135 000. One…

A: In  case one company overtake the assets and liabilities of another company, then accounting for…

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: Cattle Company sold inventory with a cost of $40,000 to its 90%-owned subsidiary, Range Corp., for…

A: Lets understand the basics. When inter company transaction of inventory is made between the parent…

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: (a) Jessica Ltd sold inventory during the current period to its wholly-owned subsidiary, Amelie Ltd,…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

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: 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: Planner Corporation owns 60 percent of Schedule Company’s voting shares. During 20X3, Planner…

A: Ending inventory: Sales = (14,000 x $108) – (9,000 x $108) = $1,512,000 – $972,000 = $540,000 Cost…

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: What amount of consolidated net income will be assigned to the controlling interest for 20x2?   A.…

A: Consolidated sales $140,000Cost of goods sold (60,000)Consolidated net income $ 80,000Income to…

Q: Pisa Company owns 75 percent of the stock of Siena Company on January 1, 20X3. During 20X3, Siena…

A: According to the question given,  we need to compute the value of non-controlling interest in the…

Q: Let Company owns 80% of Tam Corp.’s common stock. During October 2019 Tam sold merchandise to Let…

A: The question is multiple choice question and related to Consolidated Financial Statements.

Q: Dysabel Corp. owns 80% of Marina, Inc.'s common stock. During 2020, Dysabel sold Marina P337,500 of…

A: Following is the answer to the given question

Q: On January 1, 2013, Piper Company acquired an 80% interest in Sand Company for $2,165,100. At that…

A: The objective of the question is to prepare the eliminating/adjusting entries needed on the…

Q: PC has P50,000 and P80,000 comprehensive income from its operations on 20X1 and 20X2, respectively.…

A:

Q: NDEA Company purchased 250,000 shares of Simultaneous Corp. common stock on July 1, 2006, at P16.50…

A: As per IAS-27, subsequent recognition of associate should be done as per equity method. Simultaneous…

Q: (a) Jessica Ltd sold inventory during the current period to its wholly owned subsidiary, Amelie Ltd,…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Silver Corporation owns 80 percent of Billy Company's stock. At the end of 20X8, Silver and Billy…

A: Cost of goods sold (COGS) is a section on an income statement that shows the expenses a company…

Q: Bisharp Corporation owns 80% of Rufflet, Inc. common stock. During 20A, Bisharp sold to Rufflet…

A: Income Statement It is a statement that shows all the expenses and incomes of reoccurring nature…

Q: Dipendra Ltd owns all the shares capital of Kiran Ltd. On 1 September 2021, Dipendra Ltd sold…

A: Inter group sales is to be eliminated because from group prospective their is no sales and no…

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: fifth of this goods inventory. The following information pertains to PP and SS's sales for 20x9:…

A: P100,000 should be added to the Cost of Sales in PP Company.

Q: P acquired 70% of S in 20X8. The statements of profit or loss of the two companies for the year…

A: Consolidated Financial Statements: Consolidation statements are the financial statements prepared by…

Q: Par Inc owns 77.11% of Sub Corp. During the year, Par sold inventory to Sub for $79,271. Exactly…

A: When the companies hold ownership in some other companies and then due to nature of business sells…

Q: Pisa Company owns 75

A: A holding company is, by definition, "a business entity that exists to own other companies." A…

Q: How much is the share in the profit of associate in 20x1?

A: In this case the share in the profit of associate would be calculated as share in profit of…

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.…

Q: a) Jessica Ltd sold inventory during the current period to its wholly owned subsidiary, Amelie Ltd,…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: Ute sold $20

A: Non-controlling interest refers to when a company has no control over the decision of the shares not…

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: S Corporation, an 80%-owned subsidiary of P Corporation, sold inventory items to its parent at a…

A: The non controlling interest is the share of income for minority shareholders.

Q: Scarlet Company owns 80% of Tamara Corp.'s common stock. During October 2019 Tamara sold merchandise…

A: Unrealized profit is a kind of potential profit that existed in the books, generated from an…

Q: 45pits Mani Ltd owns all the shares in Hani Ltd. On 1 March 2021, Mani Ltd sold inventories that…

A: In consolidation of books, in case of intragroup transaction, Profit of unsold inventory is required…

Q: Part B Boromir Ltd owns 100% of Samwise Ltd, which in turn owns 100% of Saruman Ltd.   During the…

A: Intercompany transaction required to be adjusted in consolidated financial statements. Not adjusting…