What amount should Dysabel report as Cost of Sales in its 2020 consolidated income statement? a) 1,012,5000
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What amount should Dysabel report as Cost of Sales in its 2020 consolidated income statement?
a) 1,012,5000
b.) 918,000
c.) 675,000
d.) 580,500
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- P Corporation owns 80 percent of S Inc.’s common stock. During 2020, P sold Inventory to S for $250,000 on the same terms as sales made to third parties. S sold all of the inventory purchased from P in 2020 The following information pertains to S and P sales for 2020 P s Sales $1,000,000 $ 700,000 Cost of Sales (400,000) (350,000) Gross Profit $ 600,000 $ 350,000 What amount should P report as cost of sales in its 2021 consolidated income statement Select one: a. $680,000 b. $430,000 c. $750,000 d. $500,000P Company acquired a 75% interest in S Company in 2018. S reported net income of P325,000 in 2020. During 2019, there was an upstream sales of merchandise for P76,000 at a cost of P52,000. Two-fifths of the merchandise was later resold by P to outsiders for P35,000 during 2020. In 2020, P purchased merchandise from S for P88,000 at a profit of P32,000. One-fourth of the merchandise was resold by P to outsiders for P27,000 during 2020. Compute the non-controlling interest in net income in 2020ABC Corp. Acquired a 70% interest in GHI Corp on January 2, 2021 for P936,000 when GHI’s net assets had a book value and fair value of P1,580,000. During 2021, ABC sold inventory items that cost P1,560,000 to GHI for P2,080,000 and GHI’s inventory at December 31, 2021 included 1/2 of the merchandise. GHI also sold to ABC an inventory for P30,000 with a cost of P25,000, 70% were sold to unaffiliated customers. ABC Corp. Reported separate income from its own operation of P1,170,000 and GHI reported a net loss of P390,000. Compute for the consolidated net income.
- Please help meBelow are Lebnas Corp.’s 2019 income statement and comparative balance sheet at 12/31/2019 and 12/31/2018. Additional information: On December 31, 2018, Lebnas acquired 25% of Island ’s common stock for $609,000. On that date, the carrying value of Island’s assets and liabilities, which approximated their fair values, was $2,435,000. Island reported income of $319,000 for the year ended December 31, 2019. No dividend income was received by Lebnas on Island’s common stock during the year 2019. During 2018, Lebnas loaned $797,500 to POI , an unrelated company. POI made the first semi-annual principal repayment of $72,500, plus interest at 10%, on December 31, 2018. POI is current on the loan as of December 31, 2019. On January 2, 2019, Lebnas sold equipment costing $145,000, with a carrying amount of $44,950 for cash. On December 31, 2019, Lebnas entered into a finance lease for a new The present value of the annual rental…Pader Inc. acquired 75% of Mader Inc. ordinary shares. During 2020, Pader Inc. produced 200,000 balls at a cost of P79 each and sol 140,000 balls to Mader Inc. for P90 each. Mader Inc. sold 72,000 balls to unrelated parties for P117 each prior to December 31, 2020 and sold the remaining in early 2021 for P130 each. Both entities use perpetual inventory system. What amount of cost of goods sold should be reported in the consolidated income statement in 2020?* a. P 11,060,000 b. P 11,852,000 c. P 5,688,000 d. P 6,480,000
- The following transactions occurred for the period ended regarding LL and its two subsidiaries L1 and L2: On January 1, 2020, LL acquired 60% of the outstanding common stocks of L1. On April 1, 2020, LL acquired 70% of the outstanding common stocks of L2. It is the policy of LL to account all its investment in subsidiary using cost method in its separate financial statements On May 1, 2020, LL sold inventory to L2 at a price of P100,000. On June 1, 2020, L2 resold the inventory coming from LL at a price of P150,000 as follows: 80% to unrelated parties and 20% to L1. On July 1, 2020, L1 sold a new set of inventory to L2 at a price of P200,000. On august 1, 2020, L2 resold the inventory coming from L1 at a price of P300,000 as follows: 40% to unrelated parties and 60% to LL. For the period ended December31, 2020, the affiliates reported the following sales revenue in their separate income statement: o LL – Sales Revenue P3,000,000 o…Squid Corporation, a 90% owned subsidiary of Penguin Corporation, sold inventory items to its parent for a profit of $24,000 in 2020. Penguin resold one-third of this inventory to outside entities. Squid reported net income of $100,000 for 2020. Minority interest income in the consolidated income statement for 2020 isPizza Factory Company owns 100% controlling interest in its long held subsidiary; The Sugar Company and they use the Equity Method. Pizza Factor sells inventory to Sugar Company for a 25% Gross Profit. During 2019 and 2020, intercompany sales amounted to: Intercompany Sales: 2019 840,000 2020 930,000 At the end of 2019, Sugar Company had one-fifth of the goods purchased that year from Pizza Factory in its ending inventory. At the end of 2020, Sugar Company's 2020 ending inventory contained one-fourth of that year’s purchases from Pizza Factory. There were no intercompany sales prior to 2019. Prepare in general journal form all entries necessary on the consolidated statements…
- Virginia Corp. owned all of the voting common stock of Stateside Co. Both companies use the perpetual inventory method, and Virginia decided to use the partial equity method to account for this investment. During 2020, Virginia made cash sales of $400,000 to Stateside. The gross profit rate was 30% of the selling price. By the end of 2020, Stateside had sold 75% of the goods to outside parties for $420,000 cash. Prepare journal entries for Virginia and Stateside to record the sales/purchases during 2020.Anderson Company, a 90% owned subsidiary of Philbin Corporation, transfers inventory to Philbin at a 25% gross profit rate. The following data are available pertaining specifically to Philbin's intra-entity purchases from Anderson. Anderson was acquired on january 1, 2020. 2020 2021 2022 Purchases by Philbin Ending inventory on Philbin's books 1,200 4,000 $ ৪,000 5 12,000 $15.000 3,000 Assume the equity method is used. The following data are available pertaining to Anderson's income and dividends. 2020 2021 2022 $ 70,000 $ 85,000 $ 94,000 Dividends paid by Anderson 10,000 10,000 15,000 Anderson's net income Assuming there are no excess amortizations associated with the consolidation, and no other intra-entity asset transfers, compute the net income attributable to the noncontrolling interest of Anderson for 2022. O $9,400. $9,375. $9,425. $8,485. $9,325.Sky Ltd acquired all the issued shares of Jupiter Ltd on 1 January 2019. The following transactions occurred between the two entities: • On 1 June 2020, Sky Ltd sold inventory to Jupiter Ltd for $12 000; By 30 June 2020, Jupiter Ltd had sold 20% of this inventory to other entities for $3000. The other 80% was all sold to external entities by 30 June 2021 for $13 000. . During the 2020-21 period, Jupiter Ltd sold inventory to Sky Ltd for $6000 at cost plus 20% markup. Of this inventory, 20% remained on hand in Sky Ltd at 30 June 2021. The tax rate is 30%. Required: Prepare the consolidation worksheet entries for Sky Ltd at 30 June 2021 concerning the intragroup inventory transfers.