what is the minority interest's share of Tyre's net income for 2014 and 2015, respectively?
Q: Required information (The following information applies to the questions displayed below.) On…
A: As per IAS 16 of IFRS Property plant and equipment The initial measurement of property purchased is…
Q: On January 1, Ruiz Company issued bonds as follows: Face Amount: $500,000 Number of Years: 15 Stated…
A: solution:
Q: Problem 11-5 (Algorithmic) Special Deductions and Limitations (LO 11.3) Fisafolia Corporation has…
A: Solution Dividend is the portion of the company's profit which is company distributed to their…
Q: Record the adjusting entries aje the year. ( if no entry is required for a particular…
A: An adjusting entry seems to be one that is used to correctly allocate income and costs to each…
Q: ! Required information [The following information applies to the questions displayed below.] Jeremy…
A: Solution In accrual accounting transactions are recorded when it is incur rather than when cash is…
Q: Wingate Company, a wholesale distributor of electronic equipment, has been experiencing losses for…
A: >Contribution margin Income Statement is Variable costing Income Statement wherein, the Costs are…
Q: In a manufacturing company using absorption costing, the fixed costs associated with idle production…
A: The question is related to the Absorption costing.
Q: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…
A: Under FIFO Method value of balance inventory is calculated after each transaction of purchase or…
Q: operator treats the resurfacing services included in a service concession arrangement as a separate…
A: service concession arrangement where government or any other public sector body contract with the…
Q: Company A Company B Company C Company D Company E Beginning of year Assets Liabilities End of year $…
A: >Requirement 1B has been asked, which requires various ‘missing’ detail to be calculated.…
Q: A machine has a first cost of P97,198.62 and has an expected salvage value after 10 years…
A: Introduction: Depreciation: Decreasing value of fixed Assets over its useful life period called as…
Q: McKenzie’s Soap Sensations, Inc., produces hand soaps with three different scents: morning glory,…
A: Solution Joint cost are cost that are incurred from buying or producing the two products at the…
Q: e current year, merchandise is sold for $135,100 cash and $501,500 on account. The cost of the goods…
A: Gross profit is the profit which is arrived at by deducting cost of goods sold from Total net sales.…
Q: QS 14-11 (Algo) Preparing an income statement LO P1 Prepare an income statement for Rex…
A: REX MANUFACTURING Income Statement For Year Ended December 31 Sales $ 93,600 Cost of…
Q: Answe these questions in relation to accounting packages systems
A: Here discuss about the details of the sage Pastel software for the Accounting and uses to kept…
Q: formed the Evergreen partnership by contributing the following assets in exchange for a 50 percent…
A: Tax refers to the mandatory charge levied by the government over the money earned or gained by an…
Q: When evaluating a company's liquidity, O a. The quick ratio is typically more conservative than the…
A: Company's liquidity: The capacity of a corporation to raise funds when it is in need is referred to…
Q: Nguyen Company has an opportunity to purchase an asset that will cost company $59,000. The asset is…
A: Unadjusted rate of return = Annual net income / Average investment where, Average investment = (Cost…
Q: Beginning inventory, purchases, and sales for Item 88-HX are as follows: Mar. 1 Inventory 96 units @…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: [The following information applies to the questions displayed below.] Nancy operates a business that…
A: Accrual accounting seems to be a technique of accounting in which income and costs are recorded at…
Q: If an estimate of a contingent loss made in good faith turns out to be incorrect, the financial…
A: Contingent loss: It implies to a loss that may arise in the near future based on the happening or…
Q: QUESTION 8 A company's unadjusted trial balance shows a debit balance of $30,000 in the allowance…
A: Solution: If allowance for doubtful accounts is having debit balance, it means actual bad debts…
Q: Guide Questions. 1. Provide financial Ratio analysis (from horizontal and vertical to Ratio…
A: Here asked for multi sub part question as per guidelines we will solve first three sub part question…
Q: Closing Entries; Net Income On March 31, 20Y9, the balances of the accounts appearing in the ledger…
A: Closing entry is a journal entry, to close the temporary accounts. The closing entries are prepared…
Q: Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a…
A: Solution 1: Unit Product cost under absorption costing = Direct materials + Direct labor + Variable…
Q: not identify which shares she sold. What basis should she use for computing gain or loss?
A: Answer
Q: What are the formulas used to get the answer in dividens, addition to retained earnings, short-term…
A:
Q: Kumar Transport Limited is running four buses between two towns which are fifty miles apart. Seating…
A: Service costing seems to be a sort of operation costing that is used in businesses that develop and…
Q: 5a.Harry and Sally formed the Evergreen partnership by contributing the following assets in exchange…
A: In partner each partner's tax basis is the net value of the partner's contribution.
Q: On November 1, Kotler Company accepted a 3-month note receivable as payment for services provided to…
A: From November 1 to December 31 = 2 months Interest accrued on December 31 = $9,000 x 6% x 2/12 = $90…
Q: Illustration 1. Share-for-share exchanges On January 1, 2022, Frank Co. and Richard, Inc. combined.…
A: 1. Share Premium of the combined company after the business:
Q: O $853,623 O $896,325 O$1.128,600
A: All sorts of future cash flows in respect of adding interest on present value are known as the…
Q: 21. Facts: Earnest and Old (EO), is partnership established under the laws of the Philippines.…
A: In the context of the given question, we are required to compute, whether the income of Mr. Nicanor…
Q: Print Works company has collected actual results for the current month as follows: Actual amounts:…
A: Variance is considered as the difference between budgeted value and actual results. The management…
Q: huctor Eopnant acqued on January ata cot of 30 ss0 han an estimated unete f years and an…
A: Depreciation expense Cost - residual value / useful life of asset Book value Cost - accumulated…
Q: 6. Does the IRS provide a publication on this topic? If so
A:
Q: Kirk Minerals processes materials extracted from mines. The most common raw material that it…
A: Solution: To determine product to be sold at split off point or process further we should compare…
Q: ICE Drilling Inc.s balance sheet information and income statement are as follows: ICE Drilling Inc.…
A: The cash flow statement is prepared to record cash flow from various activities during the period…
Q: Assuming no other changes to the limit order book, which of the following statements is always true?
A: In resulting from the placement of a new limit order only depth and width are changes . Remaining…
Q: QUESTIONS: 9. Provide interpretation of the Horizontal and Vertical Analysis and Ratio Analysis (A).…
A: Horizontal analysis Horizonal analysis is the technique which is used to evaluate the financial…
Q: Werner's Fish House purchases a tract of land and an existing building for $840,000. The company…
A: The cost of land includes all costs connected with obtaining and putting land to use. Cost of Land…
Q: FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a…
A: Using FIFO method, the units that were purchased first are to be sold first. The ending inventory…
Q: please prepare the journal entries for the following info. Morton Company had the following select…
A: Journal entries will be recorded as the first step of recording the transaction. for notes…
Q: What are the formulas used to get the answers in stock issuance (in dollars), stock issuance (in…
A: Stock Issuance refers to the amount that is generated by the company when it sold its shares /…
Q: Failing to accrue expenses that have not been paid in cash will cause a company to report O a.…
A: Solution: As per accrual basis of accounting, all expenses are recognized when incurred and all…
Q: Required information [The following information applies to the questions displayed below.] This year…
A: Accrual basis: Under this basis of accounting, all the revenue earned and expenses incurred related…
Q: Cost of Goods Sold Gross Sales Net Ending Profit Beg Inventory Purchases Inventory Net Sales returns…
A: Formula: Net sales = Sales - Sales returns
Q: The actual cash received from cash sales was $14,953 and the amount indicated by the cash register…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: P10.6 (LO 2) (Borrowing Costs) Cho Landscaping began construction of a new plant on December 1, 2022…
A: Interest expense to be capitalized includes the amount which is yet to be paid but is added to the…
Q: Molina Corporation issues 5,000, 10-year, 8%, $1,000 par value bonds dated January 1, 2017, at a…
A: Premium on bonds payable = Issue value of the bonds - Face value of the bonds where, Issue value of…
Mire Company acquired a 70% interest in the Tyre Company in 2013. For the years ended December 31, 2014 and 2015.Tyre reported net income of $80,000 and $90,000 respectively. During 2014, Tyre sold merchandise to Mire for $10,000 at the profit of $2,000. The merchandise was later resold by Mire to outsiders for $15,000 during 2015. For consolidation purposes,
what is the minority interest's share of Tyre's net income for 2014 and 2015, respectively?
A. $23,400 and $27,600 B. $24,000 AND $27,000
C.$24,600 and $26,400 D. $26,000 and $25,000
Step by step
Solved in 2 steps with 1 images
- Petunia Company acquired an 80% interest in Shaman Company in 2016. In 2017 and 2018, Shaman reported net income of $400,000 and $480,000, respectively. During 2017, Shaman sold $80,000 of merchandise $20,000 profit. Petunia sold the merchandise to outsiders during 2018 for $140,000. to Petunia For consolidation for a purposes, what is the noncontrolling interest's share of Shaman's 2017 and 2018 net income?Liala Ltd acquired all the issued shares of Jordan Ltd on 1 January 2015. The following transactions occurred between the two entities: On 1 June 2016, Liala Ltd sold inventory to Jordan Ltd for $12,000, this inventory previously costed Liala Ltd $10,000. By 30 June 2016, Jordan Ltd had sold 20% of this inventory to other entities for $3,000. The other 80% was all sold to external entities by 30 June 2017 for $13,000. During the 2016–17 period, Jordan Ltd sold inventory to Liala Ltd for $6,000, this being at cost plus 20% mark-up. Of this inventory, 20 % remained on hand in Liala Ltd at 30 June 2017. The tax rate is 30%. Required: (i) Prepare the consolidation worksheet entries for Liala Ltd at 30 June 2017 in relation to the intragroup transfers of inventory 2. Compute the amount of cost of goods sold to be reported in the consolidated income statement for 2017 relating to the relevant intra-group sales.Liala Ltd acquired all the issued shares of Jordan Ltd on 1 January 2015. The following transactions occurred between the two entities: On 1 June 2016, Liala Ltd sold inventory to Jordan Ltd for $12,000, this inventory previously costed Liala Ltd $10,000. By 30 June 2016, Jordan Ltd had sold 20% of this inventory to other entities for $3,000. The other 80% was all sold to external entities by 30 June 2017 for $13,000. During the 2016–17 period, Jordan Ltd sold inventory to Liala Ltd for $6,000, this being at cost plus 20% mark-up. Of this inventory, 20 % remained on hand in Liala Ltd at 30 June 2017. The tax rate is 30%. Required: (i) Prepare the consolidation worksheet entries for Liala Ltd at 30 June 2017 in relation to the intragroup transfers of inventory. (ii) Compute the amount of cost of goods sold to be reported in the consolidated income statement for 2017 relating to the relevant intra-group sales.
- Paggle Corporation owns 80% of Spillway Inc.'s common stock that was purchased at its underlying book value. At the time of purchase, the book value and fair value of Spillway's net assets were equal. The two companies report the following information for 2014 and 2015. During 2014, one company sold inventory to the other company for $50,000 which cost the transferor $40,000. As of the end of 2014, 30% of the inventory was unsold. In 2015, the remaining inventory was resold outside the consolidated entity. 2014 Selected Data: Paggle Spillway Sales Revenue $600,000 $320,000 Cost of Goods Sold 320,000 155,000 Other Expenses 100,000 89,000 Net Income $180,000 $76,000 Dividends Paid 19,000…Paggle Corporation owns 80% of Spillway Inc.'s common stock that was purchased at its underlying book value. At the time of purchase, the book value and fair value of Spillway's net assets were equal. The two companies report the following information for 2014 and 2015. During 2014, one company sold inventory to the other company for $50,000 which cost the transferor $40,000. As of the end of 2014, 30% of the inventory was unsold. In 2015, the remaining inventory was resold outside the consolidated entity. 2014 Selected Data: Paggle Spillway Sales Revenue $600,000 $320,000 Cost of Goods Sold 320,000 155,000 Other Expenses 100,000 89,000 Net Income $180,000 $76,000 Dividends Paid 19,000…Paggle Corporation owns 80% of Spillway Inc.'s common stock that was purchased at its underlying book value. At the time of purchase, the book value and fair value of Spillway's net assets were equal. The two companies report the following information for 2014 and 2015. During 2014, one company sold inventory to the other company for $50,000 which cost the transferor $40,000. As of the end of 2014, 30% of the inventory was unsold. In 2015, the remaining inventory was resold outside the consolidated entity. 2014 Selected Data: Paggle Spillway Sales Revenue $600,000 $320,000 Cost of Goods Sold 320,000 155,000 Other Expenses 100,000 89,000 Net Income $180,000 $76,000 Dividends Paid 19,000 0…
- ) Liala Ltd acquired all the issued shares of Jordan Ltd on 1 January 2015. The following transactions occurred between the two entities: 1. On 1 June 2016, Liala Ltd sold inventory to Jordan Ltd for $12000, this inventory previously costed Liala Ltd $10000. By 30 June 2016, Jordan Ltd had sold 20% of this inventory to other entities for $3000. The other 80% was all sold to external entities by 30 June 2017 for $13000. 2. During the 2016–17 period, Jordan Ltd sold inventory to Liala Ltd for $6000, this being at cost plus 20% mark-up. Of this inventory, 20 % remained on hand in Liala Ltd at 30 June 2017. The tax rate is 30% Required:(i) Prepare the consolidation worksheet entries for Liala Ltd at 30 June 2017 in relation to the intragroup transfers of inventory. (ii) Compute the amount of cost of goods sold to be reported in the consolidated income statement for 2017 relating to the relevant intra-group sales. (b) On 1 July 2016 Liala ltd sold an item of plant to Jordan Ltd for $150000…Company S is 80% owned by Company P. Near the end of 2015, Company S sold merchandise with a cost of $6,000 to Company P for $7,000. Company P sold the merchandise to a nonaffiliated firm in 2016 for $10,000. How much total profit should be recorded on the consolidated income statements in 2015 and 2016? How much profit should be awarded to the controlling and noncontrolling interests in 2015 and 2016?Penny Ltd, a reporting entity, acquired 100% of the issued shares of Lane Ltd on 1 July 2016. The transactions below represent intra-group transactions relevant to the consolidated financial statements for the 2020 (1 July 2019 to 30 June 2020) financial year. On 1 July 2017, Penny Ltd sold an item of plant to Lane Ltd for $320,000. At the date of sale, the plant had an original cost to Penny Ltd of $300,000 and accumulated depreciation of $60,000. At 1 July 2017, the plant had a remaining useful life of 4 years and zero residual value. Both Penny Ltd and Lane Ltd use the straight-line depreciation method for plant and equipment. The company income tax rate is 30%. Required: Show the consolidation adjustment entries needed to eliminate the above intra-group transactions for financial year ended 30 June 2020 in accordance with AASB 10 Consolidated Financial Statements. If no entry is required, please provide a brief explanation why you believe a consolidation adjusting entry is not…
- Peter Corporation acquired an 80% interest in Stern Corporation several years ago when the book values and fair values of Stern's assets and liabilities were equal. At the time of acquisition, the cost of the 80% interest was equal to 80% of the book value of Stern's net assets. Separate company income statements for Peter and Stern for the year ended December 31, 2014 are summarized as follows: Required:Prepare a consolidated income statement for Peter Corporation and Subsidiary for 2014.Liala Ltd acquired all the issued shares of Jordan Ltd on 1 January 2015. The following transactionsoccurred between the two entities: On 1 June 2016, Liala Ltd sold inventory to Jordan Ltd for $12,000, this inventory previouslycosted Liala Ltd $10,000. By 30 June 2016, Jordan Ltd had sold 20% of this inventory to otherentities for $3,000. The other 80% was all sold to external entities by 30 June 2017 for $13,000. During the 2016–17 period, Jordan Ltd sold inventory to Liala Ltd for $6,000, this being at costplus 20% mark-up. Of this inventory, 20 % remained on hand in Liala Ltd on 30 June 2017. Thetax rate is 30%.Required:(i) Prepare the consolidation worksheet entries for Liala Ltd on 30 June 2017 in relation to the intragroup transfers of inventory. (ii) Compute the amount of cost of goods sold to be reported in the consolidated income statement for 2017 relating to the relevant intra-group sales. b) On 1 July 2016, Liala Ltd sold an item of plant to Jordan Ltd Ltd for $150,000…Nascent, Inc., acquires 60 percent of Sea-Breeze Corporation for $414,000 cash on January 1, 2015. The remaining 40 percent of the Sea-Breeze shares traded near a total value of $276,000 both before and after the acquisition date. On January 1, 2015, Sea-Breeze had the following assets and liabilities:The companies’ financial statements for the year ending December 31, 2018, follow:Answer the following questions:a. How can the accountant determine that the parent has applied the initial value method?b. What is the annual excess amortization initially recognized in connection with this acquisition?c. If the parent had applied the equity method, what investment income would the parent have recorded in 2018?d. What amount should the parent report as retained earnings in its January 1, 2018, consolidated balance sheet?e. What is consolidated net income for 2018 and what amounts are attributable to the controlling and noncontrolling interests?f. Within consolidated statements at January 1,…
