ADVANCED FINANCIAL ACCOUNTING-ACCESS
12th Edition
ISBN: 9781260518740
Author: Christensen
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 4, Problem 4.18.6E
To determine
Consolidated
Consolidated Balance sheet presents the assets and liabilities of a parent company and all its subsidiaries on a single document, with no distinction on which items belong to which company.
: Computation of Total
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
After the business combination on the basis of full-goodwill approach, what amount of total assets will be reported? (Use only the given information)
a. P1,081,000
b. P1,121,000
c. P1,196,500
d. P1,231,500
SUBSEQUENT TO DATE OF ACQUISITION
CHAPTER 3: CONSOLIDATION-
21. Patriotism Company purchased 70% of Strength Company on
January 2, 2022 for P420,000. At that date Strength had inventory
and plant assets with market values greater than book values in the
amount of P50,000 and P90,000, respectively. The inventory and
plant assets were assigned to have a remaining life of six months and
five years, respectively. Strength Company has 2022 income and
dividends of P160,000 and P60,000, respectively and 2023 income
and dividends of P210,000 and P80,000, respectively.
The balance of non-controlling interest account on December 31.
180,000
NU beg (420K 787. x30%.)
2023 must be:
a. P223,200
b. P276,000
P169,200
с.
d. P136,800
22. Jenny Company acquired 80% of the equity share capital of Smith
After the business combination on the basis of full-goodwill approach, what amount of stockholders' equity will be reported?
a. P355,000
b. P397,000
c. P419,500
d. P495,000
Chapter 4 Solutions
ADVANCED FINANCIAL ACCOUNTING-ACCESS
Ch. 4 - When is the carrying value of the investment...Ch. 4 - What is a differential? How is a differential...Ch. 4 - Prob. 4.3QCh. 4 - Prob. 4.4QCh. 4 - Prob. 4.5QCh. 4 - Prob. 4.6QCh. 4 - Prob. 4.7QCh. 4 - Prob. 4.8QCh. 4 - Prob. 4.9QCh. 4 - Prob. 4.10Q
Ch. 4 - Prob. 4.11QCh. 4 - What determines whether the balance assigned to...Ch. 4 - What does the termpushdown accountingmean?Ch. 4 - Under what conditions is push-down accounting...Ch. 4 - Prob. 4.15QCh. 4 - Prob. 4.2CCh. 4 - Prob. 4.3CCh. 4 - Prob. 4.4CCh. 4 - Prob. 4.1ECh. 4 - Prob. 4.2ECh. 4 - Prob. 4.3ECh. 4 - Prob. 4.4ECh. 4 - Prob. 4.5ECh. 4 - Prob. 4.6ECh. 4 - Prob. 4.7ECh. 4 - Prob. 4.8ECh. 4 - Prob. 4.9ECh. 4 - Prob. 4.10.1ECh. 4 - Prob. 4.10.2ECh. 4 - Prob. 4.10.3ECh. 4 - Prob. 4.10.4ECh. 4 - Prob. 4.10.5ECh. 4 - Prob. 4.11.1ECh. 4 - Prob. 4.11.2ECh. 4 - Prob. 4.11.3ECh. 4 - Prob. 4.11.4ECh. 4 - Prob. 4.12ECh. 4 - Prob. 4.13ECh. 4 - Prob. 4.14ECh. 4 - Prob. 4.15ECh. 4 - Prob. 4.16ECh. 4 - Prob. 4.17ECh. 4 - Prob. 4.18.1ECh. 4 - Prob. 4.18.2ECh. 4 - Prob. 4.18.3ECh. 4 - Prob. 4.18.4ECh. 4 - Prob. 4.18.5ECh. 4 - Prob. 4.18.6ECh. 4 - Prob. 4.19ECh. 4 - Prob. 4.20ECh. 4 - Prob. 4.21ECh. 4 - Prob. 4.22ECh. 4 - Prob. 4.23ECh. 4 - Prob. 4.24AECh. 4 - Prob. 4.25PCh. 4 - Prob. 4.26PCh. 4 - Prob. 4.27PCh. 4 - Consolidated Balance Sheet Powder Company spent...Ch. 4 - Prob. 4.29PCh. 4 - Prob. 4.30PCh. 4 - Prob. 4.31PCh. 4 - Prob. 4.32PCh. 4 - Prob. 4.33PCh. 4 - Prob. 4.34PCh. 4 - Prob. 4.35PCh. 4 - Prob. 4.36PCh. 4 - Prob. 4.37AP
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Please finish this problemarrow_forwardAfter the business combination on the basis of full-goodwill approach, what amount of investment in Silk will be reported? (Just use what is given from the information) a. P 0 b. P140,000 c. P150,500 d. P215,000arrow_forwardcompute for the consolidate total assetarrow_forward
- After the business combination on the basis of full-goodwill approach, what amount of liabilities will be reported? a. P265,000 b. P436,500 c. P622,000 d. P701,500arrow_forwardConstructing the Consolidated Balance Sheet at Acquisition On January 1 of the current year, Healy Company purchased all of the common shares of Miller Company for $500,000 cash. Balance sheets of the two firms immediately after the acquisition follow: During purchase negotiations, Miller's plant assets were appraised at $425,000 and all of its remaining assets and liabilities were appraised at values approximating their book values. Healy also concluded that an additional $85,000 (for goodwill) demanded by Miller's shareholders was warranted because Miller's earning power was better than the industry average. Prepare the consolidating adjustments and the consolidated balance sheet at acquisition. Use negative signs with consolidating adjustment answers, when appropriate. Current assets Investment in Miller Healy Miller Consolidating Consolidated Company Company Adjustments Balance Sheet $1,400,000 $80,000 $ 500,000 3,000,000 410,000 Plant assets, net Goodwill Total assets $4,900,000…arrow_forwardAfter the business combination on the basis of full-goodwill approach, what amount of consolidated retained earnings will be reported? a. P295,000 b. P268,000 c. P232,000 d. P205,000arrow_forward
- Please Provide Correct Answerarrow_forwardQuestions: a. How much is the Goodwill/Gain on Bargain Purchase? b. How much is the Consolidated Assets? c.arrow_forwardRequired information On January 1, 20X2, Power Company acquired 80 percent of Strong Company's outstanding stock for cash. The fair value of the noncontrolling interest was equal to a proportionate share of the book value of Strong Company's net assets at the date of acquisition. Selected balance sheet data at December 31, 20X2 are as follows: Total Assets Liabilities Common Stock Retained Earnings Total Liabilities & Stockholders' Equity Multiple Choice O $35,200 Based on the preceding information, what amount should be reported as noncontrolling interest in net assets in Power Company's December 31, 20X2, consolidated balance sheet? $48,200 $76,800 Power $ 564,000 O $112,800 180,000 150,000 234,000 $ 564,000 Strong $ 216,000 65,000 80,000 96,000 $ 241,000arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Financial Reporting, Financial Statement Analysis...FinanceISBN:9781285190907Author:James M. Wahlen, Stephen P. Baginski, Mark BradshawPublisher:Cengage Learning
Financial Reporting, Financial Statement Analysis...
Finance
ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:Cengage Learning