Consolidated net is the total net income of parent company excluding any income from subsidiaries. Consolidated net income is reported on the consolidated income statement for periods after acquisition. There is also intercompany transfer between parent company and its subsidiaries. Journal Entry made by P to record the sale of Equipment in 20X6 to S’ incorporation.

Question

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Answer 1

Question

Chapter 7, Problem 7.30P

(a)

To determine

Introduction: Consolidated net is the total net income of parent company excluding any income from subsidiaries. Consolidated net income is reported on the consolidated income statement for periods after acquisition. There is also intercompany transfer between parent company and its subsidiaries.

Journal Entry made by P to record the sale of Equipment in 20X6 to S’ incorporation.

(b)

To determine

Introduction: Consolidated net is the total net income of parent company excluding any income from subsidiaries. Consolidated net income is reported on the consolidated income statement for periods after acquisition. There is also intercompany transfer between parent company and its subsidiaries.

Consolidated entries for intercompany transfers.

(c)

To determine

Introduction: Consolidated net is the total net income of parent company excluding any income from subsidiaries. Consolidated net income is reported on the consolidated income statement for periods after acquisition. There is also intercompany transfer between parent company and its subsidiaries.

Net income of S' incorporation

(d)

To determine

Introduction: Consolidated net is the total net income of parent company excluding any income from subsidiaries. Consolidated net income is reported on the consolidated income statement for periods after acquisition. There is also intercompany transfer between parent company and its subsidiaries.

Separate Net income of P’s 20X7.

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EXCELSIOR COMMUNITY COLLEGE HOSPITALITY MANAGEMENT ACCOUNING MID-SEMESTER ACCT4301 UNIT 2 Section A of this assessment is to be done on Canvas Section B Answer all questions in this section - round off your answers to two decimal places Instructions: Responses should be written on paper. Take a CLEAR, WELL-LIGHTED picture of each page, the upload to Canvas. 1. The following information relates to Moonlight Hotel 2018 2019 $ change % change Net sales 1,818,500 1,750,000 Cost of Goods Sold 1,005,500 996,000 Operating profit 813,000 754,000 Selling and administrative expenses 506,000 479,000 Income from operations 307,000 275,000 Other expenses and losses Interest expenses 18,000 19,000 Income before income taxes 289,000 256,000 Income tax expenses 86,700 77,000 Net Income 202,300 179,000 Required: i. Use the above information to prepare the comparative analysis income statement.

Answer 2

Question

Chapter 7, Problem 7.30P

(a)

To determine

Introduction: Consolidated net is the total net income of parent company excluding any income from subsidiaries. Consolidated net income is reported on the consolidated income statement for periods after acquisition. There is also intercompany transfer between parent company and its subsidiaries.

Journal Entry made by P to record the sale of Equipment in 20X6 to S’ incorporation.

(b)

To determine

Introduction: Consolidated net is the total net income of parent company excluding any income from subsidiaries. Consolidated net income is reported on the consolidated income statement for periods after acquisition. There is also intercompany transfer between parent company and its subsidiaries.

Consolidated entries for intercompany transfers.

(c)

To determine

Introduction: Consolidated net is the total net income of parent company excluding any income from subsidiaries. Consolidated net income is reported on the consolidated income statement for periods after acquisition. There is also intercompany transfer between parent company and its subsidiaries.

Net income of S' incorporation

(d)

To determine

Introduction: Consolidated net is the total net income of parent company excluding any income from subsidiaries. Consolidated net income is reported on the consolidated income statement for periods after acquisition. There is also intercompany transfer between parent company and its subsidiaries.

Separate Net income of P’s 20X7.

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Answer 3

Question

Chapter 7, Problem 7.30P

(a)

To determine

Introduction: Consolidated net is the total net income of parent company excluding any income from subsidiaries. Consolidated net income is reported on the consolidated income statement for periods after acquisition. There is also intercompany transfer between parent company and its subsidiaries.

Journal Entry made by P to record the sale of Equipment in 20X6 to S’ incorporation.

(b)

To determine

Introduction: Consolidated net is the total net income of parent company excluding any income from subsidiaries. Consolidated net income is reported on the consolidated income statement for periods after acquisition. There is also intercompany transfer between parent company and its subsidiaries.

Consolidated entries for intercompany transfers.

(c)

To determine

Introduction: Consolidated net is the total net income of parent company excluding any income from subsidiaries. Consolidated net income is reported on the consolidated income statement for periods after acquisition. There is also intercompany transfer between parent company and its subsidiaries.

Net income of S' incorporation

(d)

To determine

Introduction: Consolidated net is the total net income of parent company excluding any income from subsidiaries. Consolidated net income is reported on the consolidated income statement for periods after acquisition. There is also intercompany transfer between parent company and its subsidiaries.

Separate Net income of P’s 20X7.

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Answer 4

Question

Chapter 7, Problem 7.30P

(a)

To determine

Introduction: Consolidated net is the total net income of parent company excluding any income from subsidiaries. Consolidated net income is reported on the consolidated income statement for periods after acquisition. There is also intercompany transfer between parent company and its subsidiaries.

Journal Entry made by P to record the sale of Equipment in 20X6 to S’ incorporation.

(b)

To determine

Introduction: Consolidated net is the total net income of parent company excluding any income from subsidiaries. Consolidated net income is reported on the consolidated income statement for periods after acquisition. There is also intercompany transfer between parent company and its subsidiaries.

Consolidated entries for intercompany transfers.

(c)

To determine

Introduction: Consolidated net is the total net income of parent company excluding any income from subsidiaries. Consolidated net income is reported on the consolidated income statement for periods after acquisition. There is also intercompany transfer between parent company and its subsidiaries.

Net income of S' incorporation

(d)

To determine

Introduction: Consolidated net is the total net income of parent company excluding any income from subsidiaries. Consolidated net income is reported on the consolidated income statement for periods after acquisition. There is also intercompany transfer between parent company and its subsidiaries.

Separate Net income of P’s 20X7.

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Answer 5

Chapter 7, Problem 7.30P

(a)

To determine

Introduction: Consolidated net is the total net income of parent company excluding any income from subsidiaries. Consolidated net income is reported on the consolidated income statement for periods after acquisition. There is also intercompany transfer between parent company and its subsidiaries.

Journal Entry made by P to record the sale of Equipment in 20X6 to S’ incorporation.

(b)

To determine

Introduction: Consolidated net is the total net income of parent company excluding any income from subsidiaries. Consolidated net income is reported on the consolidated income statement for periods after acquisition. There is also intercompany transfer between parent company and its subsidiaries.

Consolidated entries for intercompany transfers.

(c)

To determine

Introduction: Consolidated net is the total net income of parent company excluding any income from subsidiaries. Consolidated net income is reported on the consolidated income statement for periods after acquisition. There is also intercompany transfer between parent company and its subsidiaries.

Net income of S' incorporation

(d)

To determine

Introduction: Consolidated net is the total net income of parent company excluding any income from subsidiaries. Consolidated net income is reported on the consolidated income statement for periods after acquisition. There is also intercompany transfer between parent company and its subsidiaries.

Separate Net income of P’s 20X7.

Answer 6

Chapter 7, Problem 7.30P

(a)

To determine

Introduction: Consolidated net is the total net income of parent company excluding any income from subsidiaries. Consolidated net income is reported on the consolidated income statement for periods after acquisition. There is also intercompany transfer between parent company and its subsidiaries.

Journal Entry made by P to record the sale of Equipment in 20X6 to S’ incorporation.

Answer 7

Chapter 7, Problem 7.30P

(a)

To determine

Introduction: Consolidated net is the total net income of parent company excluding any income from subsidiaries. Consolidated net income is reported on the consolidated income statement for periods after acquisition. There is also intercompany transfer between parent company and its subsidiaries.

Journal Entry made by P to record the sale of Equipment in 20X6 to S’ incorporation.

Answer 8

(b)

To determine

Introduction: Consolidated net is the total net income of parent company excluding any income from subsidiaries. Consolidated net income is reported on the consolidated income statement for periods after acquisition. There is also intercompany transfer between parent company and its subsidiaries.

Consolidated entries for intercompany transfers.

Answer 9

(b)

To determine

Introduction: Consolidated net is the total net income of parent company excluding any income from subsidiaries. Consolidated net income is reported on the consolidated income statement for periods after acquisition. There is also intercompany transfer between parent company and its subsidiaries.

Consolidated entries for intercompany transfers.

Answer 10

(c)

To determine

Introduction: Consolidated net is the total net income of parent company excluding any income from subsidiaries. Consolidated net income is reported on the consolidated income statement for periods after acquisition. There is also intercompany transfer between parent company and its subsidiaries.

Net income of S' incorporation

Answer 11

(c)

To determine

Introduction: Consolidated net is the total net income of parent company excluding any income from subsidiaries. Consolidated net income is reported on the consolidated income statement for periods after acquisition. There is also intercompany transfer between parent company and its subsidiaries.

Net income of S' incorporation

Answer 12

(d)

To determine

Introduction: Consolidated net is the total net income of parent company excluding any income from subsidiaries. Consolidated net income is reported on the consolidated income statement for periods after acquisition. There is also intercompany transfer between parent company and its subsidiaries.

Separate Net income of P’s 20X7.

Answer 13

(d)

To determine

Introduction: Consolidated net is the total net income of parent company excluding any income from subsidiaries. Consolidated net income is reported on the consolidated income statement for periods after acquisition. There is also intercompany transfer between parent company and its subsidiaries.

Separate Net income of P’s 20X7.

Answer 14

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Answer 15

Expert Solution & Answer

Answer 16

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Answer 17

Ch. 7 - Prob. 7.1Q Ch. 7 - Prob. 7.2Q Ch. 7 - Prob. 7.3Q Ch. 7 - Prob. 7.4Q Ch. 7 - Prob. 7.5Q Ch. 7 - Prob. 7.6Q Ch. 7 - Prob. 7.7Q Ch. 7 - Prob. 7.8Q Ch. 7 - Prob. 7.9Q Ch. 7 - Prob. 7.10Q

Solution Summary: The author explains that the total net income of parent company excluding any income from subsidiaries is reported on the consolidated income statement for periods after acquisition.

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Chapter 7 Solutions