Compute the consolidated net income attributable

Assignment Help Accounting Basics
Reference no: EM133145526

Question - Mama company acquired 75% of the outstanding shares of Finance Company for P900,000. Book value of Papa Company's net assets is P1,000,000. Upon re-measurement of the acquiree's net assets, it shows that inventory is overstated by P40,000 and an equipment held for 3 years has a fair value and book value of P420,000 and P360,000, respectively. The original cost of the equipment if P576,000 with no residual value. The NCI was measured at its fair value of P275,000. During the year, Mama reported net income from separate operation of P350,000 and received P42,000 dividend from Papa Company. The net income of Papa Company is reported at P135,000. Goodwill impairment attributable to the controlling interest is P13,500.

Compute the consolidated net income attributable to the parent and Non-Controlling Interest - Net Assets Subsidiary ASAP, multiple up-votes will be given.

Reference no: EM133145526

Questions Cloud

Does generations wealth predict college students : Research Question: Does generations wealth predict college students sense of belonging at school?
How much is the total bonus given by partner b : How much is the total bonus given by partner B to the new partners at the time of their admission to the partnership
Training would not get rid of stereotypes : Stereotyping is not something that we can get rid of or avoid. Yes everyone perceives the world differently. They help with responding in certain situations.
Standard part of business communication in the future : As texting remains a prominent form of communication, might text lingo become a standard part of business communication in the future?
Compute the consolidated net income attributable : Compute the consolidated net income attributable to the parent and Non-Controlling Interest - Net Assets Subsidiary ASAP, multiple up-votes will be given
Explain the importance of communication and education plan : 1. Why is it important to analyze an organization's objectives when identifying change requirements or opportunities?
How can your creditworthiness affect your future plans : Question - How can your creditworthiness affect your future plans? Explain the advantages of maintaining a high credit score and some strategies to do so
Simultaneous juggling of the needs of various stakeholders : The complexity of ethics for consultants' due to the privileged position they occupy with their clients and the simultaneous juggling of the needs of various st
Aleut people viewed by the american government : How were Unangax/Aleut people viewed by the American government? What is one of the impacts of the Unangax/Aleut internment/relocation?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd