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

  Prepare a post closing trial balance as of december 31 2015

This course contains a course-long project in which you will work on a variety of problems in regards to a computer services company called Business Solutions.  Each module will build upon one another, so it is important to complete each part succ..

  Prepare petty cash payment report for February

Prepare petty cash payment report for February with these categories: delivery expense, mileage expense, postage expense, merchandise inventory

  What tax basis will jasmine have for the land

If Eustace paid a gift tax of $15,000 on the transfer of the gift to Jasmine, what tax basis will Jasmine have for the land

  How much cash did the company receive

Soothing, Inc. is authorized to issue 11%, 10-year bonds payable. How much cash did the company receive upon issuance of the bonds payable

  Essay about the nature of impairment loss

1000 word short essay about the nature of "Impairment loss" and required disclosures including referencing.

  Corporate law case studiesnbspquestion 1 designco pty ltd

corporate law case studiesnbspquestion 1 designco pty ltd designs manufactures and distributes craft kits for children.

  Post the effects to the appropriate t accounts

For each of the transactions in M2- 9 (including the sample), post the effects to the appropriate T- accounts and determine ending account balances. Show a beginning balance of zero. a. (Sample) Borrowed $ 3,940 from a local bank on a note due in six..

  What is the net personal tax liability on dividend

Supposing the shareholder is entitled to a total (federal + provincial) dividend tax credit equal to $20,000, what is the net personal tax liability on dividend

  Describe all the necessary equipment

Write a 4-5 page paper in which you create a plan for a low-cost automated inventory system in which you:

  Prepare a bank reconciliation and necessary journal entries

entriesThe bank made an error by deducting $990 to your account that was not one of your cheques. Prepare a bank reconciliation AND necessary journal entries

  Fb 1 purchase 600 shares of goetz common stock 2 for

dossett company had the following transactions pertaining tostock investmentsfeb. 1 purchase 600 shares of goetz common

  What are the primary types of state and local taxes

What are the primary types of state and local taxes? What is the basis US framework for taxing multinational transactions

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