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Question - ABC acquired 80% interest in STU in 2021 at a time when STU's book values and fair values were equal. In 2022, STU sold land to ABC for P82,000 that cost P72,000. The land remained in ABC's possession until 2023 when ABC sold it outside the combined entity for P102,000. After the books were closed in 2023, it was discovered that ABC had not considered the unrealized gain from its intercompany purchase of land in preparing consolidated financial statements. The only entry on ABC's book was a debit to Land and a credit to Cash in 2022 for P82,000 and in 2023 a debit to cash for P102,000 and credit to Land for P82,000 and gain on sale of land for P20,000. Before the discovery of the error, the consolidated financial statements disclosed the following amounts: Consolidated net income P750,000, P600,000 and P910,000 for 2021, 2022, and 2023 respectively. Land P200,000, P240,000 and P300,000 for 2021, 2022, and 2023 respectively. Determine the correct amount of consolidated net income for 2023.
Question - Determine the size of the quarterly coupon payments if the accrued bond interest from February 8, 2019 to March 17, 2019 is $5.62
Determine the an addition to the cash balance according to the bank statement, a deduction from the cash balance according to the bank statement
If the balance in the Manufacturing Overhead account is closed directly to Cost of Goods Sold, will Cost of Goods Sold increase or decrease?
Prepared in good form a working paper to determine the upper error and lower error bounds and conclude wheteher the population is correct or not.
Analyze the effect of both full-cost and variable-cost transfer pricing methods on Phipps' cash flows using a spreadsheet program such as Excel.
Show the effect, if any, of the distribution on Taewon's stock basis, ending AAA, ending E&P. Show also the taxability, if any, of distribution to Taewon
The following information pertains to Julia & Company: What is the cost of goods sold for Julia & Company assuming it uses LIFO
Presented below is information related to Larkspur, Inc. Compute the ending inventory for Larkspur, Inc. for 2017 through 2020 using dollar-value LIFO method
Based on projected performance for the first year, do you think the business should undertake the expansion which Andy Crowe has proposed - important for the banker and the Holiday Inn owners to have audited financial statements since Don Foster's ..
In what ways do the two sources of debt financing differ from each other? How do they differ from the two sources of equity financing
Headland Company sells 8% bonds having a maturity value of $2,400,000 for $2,053,950. The bonds are dated January 1, 2017, and mature January 1, 2022. Interest is payable annually on January 1. Collapse question part (a) Determine the effective-inter..
Which statements about the post-closing trial balance is not true? It proves that all necessary transactions have been recorded.
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