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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 2021 for P82,000 and in 2021 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.
Under IAS 2, what adjustment needs to be made after an inventory write-down if the selling price subsequently increases?
Prepare a budget report based on flexible budget data to help Joe
Molina Corporation is authorized to issue 10,000 shares of $40 par value, 10% preferred stock and 200,000 shares of $5 par value common stock. On January 1, 2010, the ledger contained the following stockholders' equity balances.
Explain terms 'direct' and 'indirect' costs. Your answer should include an explanation of the way in which a cost item can be both a direct and indirect cost
What is the initial investment outlay for the spectrometer, i.e, what is the Year 0 project cash flow? You must evaluate the purchase of a proposed spectrometer
Prepare the journal entries to summarize the history of the building as it would be reported in the city's government-wide statements
Jan 8 Corp purchased inventory costing $200,000 by paying $120,000 in cash, What will the impact of the Jan 8 event on the company's balance sheet on that date
Show the proper balance sheet presentation for the liability for bonds payable on the December 31, 2011, balance sheet.
Explain what is meant by the terms 'finance lease' and 'operating lease' and how operating leases should be accounted for in the financial statements of lessee companies.
ABC Construction Co, Calculate the amount of gross profit to the recognized each year assuming the percentage-of-completion method is used.
On 1 January 2015, Bad Ltd acquired all the assets and liabilities of Wolf Ltd. Prepare the journal entries to account for the impairment loss at 31 December
Although cost savings could justify this project, do you think they are the main reason for pursuing it? Should MediaMath go ahead with the system even if it does not promise direct savings?
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