User Account

All Pages

Determine the non-controlling interest on December

Assignment Help Accounting Basics
Reference no: EM132980580

Question - KEN Company acquired 80% of the outstanding shares of BUFF Company on July 1, 2019 for P800,000. On this date BUFF Company's net assets had book values equal to their fair values except for Inventory which was understated by P20,000 and building with a remaining useful life of 10 years was understated by P50,000. BUFF also reports capital stock of P800,000 and retained earnings of P200,000 as of July 1, 2019.For the year ended December 31, 2019, MICAHEL and BUFF Company report Income from their own operations of P250,000 and P150,000 each, income is earned evenly throughout the year and paid dividends of P200,000 and P50,000 on December 15, 2019.

A. If on December 31, 2021, KEN Company and BUFF Company reports retained earnings of P2,000,000 and P400,000 each respectively, (assume neither company declared any dividends), determine the consolidated retained earnings as of December 31, 2021.

B. Determine the non-controlling interest on December 31, 2019 if KEN Company values the non-controlling interest at fair value.

C. Determine the Consolidated net income of the controlling interest for the year 2019.

Reference no: EM132980580

Questions Cloud

Demonstrated ability to exert influence over others : Demonstrated ability to exert influence over others with integrity, to guide activities and relationships in a group, and to move a team forward
Saving lives by decreasing accidents : Autonomous cars are being developed and tested with a goal of being introduced to our roadways in upcoming years. Many people welcome this new technology which
List four different foods that are sources of the bad form : -State the chemical composition of the sterol present in high levels in most people who belong to the high-risk group.
What value does a human person have according to worldview : Discuss How does your position affect your stance on controversial bioethical issues, such as abortion, designer babies, and stem cell research?
Determine the non-controlling interest on December : Determine the non-controlling interest on December 31, 2019 if KEN Company values the non-controlling interest at fair value
Discuss the steps of an action learning program : Which aspect of action learning do you think is most beneficial for learning? Which aspect is most beneficial for transfer of training? Explain why. Defend your
How does theory determine recommendations for action : What theory do you agree with? Why? How would that theory determine or influence the recommendation for action?
Consumerism and corporate social responsibility : What is the relationship between ethical consumerism and corporate social responsibility? Is this liaison already being felt in Philippine economy and commerce?
What is the balance of the accumulated surplus : What is the balance of the Accumulated Surplus (Deficit), End to be resented in the Statement of Financial Position as of December 31, 1020

Reviews

Write a Review

Accounting Basics Questions & Answers

  Do not retype the information above you should use this

carpet companys abc analysis indicates that manufacturing overhead costs include large costs incurred for setups when a

  Determine the ending balance of aaa

She receives a $6,000 distribution, and her share of S corporation items includes a $2,000 long-term capital gain and a $9,000 ordinary loss. Determine the ending balance of AAA, stock basis, and AEP.

  What is Maria and Javier qualified business income

Maria and Javier are the equal partners in MarJa, a partnership that is a qualfied trade or business. What is Maria and Javier qualified business income

  Explain the outsourcing accounting functions

You have been employed for two years in the accounting department of a midsized multinational consumer products company. Your performance has been outstanding.

  Problem on an independent contractor

What are the factors that determine if an individual is an independent contractor or an employee and discuss some of the consequences to both the company.

  What tax rates are applicable to these capital gains

Jeanette, an individual in the 24% marginal tax bracket, recognized a $20,000 long-term capital gain. What tax rates are applicable to these capital gains

  Describe two or three reasons why inventory errors ignored

describe two or three reasons why inventory errors should not be ignored. Then describe the steps needed to correct these errors

  Compute Bridgeports postretirement expense

Bridgeport Corporation has the following information available concerning its postretirement benefit plan for 2020. Compute Bridgeports postretirement expense

  Calculating the cost minimization

Carolina Power and Light (CP&L) is a small electric utility located in the Southeast. CP&L currently uses coal-fired capacity to satisfy its base load electricity demand, which is the minimum level of electricity demanded 24 hours per day, 365 day..

  Find how much revenue from investment should plano report

How much revenue from investment should Plano report in 2017? Stromboli Inc. earns $450,000 and pays cash dividends of $150,000 during 2017.

  What is the amount of accounts payable at June

Credit purchases are paid for in the month following the purchase. Credit purchases in April were $34,000. What is the amount of accounts payable at June

  Determine the net realizable value of accounts receivable

At the end of the current year, Accounts Receivable has a balance of $3,460,000; Determine the net realizable value of accounts receivable

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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