Reference no: EM132936378
Questions -
Q1) On January 1, 2019, BTS Corp. acquired 30% of the voting share capital of another entity for P2,000,000 which was equal to the carrying amount of interest acquired. The investee reported net income of P1,500,000 for 2019 and paid dividend of P500,000 on December 31, 2019. The investee reported net income of P1,000,000 for the six months ended June 30, 2020 and P2,500,000 for the year ended December 31, 2020 but paid dividend of P1,000,000 on October 1, 2020. On July 1, 2020, BTS Corp. sold half of the investment of P2,000,000. The fair value of the retained investment is P2,200,000 on July 1, 2020 and P2,400,000 on December 31, 2020. The retained investment is to be measured at FVPL. What is the carrying amount of the investment before the disposal on June 30, 2020?
-P2,600,000
-P2,300,000
-P2,450,000
-P2,750,000
Q2) As of January 1, 2020 , ABC Company has an accounts receivable balance of P 750,000. During the year, P 200,000 of the accounts receivable were assigned for a bank loan applied of P 100,000 and P 300,000 were factored with a factoring fee of 5% and 10% were withheld for any anticipated sales returns. Collections from the assigned accounts of P 50,000 were in this was applied first to interest of P 7,000 by ABC Company under non-notification basis. Also, there are sales returns of P 2,000. How much accounts receivable must be presented as of December 31, 2020, assuming only the above transactions happened during the year?
-348,000
-398,000
-350,000
-400,000
|
What is the net present value of the project
: The firm plans to sell the plant at $1.5 billion at the end of year 5. XYZ's WACC is 10%. What is the net present value of the project
|
|
Which method of consolidation should an acquirer company
: Which method of consolidation, should an acquirer Company use if it has problems identifying the goodwill at acquisition? Acquisition method
|
|
What is the correct cash balance at March
: Note collected by bank, including interest of P2,500, not yet taken up on the books - P62,500. What is the correct cash balance at March 31
|
|
What was the balance in x investment in y account
: What was the balance in X's "Investment in Y' account as of December 31st,2020? X acquired 30,000 shares (30% of the outstanding shares)
|
|
How much accounts receivable must be presented
: How much accounts receivable must be presented as of December 31, 2020, assuming only the above transactions happened during the year
|
|
How much is the firm budgeted cash balance at december
: How much is the firm's budgeted cash balance at December 31? Selling and administrative expenses are budgeted at $60,000 for December and are paid in cash.
|
|
Journalize the transactions for ergonomics supply inc
: Journalize the transactions for Ergonomics Supply Inc. Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current year
|
|
How has community-oriented policing affected
: How has community-oriented policing affected the relationship between police and juveniles?
|
|
Prepare a retained earnings statement for the fiscal year
: Pressure Pumps Corporation, a manufacturer of industrial pumps, Prepare a retained earnings statement for the fiscal year ended January 31, 20Y2.
|