Reference no: EM132755201
Questions -
Q1) Clark Company had the following transactions with affiliated parties during 2019:
Sales of P60,000 to Dean, with P20,000 gross profit. Dean had P15,000 of this inventory on hand at year-end. Clark owns a 15% interest in Dean and does not exert significant influence.
Purchases of raw materials totaling P240,000 from Kent Corporation, a wholly-owned subsidiary. Kent's gross profit on the sale was P48,000. Clark had P60,000 of this inventory remaining on December 31, 2019.
Before eliminating entries, Clark had consolidated current assets of P320,000. What amount should Clark report in its December 31, 2019, consolidated balance sheet for current assets?
Q2) DADA Corporation has acquired 80% of the outstanding stocks of MAMA Company at book value. During the current year, MAMA sold its own merchandise inventories to DADA for P50,000. Normally, MAMA charges 25% mark-up on cost on the intercompany sales. Inventory balance of DADA Corporation at the end of the current year amounted to P20,000.
If net income reported in the books of subsidiary amounted to P183,000, how much will be the share of non-controlling interest in the consolidated net income?
Q3) DADA2 Corporation has acquired 75% of the outstanding stocks of MAMA2 Company at book value. During the current year, MAMA2 sold its own merchandise inventories to DADA2 for P60,000. Normally, MAMA2 charges 25% mark-up on cost on the intercompany sales. Inventory balance of DADA2 Corporation at the end of the current year amounted to P30,000.
If cost of goods sold per books of DADA2 and MAMA2 were P120,000 and P110,000, respectively, how much will be presented as consolidated cost of goods sold?
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