Solution-What amount should con report in december

What amount should con report in december

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Reference no: EM132746174

Con Co. had the following transactions with two subsidiaries, Ver (80% owned) and Gys (75% owned) during 2020: Ver acquired merchandise totalling P105,000 from Con, Inc., the selling affiliate had a P31,500 gross profit. The buying affiliate had P26,250 of this inventory on hand at year end. Con purchased merchandise totaling P420,000 from Gys Corp. Gys' gross profit on the sale was P84,000. The buying affiliate had P98,000 of this inventory remaining on December 31, 2020. Before eliminating entries, The separate entities had combined current assets of P525,000

Problem 1: What amount should Con report in its December 31, 2020 Consolidated Statement of Financial Position for current assets?

A) P400,750
B) P497,525
C) P525,000
D) P552,475

Problem 2: The adjustment to compute the 2020 consolidated net income attributable to controlling interest would be a decrease of:

A) P27,475
B) P124,250
C) P22,575
D) P21,000

Reference no: EM132746174

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What amount should con report in december

Reference no: EM132746174

Reference no: EM132746174

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