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Problem 1: ABC Corp owns 60% of the outstanding shares of GHI Company, which it purchased for P42,000 above underlying book value of P604,800 on December31, 2021. For the year 2024, GHI included in its net income P75,600 of unrealized gain on a year-end sale of depreciable assets to ABC. The non-controlling interest of GHI was computed for P10,080 of income in the 2024 consolidated financial statements. The purchase difference allocated to building which is amortized over 20 years. What is the amount of the reported net income of GHI Company from its own operation, if the net income of ABC from its own operation for 2024 amounted to P157,500
How much would CEE's Net Income (loss) in 2018 on that contract? How much would CEE's net Income (loss) in 2019 on that contract?
If Polaris sells 20,000 door handles and 40,000 trim kits, what is the operating income? How many door handles and how many trim kits must be sold for Polaris to break even?
Investors and lenders place significant importance, How ROA is important for managers' analysis of its own performance, particularly when ROA is disaggregated.
Explain briefly the nature of the business, the environment/industry the company is operating in and the reasons for selecting this company.
Determine the correct accounting treatment. Prepare any required journal entries. (If no entry is required for a transaction/event)
When factory payroll costs are assigned to products in a job cost accounting system :
What was Under Armour's allowance for doubtful accounts in 2006 and 2007? Was a larger percentage of the gross accounts receivable considered uncollectible at December 31, 2006 or 2007?
Draft the statement of comprehensive income of Hydan Ltd. for the year ended 31st December. Draft the statement of financial position of Hydan Ltd
Create a forecast of the units and cost of raw material that will be required for February, March, and April. The expected cost per pound of raw material is expected to be $2 in February, $2.30 in March, and $2.40 in April.
During its first year of operations, Chocolate Passion, Inc., had sales of $361,000, all on account. Industry experience suggests that Chocolate Passion’s uncollectible will amount to 2% of credit sales. At December 31, 2012, accounts receivable tota..
Explain the presentation of marketable securities in Western's balance sheet at December 31, 2007. In 2008, Western engaged in the following transaction.
Provide the journal entries related to income taxes for 2020 assuming the amount of tax due has been paid. What amount of income tax expense will be recorded
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