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Question - ABC acquired 80% interest in STU in 2021 at a time when STU's book values and fair values were equal. In 2022, STU sold land to ABC for P82,000 that cost P72,000. The land remained in ABC's possession until 2023 when ABC sold it outside the combined entity for P102,000. After the books were closed in 2023,it was discovered that ABC had not considered the unrealized gain from its intercompany purchase of land in preparing consolidated financial statements.The only entry on ABC's book was a debit to Land and a credit to Cash in 2021 forP82,000 and in 2021 a debit to cash for P102,000 and credit to Land for P82,000and gain on sale of land for P20,000. Before the discovery of the error, the consolidated financial statements disclosed the following amounts: Consolidated net income P750,000, P600,000 and P910,000 for 2021, 2022, and 2023 respectively. Land P200,000, P240,000 and P300,000 for 2021, 2022, and 2023 respectively. What is the correct amount of consolidated net income for 2023?
Determine the following measures for the fiscal years ended May 31, 2013 (fiscal 2012), and May 31, 2012 (fiscal 2011). Do not round interim calculations. Round the working capital amount in part (a) to the nearest dollar.
General administration 30%. Prepare the Manufacturing, Trading, Profit and Loss Account for Furnishing Homes for the period ending June 30, 2015.
Develop a business plan for an event company. Identify alternative venues (indoor vs. outdoor, city vs. suburb). Calculate Breakeven point and Target Profit. Describe why you made certain decisions and price points.
Lessee accounting—capital lease. Eubank Company, as lessee, enters into a lease agreement on July 1, 2014, for equipment. The following data are relevant to the lease agreement:
Tomas Makinson , CEO of Tartan Enterprise, Inc. (TEI), is considering a special offer to manufacture a new line of men’s clothing for a large department store chain. TEI has specialized in designer men’s clothing sold in small, upscale retail clothin..
How much interest will Omar pay to SMC on this note? Omar Co. purchased a machine for 260,000 SA from Saudi Machine Company (SMC).
Sinking fund payments for issue of bonds - What is the lowest level to which O'Dowell's EBIT can drop in the first year the bonds are issued without violating the covenants of the loan? O'Dowell's tax rate is 40%.
equity transactions and statement preparationon 5th january 2010 phelps corporation received a charter granting the
Explain the characteristics of relational databases and their role in creation and communication of business intelligence and Identify and assess IT controls
The mileage per day is distributed normally. Find the probability that a truck drives between 97 and 107 miles in a day. (Round your answer to 4 decimal places)
Explain Assets Liabilities Vault Cash $20,000 Checking deposits $200,000 Deposits at Fed $30,000 Net Worth $15,000 Securities $45,000 Loans $120,000
During fiscal year 2012, Virchow Inc. recorded $10,000 of depreciation on a piece of factory equipment used to manufacture cricket bats. Which of the following items would be increased by this depreciation entry?
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