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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 2023respectively. 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?
What is the carrying amount of the note receivable on December 31,2020? Park Company sold used equipment with a carrying amount
How long the person has been employed at the current company. Date of the interview and whether it took place in person or via phone. Contact information for the person your interviewed.
For 2022, ABC reported operating income of P590,000 and DEF reported net income of P450,000. What is the consolidated net income
Which of the following accounts would appear on a budgeted balance sheet?
How much is the acquisition cost of the machine. On January 2, 2020, Kid Co. purchased a machine on credit terms 2/10, n/30. The invoice price was $40,000.
Compare the amount shown on the year-end balance sheet for the leased asset with that of the lease obligation for the years 2011 through 2015 and explain why the amounts differ.
Can Bristol Ltd elect to take advantage of the exemption in paragraph 5 of AASB 16 Leases from recognising a lease liability and right-of-use asset
Solve the sum of carrying cost and the shortage cost. XYZ is a retailer and sells 198,000 units per year. It purchases from a single supplier.
If you conclude that Alice does need to pay taxes, explain what forms she will need, what deadlines are, and what method you recommend she use to file her taxes
Irresistible Chips, What will be the resulting percentage change in earnings per share if they expect operating profit to change 0.3 percent?
What is the WACC for the firm? The firm also has 1,850,000 shares of 4.45 percent preferred stock which carry an annual dividend of $4.45.
Cougar Corp pays for 3-years of prepaid insurance by paying $5,400. What would be the amount of prepaid insurance listed under current assets on the Cougar Corp’s 2014 Balance Sheet.
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