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Questions -
Q1. On July 1,2021, ABC Co. acquired 99% of the outstanding ordinary share capital of DEF Co. for P990,000 cash. The remaining 1% was held by a shareholder who was unwilling to sell the share. DEF's net assets had a book value of P950,000 and a fair market value of P50,000 more than the carrying value when it was acquired by ABC. The non-controlling interest using the full goodwill method should be reported at?
Q2. On January 1,2021 ABC acquired 90% of DEF. Analysis of data relative to this purchase indicated that goodwill of P70,000 was acquired in this purchase. The goodwill in unimpaired. On July 1,2021, DEF sold a patent to ABC. The sales price was P140,000. DEF's book value was P70,000. DEF estimated that the patent has a life of 5 years and no salvage value. It will use straight line depreciation. For 2023, ABC's net income is P560,000 from its own operations. DEF had net income of P140,000. What the 2023 net income attributable to equity holders of ABC?
At the end of the five years, what is the net book value of the machine? Calculate the depreciation expense for 2020 using the straight-line method
The following information is available for GFI's maintenance cost over the last seven months. Use the high low method to estimate the fixed and variable components of its maintenance cost. Would this be an effective way to estimate these costs? Ju..
The contract price is $4,000,000, and King determined that its performance obligation was satisfied over time. How much gross profit or loss does King recognize
What effect would such a clause have on the riskiness of the lease from Lewis's standpoint? From the lessor's standpoint
Company B reported lower COGS than Company A this year. Prices rose throughout the year. Which of the two companies most likely reports under US GAAP
Calculate the annual saving if the economic order quantity model is used to determine an optimal ordering policy. Ignore financing costs
On January 1, 2010, Palmiero incurred organization costs of $275,000. What amount of organization expense should be reported in 2010?
Refer to the information presented in Mini-Exercise 6.3. Assume that Gandolfi Construction Co. calculated depreciation expense for the CAT 336DL earth mover on the straight line method and reported $480,000 of net income for the year ended December 3..
On jan 1 2011 pearce com purchased an 80% interest in the capital stock of searl com for 2460000. at the time searl co had capital stock of 1500000 amd retaines earnings of 300000. Calculate the controlling interest in consolidates net income for 2..
In the consolidated income statement for Princess Corporation and subsidiary for the year 2018, how much is consolidated cost of sales?
Use this information to prepare the General Journal entries (without explanation) for the July 15 sales & the July 21 collections
If you were a member of the School District board, what factors would you consider in evaluating the two bids?
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