Income information for 2020 taken from the separate company financial statements of Mango Corporation and its...
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Income information for 2020 taken from the separate company financial statements of Mango Corporation and its 80% owned subsidiary, Orange Corporation is presented as follows: Sales Loss on sale of building Dividend Income Cost of Goods Sold Depreciation Expense Other expenses Net Income Mango P 2,000,000 50,000 80,000 (1,000,000) (100,000) (200,000) 730,000 Sky P 500,000 (300,000) (50,000) (50,000) P100,000 Mango loss on sale of building relates to a building with a book value of P100,000 and a 5-year remaining useful life that was sold to Orange for P50,000 on January 5, 2020 Intercompany sales for 2020 are upstream (from Orange to Mango) total P 150,000. Perfect's January 1, 2020 and December 31, 2020 inventories contain unrealized profits of P10,000 and P20,000 respectively. Questions 1. How much is the consolidated sales during the period? 2. How much is the consolidated cost of goods sold during the period? 3. How much is the consolidated depreciation expense during the period? 4. How much is the net income attributable to the equity holders of the parent? 5. How much is the net income attributable to Non-Controlling Interest (NCINIS)? 6. How much is the consolidated net income ? Income information for 2020 taken from the separate company financial statements of Mango Corporation and its 80% owned subsidiary, Orange Corporation is presented as follows: Sales Loss on sale of building Dividend Income Cost of Goods Sold Depreciation Expense Other expenses Net Income Mango P 2,000,000 50,000 80,000 (1,000,000) (100,000) (200,000) 730,000 Sky P 500,000 (300,000) (50,000) (50,000) P100,000 Mango loss on sale of building relates to a building with a book value of P100,000 and a 5-year remaining useful life that was sold to Orange for P50,000 on January 5, 2020 Intercompany sales for 2020 are upstream (from Orange to Mango) total P 150,000. Perfect's January 1, 2020 and December 31, 2020 inventories contain unrealized profits of P10,000 and P20,000 respectively. Questions 1. How much is the consolidated sales during the period? 2. How much is the consolidated cost of goods sold during the period? 3. How much is the consolidated depreciation expense during the period? 4. How much is the net income attributable to the equity holders of the parent? 5. How much is the net income attributable to Non-Controlling Interest (NCINIS)? 6. How much is the consolidated net income ?
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Answer rating: 100% (QA)
Answer 1 2350000 2 1160000 3 160000 4 767000 5 18000 6 785000 Workings Sales of Mango Sa... View the full answer
Related Book For
Advanced Accounting
ISBN: 978-0134472140
13th edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
Posted Date:
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