Determine the consolidated balances of NON-CONTROLLING INTEREST IN NET ASSESTS SUBSIDIARY in the year 20x6. Phlaire acquired
Fantastic news! We've Found the answer you've been seeking!
Question:
Determine the consolidated balances of NON-CONTROLLING INTEREST IN NET ASSESTS SUBSIDIARY in the year 20x6.
Transcribed Image Text:
Phlaire acquired 70 percent of Syanne on July 1, 20x5. Based on the purchase price, proportionate goodwill of P450,000 was recognized. The 20x6 financial statements are as follows: Phlaire Syanne Income Statement Sales P 1,200,000 P 900,000 Cost of Goods Sold Operating Expenses Dividend Income (600,000) (150,000) (802,500) (150,000) 52,500 -0- Net Income 300.000 150.000 Statement of Accumulated Profits Accumulated Profits, January 1, 2016 P1,950,000 300,000 P 1,275,000 150,000 Net Income Dividends Paid (150,000) (75,000) Accumulated Profits, December 31, 2016 P2,100,000 P 1,350,000 Statement of Financial Position Cash and Receivables P 600,000 P 450,000 Inventory Investment in Syanne Fixed Assets 447,000 1,050,000 1,353,000 -0- 1,500,000 900,000 Accumulated Depreciation Total Assets (450,000) P3,450,000 P 2,100,000 (300,000) P 900,000 450,000 Liabilities P 600,000 Ordinary share Accumulated profits Total Liabilities and Equity 150,000 2,100 000 (Ctrl) - P 3,450,000 P 2,100,000 Phlaire sells inventory costing P108,000 to Syanne during 20x5 for P180,000. At year's end, 30 percent is left. Syanne sellsinventory costing P300,000 to Phlaire during 201x for P375,000. At year's end, 20 percent is left Phlaire acquired 70 percent of Syanne on July 1, 20x5. Based on the purchase price, proportionate goodwill of P450,000 was recognized. The 20x6 financial statements are as follows: Phlaire Syanne Income Statement Sales P 1,200,000 P 900,000 Cost of Goods Sold Operating Expenses Dividend Income (600,000) (150,000) (802,500) (150,000) 52,500 -0- Net Income 300.000 150.000 Statement of Accumulated Profits Accumulated Profits, January 1, 2016 P1,950,000 300,000 P 1,275,000 150,000 Net Income Dividends Paid (150,000) (75,000) Accumulated Profits, December 31, 2016 P2,100,000 P 1,350,000 Statement of Financial Position Cash and Receivables P 600,000 P 450,000 Inventory Investment in Syanne Fixed Assets 447,000 1,050,000 1,353,000 -0- 1,500,000 900,000 Accumulated Depreciation Total Assets (450,000) P3,450,000 P 2,100,000 (300,000) P 900,000 450,000 Liabilities P 600,000 Ordinary share Accumulated profits Total Liabilities and Equity 150,000 2,100 000 (Ctrl) - P 3,450,000 P 2,100,000 Phlaire sells inventory costing P108,000 to Syanne during 20x5 for P180,000. At year's end, 30 percent is left. Syanne sellsinventory costing P300,000 to Phlaire during 201x for P375,000. At year's end, 20 percent is left
Expert Answer:
Answer rating: 100% (QA)
Particulars Amount Cost of goods sold of Parent Company 8... View the full answer
Related Book For
Fundamentals of Advanced Accounting
ISBN: 978-0077667061
5th edition
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
Posted Date:
Students also viewed these accounting questions
-
Passerby International purchased 80% of Standaround Company's outstanding common stock for $200,000 on January 2, 2014. At that time, the fair value of Standaround's net assets were equal to the book...
-
Controlling share of consolidated net income is a measurement of income to the stockholders of the parent, but does a change in cash as reflected in a statement of cash flows also relate to other...
-
In 2010, Nelson Communications purchased a controlling interest in Telnetco that resulted in goodwill in the 2010 consolidated financial statements of $4,500,000. There are no other intangible assets...
-
Write a critical review paper on the topic of financial management in the broad sense.
-
How has technology (a) had an impact on analyzing waiting-line systems? (b) improved waiting-line performance?
-
Financial planning can be more complex than the percentage of sales approach. Often, the assumptions behind the percentage of sales approach may be incorrect. For example, if the amount of fixed...
-
This case deals with several issues regarding contract formation under the UCC. Logan and Kanawha Coal agreed to purchase coal from Detherage via a fax dated March 9, 2010. The fax stated that it had...
-
Following are transactions and events of the General Fund of the City of Springfield for the fiscal year ended December 31, 2012. 1. Estimated revenues (legally budgeted) Property taxes .........
-
why is cardinality important to a relational database model? How is it usually defined and what types of GIS analysis operations is it particularly important to? Provide specific examples in your...
-
During a pregame warmup period, two basketballs collide above the hoop when in the positions shown. Just before impact, ball 1 has a velocity v 1 which makes a 30 angle with the horizontal. If the...
-
Snowbird Company was granted a patent on January 1, 2019, which had cost $68,000 and has a legal life of 17 years. However, due to expected technological changes, the expected useful life of the...
-
Pick the most labile compound in the following: (A) Mn(n-C5H5)2 (B) Fe(n-C5H5)2 (C) Co(n-C5H)2 (D) Ni(n-C5H5)2 (E) they are equally stable. 3+ Pick the highest Re-Re bond order in the following: (A)...
-
12/2 oras M Show all work with correct conversion factors and in one set-up using dimensional analysis. Make sure you include the appropriate units and significant figures. 6. 1. 2. 5. 3. 4. maho to...
-
Calculate the %N contained in Ammonium Sulfate fertilizer? a. Chemical formula of ammonium sulfate: b. Mass of N (g) in one mole of ammonium sulfate: c. Mass of H (g) in one mole of ammonium sulfate:...
-
The compound shown here is classified as what type of organic compound? A) aldehyde B) ketone C) alcohol D) ester E) alkane
-
A 12.13 gram sample of an organic compound containing C, H and O is analyzed by combustion analysis and 21.63 grams of CO2 and 8.855 grams of HO are produced. In a separate experiment, the molar mass...
-
A box contains 7 red marbles, 5 white marbles, and 6 blue marbles. If a marble is randomly selected from the box, what is the probability that it is red? Express your answer as a fraction or a...
-
In Problem 8.43, determine the smallest value of for which the rod will not fall out of the pipe. IA -3 in.-
-
Anchovy acquired 90 percent of Yelton on January 1, 2011. Of Yelton's total acquisition-date fair value, $60,000 was allocated to undervalued equipment (with a 10-year life) and $80,000 was...
-
Lancer, Inc., starts a subsidiary in a foreign country on January 1, 2012. The following account balances for the year ending December 31, 2013, are stated in kanquo (KQ), the local currency: Sales ....
-
On January 1, 2011, Plano Company acquired 8 percent (16,000 shares) of the outstanding voting shares of the Sumter Company for $192,000, an amount equal to Sumter's underlying book and fair value....
-
Souvenir Sales. The file SouvenirSales.csv contains monthly sales for a souvenir shop at a beach resort town in Queensland, Australia, between 1995 and 2001. [Source: Hyndman and Yang (2018).] Back...
-
Analysis of Canadian Manufacturing Workers Workhours. The time plot in Figure 18 . 22 describes the average annual number of weekly hours spent by Canadian manufacturing workers...
-
Toys R US Revenues. Figure 18 . 23 is a time plot of the quarterly revenues of Toys R US between 1992 and 1995 (thanks to Chris Albright for suggesting the use of these data, which are available in...
Study smarter with the SolutionInn App