Leading Responsibly: Given the challenges that businesses face in Lebanon, what are the most important elements for
Fantastic news! We've Found the answer you've been seeking!
Question:
Leading Responsibly: Given the challenges that businesses face in Lebanon, what are the most important elements for companies to implement to ensure that they remain 'ethical'? Give an example.
Transcribed Image Text:
Determine the following: 4. Non controlling interest in net income of subsidiary 5. 6. Consolidated Retained Earnings Consolidated equity On January 1, 2019, Parent Company purchased 80% of the outstanding shares of Subsidiary Company by paying P340,000. The Subsidiary Company's Share Capital and Retained Earnings on this date amounted to P150,000 and P230,000 respectively. Also, on this date, an equipment was undervalued by P20,000 with remaining useful life of 10 years. On the same date, Parent Company had P1,000,000 of Share Capital and P700,000 of Retained Earnings . Below are the additional information: Sales Cost of Sales Gross Income Expenses Net Income Dividends paid Parent 300,000 165,000 135,000 35,000 100,000 Determine the following: 7. Parent Investment as of December 8. Net Income Attributable to Parent 9. Net Income Attributable to NCI 10. Consolidated Equity 60,000 L . 31, 2019 On January 2, 2020, Honesty Corporation purchased 80% of the outstanding shares of Character Company for a consideration of P19,000,000 Included in the price paid is control premium in the amount of P500,000 The acquisition-related cost amounts to P45,000. At that date, Character had P16,000,000 ordinary shares outstanding and retained earnings of P6,400,000 of Subsidiary 150,000 100,000 50,000 20,000 30,000 Character's equipment with a remaining life of 5 years had a book value of P9,000,000 P10,520,000 Character's remaining assets had book values equal to their fair values 10,000 . The income and dividend figures for both Honesty and Character are as follows: Net income of Honesty in 2020 is P3,600,000 ; 2021 is P4,400,000 Net income of Character in 2020 is P1,360,000 ; 2021 is P2,040,000 Dividends declared by Honesty in 2020 is P880,000; 2021 is P1,560,000 Dividends declared Honesty retained earnings at the date of acquisition by Character in 2020 is P280,000; 2021 is P520,000 was P13,800,000 " Required: 11. What is the consolidated profit in 2021 ? 12. What is the non-controlling interest in net assets in 2021? and a fair value of . Determine the following: 4. Non controlling interest in net income of subsidiary 5. 6. Consolidated Retained Earnings Consolidated equity On January 1, 2019, Parent Company purchased 80% of the outstanding shares of Subsidiary Company by paying P340,000. The Subsidiary Company's Share Capital and Retained Earnings on this date amounted to P150,000 and P230,000 respectively. Also, on this date, an equipment was undervalued by P20,000 with remaining useful life of 10 years. On the same date, Parent Company had P1,000,000 of Share Capital and P700,000 of Retained Earnings . Below are the additional information: Sales Cost of Sales Gross Income Expenses Net Income Dividends paid Parent 300,000 165,000 135,000 35,000 100,000 Determine the following: 7. Parent Investment as of December 8. Net Income Attributable to Parent 9. Net Income Attributable to NCI 10. Consolidated Equity 60,000 L . 31, 2019 On January 2, 2020, Honesty Corporation purchased 80% of the outstanding shares of Character Company for a consideration of P19,000,000 Included in the price paid is control premium in the amount of P500,000 The acquisition-related cost amounts to P45,000. At that date, Character had P16,000,000 ordinary shares outstanding and retained earnings of P6,400,000 of Subsidiary 150,000 100,000 50,000 20,000 30,000 Character's equipment with a remaining life of 5 years had a book value of P9,000,000 P10,520,000 Character's remaining assets had book values equal to their fair values 10,000 . The income and dividend figures for both Honesty and Character are as follows: Net income of Honesty in 2020 is P3,600,000 ; 2021 is P4,400,000 Net income of Character in 2020 is P1,360,000 ; 2021 is P2,040,000 Dividends declared by Honesty in 2020 is P880,000; 2021 is P1,560,000 Dividends declared Honesty retained earnings at the date of acquisition by Character in 2020 is P280,000; 2021 is P520,000 was P13,800,000 " Required: 11. What is the consolidated profit in 2021 ? 12. What is the non-controlling interest in net assets in 2021? and a fair value of .
Expert Answer:
Answer rating: 100% (QA)
Given the challenges that businesses face in Lebanon it is crucial for companies to implement a strong ethical framework that guides their operations ... View the full answer
Related Book For
Advanced Financial Accounting
ISBN: 978-0078025624
10th edition
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
Posted Date:
Students also viewed these accounting questions
-
Equipment costing $90,000 with a useful life of 10 years and a residual value of $6,000 has been depreciated for 6 years by the straight-line method. Assume a fiscal year ending December 31. (a) What...
-
A machine with a useful life of 10 years and a residual value of $4,000 was purchased for $30,000. What is annual depreciation under the straight-line method?
-
A company projects an increase in net income of $ 184500 each year for the next five years if it invests $ 900000 in new equipment. The equipment has a 5 -year life and an estimated salvage value of...
-
Identify each of the following items as revenues, expenses, or withdrawals from the drop down provided. 1. Advertising expense 2. Consulting revenue 3. Rent expense 4. Rental income 5. Wages expense...
-
Fathom Consulting Services acquired land three years ago for $25,000. Fathom recently signed an agreement to sell the land for $80,000. In accordance with the sales agreement, the buyer transferred...
-
In 2023, Kipp invested $65,000 for a 30% interest in a partnership conducting a passive activity. The partnership reported losses of $200,000 in 2023 an $100,000 in 2024, Kipp's share being $60,000...
-
For a linear viscoelastic material, the creep response under a constant stress is followed by a "recovery response" after the stress is removed at some time, \(t_{0}\). Using the Boltzmann...
-
The May transactions of Chulak Corporation were as follows. May 4 Paid $700 due for supplies previously purchased on account. 7 Performed advisory services on account for $6,800. 8 Purchased supplies...
-
Consider the vector field F(x, y, z) = (5z+4y)i+ (z+4x)j+(y+5x)k. a) Find a function f such that F = f and f(0,0,0) = 0. f(x, y, z) = b) Suppose C is any curve from (0, 0, 0) to (1, 1, 1). Use part...
-
Consider the two mutually exclusive projects in Table P5.49. Salvage values represent the net proceeds (after tax) from disposal of the assets if they are sold at the end of each year. Both projects...
-
let I and Y be separable Banach space that means it has a countable subset which is dense in y sa Defi Bounded linear operator let I and Y be a normed space and T: D(T) - Y a linear operator, where D...
-
A work center operates for 150 hours, and the actual production during that time is equivalent to 120 hours of work. Calculate the utilization of the work center. A work center completes 80 units in...
-
On January 1, 2024, the Mason Manufacturing Company began construction of a building to be used as its office headquarters. The building was completed on September 30, 2025. Expenditures on the...
-
Give a comment on ways to expand ideas on below discussion: {Please do not use an AI or any source for response} To develop a segmentation scheme for a new salon located two blocks from campus, we...
-
Continuous improvement processes are used to solve problems in multiple types of businesses and industries, including manufacturing and production, service, office environments, and the military....
-
Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company has two manufacturing departments-Molding and Fabrication. It started, completed, and sold...
-
Exploring the role of physical activity in heat production.
-
One Way Cellular accountants have assembled the following data for the year ended September 30, 2014: Prepare the operating activities section using the indirect method for One Way Cellulars...
-
Dawnes has just been elected treasurer of the local professional association of registered nurses. The association provides public health messages for the community as well as services for members....
-
Bower Company purchased Lark Corporations net assets on January 3, 20X2, for $625,000 cash. In addition, Bower incurred $5,000 of direct costs in consummating the combination. At the time of...
-
Kiwi Painting Company engages in a number of foreign currency transactions in euros (¬). For each of the following independent transactions, determine the dollar amount to be reported in the...
-
Is private ownership of land a universal concept that applies to all societies? How much variation in ownership is found among forager groups?
-
How are forager religions different from your own? Are there any similarities?
-
How can the study of contemporary foragers provide us with an understanding of Paleolithic lifestyles?
Study smarter with the SolutionInn App