Popo Inc. owns an 80% interest in Sisa Inc. and at December 31,2022, Popo's investment in Sisa
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Popo Inc. owns an 80% interest in Sisa Inc. and at December 31,2022, Popo's investment in Sisa under the cost method was equal to 80% of Sisa's stockholders' equity. During 2023, Sisa sells merchandise to Popo for P100,000 at a gross profit to Sisa of P20,000. At December 31,2023, half of this merchandise is included in Popo's inventory. Separate incomes for Popo and Sisa for 2023 are summarized as follows:
Popo | Sisa | |
Sales | 500,000.00 | 300,000.00 |
Cost of Sales | - 250,000.00 | - 200,000.00 |
Operating Expenses | - 125,000.00 | - 40,000.00 |
CI from own operations | 125,000.00 | 60,000.00 |
In the consolidated statement of CI for 2023, NCI in CI of subsidiary is:
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date: