Sure Corporation, a 75% own subsidiary of Pretty Corporation sells inventory to its parent at 125%...
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Sure Corporation, a 75% own subsidiary of Pretty Corporation sells inventory to its parent at 125% above cost, while Pretty Corporation sells merchandise to its subsidiary at 120% of cost. Inventories of the two companies for 2022 are as follows: Beginning inventory Ending inventory 000,0019 bisq pala Pretty Corp. P400,000 001 Required 500,000 no Sure Corp. P250,000 200,000 Pretty Corporation's beginning and ending inventories include merchandise acquired from Sure Corporation of P150,000 and P200,000, respectively. Sure Corporation also reported beginning and ending inventories from Pretty Corporation of P80,000 and P60,000, respectively. 1. If Sure Corporation reported a net income for 2022 of P300,000, how much is the non-controlling interest on subsidiary net income? 2. In the consolidated balance sheet, how much inventory should be 000.00 betrogen reported? bisq Sure Corporation, a 75% own subsidiary of Pretty Corporation sells inventory to its parent at 125% above cost, while Pretty Corporation sells merchandise to its subsidiary at 120% of cost. Inventories of the two companies for 2022 are as follows: Beginning inventory Ending inventory 000,0019 bisq pala Pretty Corp. P400,000 001 Required 500,000 no Sure Corp. P250,000 200,000 Pretty Corporation's beginning and ending inventories include merchandise acquired from Sure Corporation of P150,000 and P200,000, respectively. Sure Corporation also reported beginning and ending inventories from Pretty Corporation of P80,000 and P60,000, respectively. 1. If Sure Corporation reported a net income for 2022 of P300,000, how much is the non-controlling interest on subsidiary net income? 2. In the consolidated balance sheet, how much inventory should be 000.00 betrogen reported? bisq
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Step 1 Sure corporation is a subsidiary to the extend of 75 of pretty corporati... View the full answer
Related Book For
Advanced Accounting
ISBN: 9780132568968
11th Edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
Posted Date:
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