Exercise 13 If Total capital of subsidiary is CU 300,000 and out of this CU 240,000 is owned by Holding. What is the amount of minority interest if outside shareholder % is 20%.
Q: Martinez, Inc. has budgeted sales revenues as follows: Credit sales Cash sales Total sales Past…
A: The cash collection and purchases payment schedules are prepared to find the cash collection and…
Q: The fixed rent per month is P5,000. The salary and supplies expenses are P50 for every P100 services…
A: Given, Fixed rent per month is P5,000. Salary and supplies expense are P50 for every P100 services…
Q: 2. Prepare a contribution-margin-based income statement for Super-Tees Company for the coming year.…
A: CONTRIBUTION MARGIN BASED INCOME STATEMENT A contribution margin income statement is an income…
Q: You have been recently engaged to audit the Manila branch of Cookie Cola Corporation for its…
A: Internal controls in cash management - are the controls placed to ensure the identification and…
Q: Q5-32 The following T account balances are taken from Forester Corp. Manufacturing Overhead 395,000…
A: Journal entry is the primary step to record the transaction in the books of accounts. Overapplied…
Q: Give 2 Components of an entity to be classified as discontinued operation: Give the three…
A: Components of an entity to be classified as discontinued operation Represents a distinct main…
Q: A taxpayer is an active participant in a ge
A: As per IRS rules ordinary dividends are taxed at normal tax rate [ as per tax…
Q: Problem 2-22 (IFRS) (20) Iskor Jamaica Company, a retailer of electrical goods, participates in a…
A: Revenue should be allocated to sale of goods & sale of points based on stand-alone price, Given,…
Q: 1. How do you determine the cost of goods available for a given period? b. Purchases plus ending…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: Ultimo Company operates three production departments as profit centers. The following information is…
A: The departmetal contribution to overhead is the amount contributed by the department to overhead…
Q: The stockholders' equity section of Light Corporation's balance sheet at January 1 follows: Common…
A: Statement of stockholders' equity represents the stockholders equity, preference shares, retained…
Q: Sales Cost of goods sold Gross profit $175,000 105,000 $70,000 Prepare a vertical analysis of the…
A: The vertical analysis of income statement is performed as comparing all the elements of the income…
Q: Allowance for doubtful accounts has a credit balance of $9000 at the end of the year, before…
A: Net sales = Sales - Sales returns and allowances Bad debts expense = Net sales*2%
Q: A bond issue had the following details: $1.00
A: Bond represents the loan taken by the company on which a specific percentage of interest has to be…
Q: Exercise 5-10 (Algo) Recording sale purchases, shipping, and returns- and seller LO P1, P2 Sydney…
A: The basic documentation of each transaction that is put into financial accounting is referred to as…
Q: What is lease rent and lease income? Do I have to record initial direct costs when I record…
A: The question pertains to operating lease where the lease period is for some part of the life of the…
Q: If assets are $296,000 and owners equity is $135,000, the amount of liabilities is
A: The correct answer is: $161,000
Q: Servicing business using non-conventional reporting of income has P600,000 service revenue. The cost…
A: Gross profit: The difference between the sales and the cost of goods sold is called gross income.…
Q: Assume the following (1) selling price per unit = $25, (2) variable expense per unit = $13, (3) unit…
A: Contribution margin: The difference between the sales and the variable costs is called contribution…
Q: The standard rate of pay is $18 per direct labor hour. If the actual direct labor payroll was $80960…
A: Actual Direct Labour Rate per hour :— It is calculated by dividing actual direct labour costs by…
Q: Esquire Clothing is a manufacturer of designer suits. For June 2020, each suit is budgeted to take 4…
A: Actual performance is evaluated in comparison to the benchmark, which has been set in advance. If…
Q: Analysis Analysis Bal Sheet Inc Stmt Prepare a vertical analysis of the balance sheets for Year 4…
A: Vertical analysis permits proportional study of financial statements i.e. income statement, Balance…
Q: Determine the following as a result of your audit: a. The proposed adjusting journal entries for the…
A: During Audit, there are chances to find many discrepancies in the books of Account. In providing…
Q: Suppose that a bond has a face value of $200 000 and its maturity date is 10 years from now. The…
A: Time value of money :— According to this concept, value of money in present day is greater than the…
Q: Real estate tax is levied for the calendar year from Jan 1 to Dec 31 and is payable in the following…
A: Governments levy taxes as obligatory charges on persons or goods in essentially every country on the…
Q: Exercise 3-8 (Algo) Adjusting and paying accrued expenses LO P3 a. On April 1, the company hired an…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: (c) Annual rate of return. (Round answer to 2 decimal places, e.g. 15.25%) Annual rate of return %
A: One of the traditional techniques that is used for capital budgeting is the annual/ accounting rate…
Q: November 3 The company purchased $2,700 of merchandise on credit from Hart Company, terms n/20.…
A: The cash receipts journal is prepared to record the cash receipts transactions for the period. The…
Q: List basic concepts underlying prepration of balance sheet
A: The time period stability sheet refers to a monetary declaration that reviews an enterprise's…
Q: Support Department Cost Allocation-Direct Method Charlie's Wood Works produces wood products (e.g.,…
A: Costing refers to any system for assigning expenses to a business component. Costing is widely used…
Q: In 2022, Pane in the Glass window company sold 100 windows on account for $200 each, By 12/31/2022 ,…
A: the balance sheet is prepared by the company and it a record all the expect of the assets on the…
Q: On July 15, 2024, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: Instructions 1. Compute the margin and tumover ratios for each year 2. Compute the ROI for each year…
A: Operating Asset or Fixed Asset Turnover Ratio represent the sales with respect to Average Operating…
Q: Jay-Zee Company makes an in-car navigation system. Next year, Jay-Zee plans to sell 19,000 units at…
A: Variable Cost :— It is the cost that changes with change in cost driver. Variable cost per cost…
Q: Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library…
A: Financial statements mainly comprise three statements, income statement, balance sheet, and cash…
Q: 5. A business has the following budgeted financial data for next January February Production units…
A: Labor Costing - The overall expense incurred by employers to employ workers is represented by labor…
Q: AST Corporation donated a piece of land to the Municipality of Palanas, Masbate Province for the…
A: Introduction A tax called the "Donor's Tax" is levied when property is gratuitously transferred…
Q: Nico Manufacturing Company applies process costing in the manufacture of its best-seller product,…
A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number…
A: Closing Entries - Closing entries are required to close the temporary accounts after making…
Q: Which of the following is a condition a taxpayer must meet to claim injuries spouse? The spouse: A.…
A: The answer for the multiple choice question and relevant explanation are presented hereunder : What…
Q: Based on the accounting records, the total assets book value as of January 1, 2021 is P1,875,362.99…
A: Net income under physical capital concept is calculated if there is an increase in net assets at the…
Q: a) Metro Jaya factory manufactures eraser products. Each unit of their eraser costs RM4 and the…
A: Breakeven is the point at which the profit of the company is zero as company recover its fixed cost…
Q: At the beginning of the year, Fairbridge, Inc. purchased an investment in Miller Milling Mills for…
A: The management and evaluation of accounts that are actively involved in investments is known as…
Q: Pertinent information for two alternatives A and B is shown below. If i=10%/year and the effective…
A:
Q: Sheffield Company is preparing its direct labor budget for 2022 from the following production budget…
A: The direct labor budget is prepared to record the direct labor cost to be incurred during the…
Q: Use the following information from the Adjustments columns of a 10-column work sheet. Unadjusted…
A: S.no. Account. Debit($) Credit($) A Insurance expense 1198…
Q: You were engaged to audit the financial statements of JBC Company for the year 2022. The following…
A: Retained earnings are the accumulated earnings of the company, and the ending balance of retained…
Q: he Ahram Company net income was 100,000 L.E. for the year ended on 31/12/2016. The examination of…
A: The value of assets decreases with time because the equipment lost value with time but depreciation…
Q: June 6, 2022 Czarina borrowed Php10,000 to Cardo Lending Company that will mature on November 8,…
A: In order to calculate the time period between the maturity of loan the date of loan taken and the…
Q: King Company estimated that it would operate its manufacturing facilities at 800,000 direct labour…
A: In total variable overhead variance, the spending variance states the amount of variance due to the…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 11 - If the capital share between 10% and 50% of the total capital of another enterprise is acquired, which of the following accounts is debited?A) Accounts Receivable From AffiliatesB) Affiliates AccountC) Affiliates AccountD) Long Term Securities AccountE) Capital Commitments to AffiliatesIf the unrealized profit of sales from parent to a subsidiary is GHC2,000 and NCI in the subsidiary has 30% share interest, what amount of the unrealized profit is chargeable to the group's retained earnings? DA GHC2.000 B. GHC1400 OC GHC600 D. GHCOQUESTION 3 Given below are the statements of financial position of H and its subsidiary of S as at 31st December 2016 H S RM RM Ordinary shares of RMI each 600,000 350,000 Revaluation reserve 80,000 30,000 Retained profit 120,000 60,000 Liabilities 110,000 15,000 910000 455000 Sundry assets 560,000 455000 Investment in S- 280,000 ordinary 350,000 shares at cost 910000 455000 H acquired 280,000 of 350,000 ordinary shares of S on 1 January 2013 when the balances in S accounts were: Revaluation reserve: Retained profit: RM25000 RM45000 a. Prepare the statement that clearly show the amount of goodwill, non- controlling interest, group retained profit and group revaluation reserve.
- What is the total amount of share premium to be reported by the surviving company?a. P1,000,000 c. P1,750,000b. P944,600 d. P1,400,000Question 1 a) Given below are the statements of financial position of H and its subsidiary S as at 31 December 2021. Ordinary shares of RM1.00 each Share premium Revaluation reserve Retained profit Liabilities Inventory Accounts receivable H RM 120,000 250,000 70,000 100,000 Fixed Assets - Land 300,000 Investment in S - 150,000 ordinary shares at cost 250,000 RM Share premium 50,000 Revaluation reserve 15,000 Retained profit 20,000 S RM 500,000 200,000 100,000 50,000 40,000 30,000 50,000 20,000 50,000 50,000 740,000 350,000 i. NCI is not measured at fair value. H acquired 150,000 of the ordinary shares of S on 1 January 2017 when the balance in S's accounts were: 740,000 350,000 Required: Prepare the consolidated statement of financial position of H and of its subsidiary S as at 31 December 2021 where: ii. NCI is measured at fair value where the fair value of S's shares on 1 January 2017 was RM1.45 per share and on 31 December 2021 was RM1.809. Tiger acquired 20% share capital of Deer on 1 August 2021 at the cost of £5.5million. Tiger has classified Deer as an associate undertaking. For the year ended 31 October 2021, Deer has reported a net profit of £937,500. What is the value of the associate investment in the group statement of financial position of Tiger as at 31 October 2021? A. £5,546,875 B. £6,125,000 C. £5,968,750 D. £5,500,000 10. Hyperverse plc acquired 80% of the share capital of Lyca plc on 1/10/2018 for £340,600. The profit for the year ended 31/12/2018 for Lyca was £36,000. Profits are deemed to accrue evenly over the year. At 31/12/2018 the following extracts of the statement of financial position for Lyca has been provided: Equity share capital Retained earnings What is the goodwill on acquisition? A. £150,000 B. £184,650 C. £159,000 D. £177,000 £200,000 £180,000
- aba DCACU RAG 2) ECRI Corporation is a holding company with four main subsidiaries. The percentage of its business coming from cach of the subsidiaries, and their respective betas, are as follows: Beta Subsidiary Percentage of Business 0.80 0.90 1.60 1.50 45% 30% Electric utility Cable company Real estate International/special projects 15% 10% a. What is the holding company's beta? percent and the market risk premium b. Assume that the risk-free rate is is 3 percent. What is the holding company's required rate of return?Daddy Group has the following group structure:Daddy Ltd80% 80%27%Son 1 Ltd Son 2 Ltd Son 3 Ltd70% 55%30 %Son 4 Ltd Son 5 Ltd10% 5% 45% 95%Son 6 Ltd Son 7 Ltd(a) Reproduce and complete the following controlling and non-controlling interest table. Showyour calculations.(b) What percentage of the voting in Son 7 Ltd will be controlled by the Daddy Ltd?(c) What percentage of the dividend declared by Son 7 Ltd will be received by the Daddy Ltd?Daddy Interest Son 1 Son 4 Son 2 Son 5 Son 7 Son 6 Son 3Direct %Indirect %Non-controllingInterestDirect %Indirect %Totalquity Problem 4: Legal and Contributed Capital Aquinde Corporation has the following accounts in its shareholders equity on February 1, 20x1: Preference share, P100 par Ordinary share, P50 par Subscribed preference share Subscription receivable - preference Subscribed ordinary share Subscription receivable - ordinary Share premium - preference Share premium - ordinary Retained earnings Treasury share 5,000 ordinary share at cost 2,500,000 5,500,000 1,500,000 800,000 2,000,000 600,000 200,000 400,000 2,000,000 400,000 Required: Compute the following Contributed capital b. Legal capital Total shareholders' equity a. C.
- 4. An entity showed the following data:Share capital, par value P50 5,000,000Share premium 200,000Retained Earnings 2,000,000Market value of share on declaration date 75Market value of share on distribution date 85Treat each item independently: a. If the entity would declare a 1 for 5 share dividend, what amount would be charged to retained earnings? b. What amount will be credited to share premium if the entity would declare 15% share dividend?The Daddy Group has the following group structure:Daddy Ltd80% 80%27%Son 1 Ltd Son 2 Ltd Son 3 Ltd70% 55%30 %Son 4 Ltd Son 5 Ltd10% 5% 45% 95%Son 6 Ltd Son 7 Ltd(a) Reproduce and complete the following controlling and non-controlling interest table. Show your calculations. (b) What percentage of voting in Son 7 Ltd will be controlled by Daddy Lt(c) What percentage of the dividend declared by Son 7 Ltd will be received by Daddy Ltd?4. An entity showed the following data:Share capital, par value P50 5,000,000Share premium 200,000Retained Earnings 2,000,000Market value of share on declaration date 75Market value of share on distribution date 85Treat each item independently: e. If the entity would declare a 2 for 1 share split, How much would be the new par value?
