On Jan. 1, 2015, ABC Co. acquired as a long-term investment for P1.4M,a 40% interest in DEF Co.
Q: 9. Which of the following will not appear in a cash budget in the same month? A. Cash sales B.…
A: Cash budget is the estimation of cash receipts and cash payments for the particular period. It helps…
Q: On January 1, 2019, Northern Manufacturing Company bought a piece of equipment by signing a…
A: Notes payable are long-term commitments that indicate the amount of money owing by a company to its…
Q: 94: The following comparable balance sheet for Ibrahim Stores for the year ended Dec.31, 2012:…
A: Introduction An income statement is the financial statement that reveals income and expenditure of…
Q: Note: To complete the assignment, go to the worksheet tab labeled Cash Flow ind complete the…
A: Cash flow statement is a statement which is prepared to find out the cash comes in and goes out , by…
Q: 3y completing the table given below, and then applying the relevant formulae, determine the linear…
A: As per our protocol we provide solution to the one question only but as you have asked two questions…
Q: niums and discounts on a straight line basis. Sneezy Ltd. has a January 31 year end. uired: 1.…
A: Accounting for Bond
Q: movie production studio incurred the following costs related to its current movie: Purchased office…
A: In case of credit purchases the accounts payable will be credited.
Q: newer innovative health financin
A: Innovative financing can enable private investors to participate in health more quickly and bring…
Q: Exercise 5-12 Equivalent Units; Assigning Costs; Cost Reconciliation-Weighted-Average Method (LO5-2,…
A: A cost reconciliation statement is a document that reconciles the profits or losses reported by cost…
Q: Question 14 of 36 Fill in the blanks: The accountant was tasked to reconstruct the books of Refresh…
A: Every business needs goods and services to be used in its business. These may be on cash basis or on…
Q: Maria Young is the sole stockholder of Purl of Great Price Company (POGP Company), which produces…
A: Trial Balance is one of the most important part of Accounting.It consists of a statement of all…
Q: Lia ITZY has determined that the annual demand for number 6 screws is 100,000 screws. Lia, who works…
A: Solution:- i)Calculation of average inventory as follows under:- Average inventory = EOQ / 2
Q: In the month of June, the cash available to partners amounted to
A: Liquidation of Partnership For the liquidation of the partnership it distributed the cash into the…
Q: The ending Retained Earnings balance of Lambert Inc. increased by $1.4 million from the beginning of…
A: Formula: Dividends declared and paid = Net income earned - Increase in Ending retained earnings…
Q: What are the Generally Accepted Auditing Standards? List and briefly explain them.
A: GAAS (Generally Accepted Auditing Standards) is indeed a set of standardized rules used among…
Q: How is the Non-Controlling Interest displayed in a consolidated balance sheet? a. As a separate…
A: Introduction:- Non-controlling interest occurred in business combination. The parent acquires less…
Q: Sandhill has unused productive capacity that is expected to continue indefinitely: management has…
A:
Q: Refer to the following statements: I. the best capital structure is one that maximizes the…
A: An optimum capital structure is where it should be such that proportion up and depth of equity well…
Q: Avalanche Company manufactures a computer with an estimated economic life of 12 years and leases it…
A: Concept of Lease Accounting
Q: Find the monthly payment (in $) and the total interest (in $) for a mortgage of $48,000 at 5% for 40…
A: Monthly payment = P x r x (1 + r)n/[(1 + r)n - 1] where, Principal (P) = 48,000 Monthly interest…
Q: Long-Term Solvency Analysis The following information was taken from Station Company's balance…
A: The balance sheet shows the financial position of the company that involves the assets, liabilities,…
Q: Selected information from the separate and consolidated statements of financial position and…
A: The percent of non-controlling interest ownership in S Company as of December 31, 2019.
Q: Entries for Cash Dividends
A: No Entry will be passed on Jan . 12 as it is clearly mentioned in the question that record…
Q: Differentiate between a cost center and a profit center. _______
A:
Q: You plan to invest in one of two home delivery pizza companies, High and Low, that were recently…
A: Earning per Share Earning per share is one of the important ratio tool which determine the value of…
Q: On January, 2018 Leni Corp. grants each of its 200 employees in the production department share…
A: On Jan 2018, Leni Corp. grants 200 Employees in the Production Department Share Options. Actual…
Q: In rendering cash count the auditor observed that one of the items being presented by the custodian…
A: Audit refers to the examination as well as investigation of the accounting records and the financial…
Q: The adjusted trial balance of ZZZ Corp. on December 31, 2021 includes the following account…
A: Total value of share capital held by a company includes both ordinary and preference share capital.
Q: If JoBlo Inc., has a retained earnings opening balance of $50,000 at the beginning of the and an…
A: Formula: Ending Retained Earnings balance = Beginning Retained Earnings + Net income - Dividends…
Q: to borrow PHP 1.7M from a bank and plans to repay the same amount in 8 years. If the bank charges…
A: Concept of Bank Loan Bank borrowing and amortisation
Q: Krueger Corporation manufactures a single product whose selling price is $134 per unit and whose…
A: Formula: Total contribution margin = Sales revenue - variable cost
Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 10…
A: Introduction: LIFO: LIFO stands for Last in First out. Which means last received inventory to be…
Q: High-Low Method, Cost FormulasThe controller of the South Charleston plant of Ravinia, Inc.,…
A: The high-low technique is a cost accounting system that divides mixed expenses into variable costs.…
Q: Health-Temp Company is a placement agency for temporary nurses. It serves hospitals and clin-ics…
A: I am answering the first three sub-parts of the question as per bartleby guidelines. Please submit…
Q: The profitability and financial position of a firm can be judged to be improving, or det competitors…
A: In business there is need of comparing with other similar companies so that better valuation can be…
Q: The following information concerns production in the Baking Department for December. All direct…
A: The equivalent units are calculated on the basis of percentage of the work completed during the…
Q: Basic Accounting Equation) Fill up the missing amounts for each case Case 1 Case 2 Case 3…
A: The basic accounting equation based on which the financial statements of a business can be prepared…
Q: Vet-Pro, Inc., produces a veterinary grade anti-anxiety mixture for pets with behavioral problems.…
A: Material Variances
Q: Roger Company’ sells one product, and has provided the following variable and fixed estimates for…
A: Solution:- a)Calculation of the amount shown for revenue under the flexible and planning budget for…
Q: st 8 months of 2020. Prepare Carly Fashions’s monthly journal entry to record revenue. For grading…
A: A journal entry is used to record a commercial transaction in the accounting records of a…
Q: luded merchandise purchased from N Company amounting to P39,000 which was sold to them by
A: Equity shareholder's net income is the net income of the parent adjusted for the intercompany…
Q: Salamano Co. is a profitable company based in Malambo Constituency of Mambwe District of Zambia and…
A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…
Q: Big Cup Berhad engages in the manufacturing business. The financial year end is 30 April annually.…
A: Here discuss about the details of the applicability of MFRS 9 in the expected credit losses (ECL)…
Q: Nevada Corporation has 68,200 shares of $25 par stock outstanding that has a current market value of…
A: Formula: Stock split: Splitting of face value of the share in to parts called as Stock split. The…
Q: Effect of Stock Split Yeoman Grill Restaurant Corporation wholesales ovens and ranges to restaurants…
A: Introduction: Stock Split: Splitting of shares face value in to parts called Stock split. The Market…
Q: s at P21 per sh
A: Memo entry is a function that does not contain items posted in the general manual. These entries are…
Q: Marie Company had a 10% P3,000,000 specific construction loan and 12% P25,000,000 general loan…
A: Cost of building will include the expenses incurred on the construction of building and interest on…
Q: Cozy Corporation purchased supplies at a cost of S24,000 during the current year. At January1,…
A: Formula: Supplies expense = Beginning supplies + Purchases - Ending supplies
Q: Closing Entries (Net Income) Use the following partial listing of T accounts to complete this…
A: The closing entries are prepared at year end to close the temporary accounts of the business at year…
Q: Melvin Indecision has difficulty deciding whether to put his savings in Mystic Bank or Four Rivers…
A: Computation of the interest earned at the end of Melvin's investment period at each bank are as…
On Jan. 1, 2015, ABC Co. acquired as a long-term investment for P1.4M,a 40% interest in DEF Co.
when the fair value off DEF’s net asset was P3.5M. DEF reported the following net losses:
2015 1M
2016 1.4M
2017 1.6M
2018, 800,000
On January 1, 2017, ABC made cash advances of P400,000 to Mate. On Dec. 31, 2018, it is not
expected that ABC will provide further support for DEF.
What amount should Sole report in 2018 as loss from investment?
Step by step
Solved in 2 steps
- On July 1, 2017, Entity H acquired 25% of the shares of Oki, Inc. for P1,000,000. At the date, the equity of Oki was P4,000,000, with all the identifiable assets and liabilities being measured at amounts equal to fair value. The table below shows the profits and losses made by Oki during 2017 to 2021: YEAR PROFIT(LOSS) 2017 P200,000 2018 (2,000,000) 2019 (2,500,000) 2020 160,000 2021 300,000 How much share of profit of assocaiate should Entity H report in its 2020 profit or loss? a.Nil b. P40,000 c. P60,000 d. P100,000Daron Co. purchased 20.000 shares of Herkul Co on 2 April 2018. Share price of Herkul Co. was 6 $. Daron company also paid a total commission of 500 $. On 1 June Daron company received a total dividend of 2.000 $ from Herkul Co. The share price of Herkul Co. on 312.2018 was 7 $. Daron company classified this investment as Fair Value Through Profit or Loss (FVTPL) Investments. Make the necessary journal entriesOn January 1, 2023 AAA Company acquired BBB Company 10%, P600,000 bonds for P621,300. The bonds which pays interest on every June 30 and December 31. The bond will mature on January 1, 2028 and were purchased to yield 9%. The business model of the AAA Company in managing investment is to hold the asset in order to collect the contractual cash flows. 1. how much is the interest income in 2023 2.how much is the carrying amount of the bonds at december 31,2023 3.how much is the unamortized portion of premium on december 31, 2024 4. how much cash to be debited on december 31,2024
- Aurum Services, Inc. acquired 100,000 shares of Gamma Metals, Inc. on January 1, 2017. Gamma pays a cash dividend of $0.25 per share on March 2, 2017. With the current investment, Aurum Services, Inc. holds 8% of Gamma. In the journal entry on March 2, 2017, _______. A Long-term Investments—Available-for-Sale is credited B Long-term Investments—Held-to-Maturity is debited C Long-term Investments—Available-for-Sale is debited D Dividend Revenue is creditedOn July 1, 2015, Cleopatra Corporation acquired 25% of the shares of Marcus, Inc. for P1,000,000. At that date, the equity of Marcus was P4,000,000, with all the identifiable assets and liabilities being measured at amounts equal to fair value. The table below shows the profits and losses made by Marcus during 2015 to 2019: Year Profit (Loss) 2015 200,000 2016 2,000,000 2017 2,500,000 2018 160,000 2019 300,000 How much will the Investment in Associate account be debited/credited in 2018? a. P1,035,000 Cr. b. No entry c. P40,000 Dr. d. P1,060,000 Cr.On July 1, 2015, Cleopatra Corporation acquired 25% of the shares of Marcus, Inc. for P1,000,000. At that date, the equity of Marcus was P4,000,000, with all the identifiable assets and liabilities being measured at amounts equal to fair value. The table below shows the profits and losses made by Marcus during 2015 to 2019: Year Profit (Loss) 2015 200,000 2016 2,000,000 2017 2,500,000 2018 160,000 2019 300,000 How much will the Investment in Associate account be debited/credited in 2018? O P1.060.000 Cr. O No entry O P40,000 Dr. O P1.035.000 Cr.
- On July 1, 2015, Cleopatra Corporation acquired 25% of the shares of Marcus, Inc. for P1,000,000. At that date, the equity of Marcus was P4,000,000, with all the identifiable assets and liabilities being measured at amounts equal to fair value. The table below shows the profits and losses made by Marcus during 2015 to 2019: Year Profit (Loss) 2015 200,000 2016 2,000,000 2017 2,500,000 2018 160,000 2019 300,000 How much will the Investment in Associate account be debited/credited in 2018? A. No entry B. 40,000 debit C. 1,035,000 credit D. 1,060,000 creditOn July 1, 2015, Cleopatra Corporation acquired 25% of the shares of Marcus, Inc. for P1,000,000. At that date, the equity of Marcus was P4,000,000, with all the identifiable assets and liabilities being measured at amounts equal to fair value. The table below shows the profits and losses made by Marcus during 2015 to 2019: Year Profit (Loss) 2015 200,000 2016 2,000,000 2017 2,500,000 2018 160,000 2019 300,000 How much will the Investment in Associate account be debited/credited in 2019? Group of answer choices a. P75,000 Dr. b. No entry c. P960,000 Cr. d. P15,000 Dr.On July 1, 2015, Cleopatra Corporation acquired 25% of the shares of Marcus, Inc. for P1,000,000. At that date, the equity of Marcus was P4,000,000, with all the identifiable assets and liabilities being measured at amounts equal to fair value. The table below shows the profits and losses made by Marcus during 2015 to 2019: Year Profit (Loss) 2015 200,000 2016 2,000,000 2017 2,500,000 2018 160,000 2019 300,000 How much will the Investment in Associate account be debited/credited in 2018? P1,035,000 Cr. P1,060,000 Cr. P40,000 Dr. No entry How much will the Investment in Associate account be debited/credited in 2019? P960,000 Cr. No Entry P15,000 Dr. P75,000 Dr.
- On January 1, 2017, Tenants Company acquired as a long term investment for P5,600,000 a 40% interest in an investee when the fair value of the net assets was P14,000,000. The investee reported the following results of operation: 2017 (4,000,000) 2018 (5,600,000) 2019 (6,400,000) 2020 3,200,000 What amount should be reported by tenants as investment loss for the year 2019?On July 1, 2015, Cleopatra Corporation acquired 25% of the shares of Marcus, Inc. for P1,000,000. At the date, the equity of Marcus was P4,000,000. with all the identifiable assets and liabilities being measured at amounts equal to fair value. The table below shoes the profits and losses made by Marcus during 2015 to 2019: Year 2015 200,000 2016 2,000,000 2017 2,500,000 2018 160,000 2019 300,000 How much will the investment in associate account be debited/credited in 2018? A. 1,060,000 Cr B. No entry C. 40,000 Dr D. 1,035,000 CrDuring the year 2018 Nestle sold 3,000 shares of LJ, Inc. for P119,700 and 500 shares of Dwarfy company at a loss of P8,100. On December 31, 2018, Nestle's equity investment portfolio consisted of the following. Cost P24,000 216,000 P240,000 Quantity Fair Value P18,000 246,000 P264,000 Investment Dwarfy Company Alabang Corp. Totals 500 shares 2,000 shares What should be reported as loss on sale of trading securities in 2018? a.60,300 b. 32,400 c. 24,300 d. 68,400 What amount of unrealized gain or loss should be reported in the income statement for the year ended December 31, 2018? e. P180,000 unrealized gain f. P180,000 unrealized loss g. P24,000 unrealized gain h. P24,000 unrealized loss In the December 31, 2018, statement of financial position, what should be reported as carrying amount of trading securities? a. 240,000 b. 234,000 c. 264,000 d. 270,000
