What amount should Dysabel report as Cost of Sales in its 2020 consolidated income statement? a) 1,012,5000
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What amount should Dysabel report as Cost of Sales in its 2020 consolidated income statement?
a) 1,012,5000
b.) 918,000
c.) 675,000
d.) 580,500
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- Camille, Inc., sold $147,000 in inventory to Eckerle Company during 2020 for $245,000. Eckerle resold $109,000 of this merchandise in 2020 with the remainder to be disposed of during 2021. Assuming that Camille owns 34 percent of Eckerle and applies the equity method, what journal entry is recorded at the end of 2020 to defer the intra-entity gross profit?Camille, Inc., sold $130,000 in inventory to Eckerle Company during 2020 for $250,000. Eckerle resold $89,000 of this merchandise in 2020 with the remainder to be disposed of during 2021. Assuming that Camille owns 20 percent of Eckerle and applies the equity method, what journal entry is recorded at the end of 2020 to defer the intra-entity gross profit? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.)Acker Inc. bought 40% of Howell Co. on January 1, 2020 for $576,000. The equity method of accounting was used. The book value and fair value of the net assets of Howell on that date were $1,440,000. Acker began supplying inventory to Howell as follows: YEAR/ COST TO ACKER/ TRANSFER PRICE/ AMOUNT HELD BY HOWELL AT YEAR-END: 2020/ $55,000/ $75,000/ $15,000 2021/ $70,000/ $110,000/ $55,000 Howell reported net income of $100,000 in 2020 and $120,000 in 2021 while paying $40,000 in dividends each year. what is the equity in Howell income that should be reported by Acker in 2021? options are $32,000 - $41,600 - $48,000 - $49,600 - $50,600
- P Company acquired a 75% interest in S Company in 2018. S reported net income of P325,000 in 2020. During 2019, there was an upstream sales of merchandise for P76,000 at a cost of P52,000. Two-fifths of the merchandise was later resold by P to outsiders for P35,000 during 2020. In 2020, P purchased merchandise from S for P88,000 at a profit of P32,000. One-fourth of the merchandise was resold by P to outsiders for P27,000 during 2020. Compute the non-controlling interest in net income in 2020P Corporation owns 80 percent of S Inc.’s common stock. During 2020, P sold Inventory to S for $250,000 on the same terms as sales made to third parties. S sold all of the inventory purchased from P in 2020 The following information pertains to S and P sales for 2020 P s Sales $1,000,000 $ 700,000 Cost of Sales (400,000) (350,000) Gross Profit $ 600,000 $ 350,000 What amount should P report as cost of sales in its 2021 consolidated income statement Select one: a. $680,000 b. $430,000 c. $750,000 d. $500,000Razor Afternoon Co. owns 80% interest in Slice Morning Co. During 2019, Razor sold inventories costing ₱200,000 to Slice for ₱300,000. One-fourth of the inventories were unsold as of December 31, 2019 and were included in Slice’s year-end statement of financial position at the purchase price from Razor. The individual financial statements of Razor and Slice on December 31, 2019 show the following information: Razor Slice Inventory 1,260,000 380,000 Sales 6,700,000 2,700,000 Cost of sales (3,015,000) (1,755,000) Gross profit 3,685,000 945,000 There are no fair value adjustments arising from the business combination date. Write the Eliminating Entries for Periodic Inventory System.
- Below are Lebnas Corp.’s 2019 income statement and comparative balance sheet at 12/31/2019 and 12/31/2018. Additional information: On December 31, 2018, Lebnas acquired 25% of Island ’s common stock for $609,000. On that date, the carrying value of Island’s assets and liabilities, which approximated their fair values, was $2,435,000. Island reported income of $319,000 for the year ended December 31, 2019. No dividend income was received by Lebnas on Island’s common stock during the year 2019. During 2018, Lebnas loaned $797,500 to POI , an unrelated company. POI made the first semi-annual principal repayment of $72,500, plus interest at 10%, on December 31, 2018. POI is current on the loan as of December 31, 2019. On January 2, 2019, Lebnas sold equipment costing $145,000, with a carrying amount of $44,950 for cash. On December 31, 2019, Lebnas entered into a finance lease for a new The present value of the annual rental…Pader Inc. acquired 75% of Mader Inc. ordinary shares. During 2020, Pader Inc. produced 200,000 balls at a cost of P79 each and sol 140,000 balls to Mader Inc. for P90 each. Mader Inc. sold 72,000 balls to unrelated parties for P117 each prior to December 31, 2020 and sold the remaining in early 2021 for P130 each. Both entities use perpetual inventory system. What amount of cost of goods sold should be reported in the consolidated income statement in 2020?* a. P 11,060,000 b. P 11,852,000 c. P 5,688,000 d. P 6,480,000Squid Corporation, a 90% owned subsidiary of Penguin Corporation, sold inventory items to its parent for a profit of $24,000 in 2020. Penguin resold one-third of this inventory to outside entities. Squid reported net income of $100,000 for 2020. Minority interest income in the consolidated income statement for 2020 is
- The following transactions occurred for the period ended regarding LL and its two subsidiaries L1 and L2: On January 1, 2020, LL acquired 60% of the outstanding common stocks of L1. On April 1, 2020, LL acquired 70% of the outstanding common stocks of L2. It is the policy of LL to account all its investment in subsidiary using cost method in its separate financial statements On May 1, 2020, LL sold inventory to L2 at a price of P100,000. On June 1, 2020, L2 resold the inventory coming from LL at a price of P150,000 as follows: 80% to unrelated parties and 20% to L1. On July 1, 2020, L1 sold a new set of inventory to L2 at a price of P200,000. On august 1, 2020, L2 resold the inventory coming from L1 at a price of P300,000 as follows: 40% to unrelated parties and 60% to LL. For the period ended December31, 2020, the affiliates reported the following sales revenue in their separate income statement: o LL – Sales Revenue P3,000,000 o…Pizza Factory Company owns 100% controlling interest in its long held subsidiary; The Sugar Company and they use the Equity Method. Pizza Factor sells inventory to Sugar Company for a 25% Gross Profit. During 2019 and 2020, intercompany sales amounted to: Intercompany Sales: 2019 840,000 2020 930,000 At the end of 2019, Sugar Company had one-fifth of the goods purchased that year from Pizza Factory in its ending inventory. At the end of 2020, Sugar Company's 2020 ending inventory contained one-fourth of that year’s purchases from Pizza Factory. There were no intercompany sales prior to 2019. Prepare in general journal form all entries necessary on the consolidated statements…Virginia Corp. owned all of the voting common stock of Stateside Co. Both companies use the perpetual inventory method, and Virginia decided to use the partial equity method to account for this investment. During 2020, Virginia made cash sales of $400,000 to Stateside. The gross profit rate was 30% of the selling price. By the end of 2020, Stateside had sold 75% of the goods to outside parties for $420,000 cash. Prepare journal entries for Virginia and Stateside to record the sales/purchases during 2020.