At the end of 2011, Pepper Company's shareholders' equity includesordinary share of P500,000 and share premium of P300,000.Pepper Company purchased a 70 percent interest in Slimy Companyon January 1, 2011, when the non-controlling interest in SlimyCompany had a fair value of P90,000. No differential arose fromthe business combination. During 2011, Slimy Company reportsnet income of P20,000 and declares dividend of P5,000. The 2011consolidated statement of financial position includes retainedearnings of P630,000.7) Determine the consolidated shareholders' equity on December 31,2011.bne(Gen) inemgiup21922A 1610Ta. 1,524,500b. 1,324,500C. 1,365,000d. 1,560,500.Michael Corporation owned 70% of the voting common stock ofGabriel Company. On January 2, 2014, Gabriel sold a parcel of landto Michael. The land had a book value of P32,000 and was sold toMichael for P45,000. Gabriel's reported net income for 2014 was119,000.8) What is the non-controlling interest's share of Gabriel's netincome?000,00000,08 9a. 35,700b. 31,800C. 39,600d. 22,200Bernie Inc. owned 70% of the voting common stock of Jessie Corp.During 2014, Jessie made several sales of inventory to Bernie. Thetotal selling price was P180,000 and the cost was P100,000. At theend of the year, 20% of the goods were still in Bernie' inventory.Jessie's reported net income was P300,000.9) What was the non-controlling interest in Jessie's net income?a. 90,000b. 85,200c. 54,000d. 94,800Elizabeth Company acquired 100% of Louie Inc. on January 5, 2014.During 2014, Elizabeth sold Louie for P2,400,000 goods that costP1,800,000. Louie still owned 40% of the goods at the end of theyear. Cost of goods sold was P10,800,000 for Elizabeth andP6,400,000 for Louie.10) What was consolidated cost of goods sold?a. 15,040,000b. 14,800,000C. 16,960,000d. 14,560,000000,01S300,003000.2000.05000.00 000Rohan Corporation holds assets with a fair value of P150,000 and abook value of P125,000 and liabilities with a book value and fairvalue of P50,000.6) What balance will be assigned to the non-controlling interest inthe consolidated balance sheet if Helms Company pays P90,000to acquire 75 percent ownership in Rohan and goodwill ofP20,000 is reported?a. P50,000b. P30,000C. P40,000d. P20,000eboop to Jaoo beoisbiloend000,003000,00000,00

“Since you have asked multiple question, we will solve the first question for you. If you want any…

000.00 Rohan Corporation holds assets with a fair value of P150,000 and a book value of P125,000 and liabilities with a book value and fair value of P50,000. 6) What balance will be assigned to the non-controlling interest in the consolidated balance sheet if Helms Company pays P90,000 to acquire 75 percent ownership in Rohan and goodwill of P20,000 is reported? a. P50,000 b. P30,000 c. P40,000 d. P20,000 bloe cboog to Je05 beiel 00 000.003.1 000,009

000.00 Rohan Corporation holds assets with a fair value of P150,000 and a book value of P125,000 and liabilities with a book value and fair value of P50,000. 6) What balance will be assigned to the non-controlling interest in the consolidated balance sheet if Helms Company pays P90,000 to acquire 75 percent ownership in Rohan and goodwill of P20,000 is reported? a. P50,000 b. P30,000 c. P40,000 d. P20,000 bloe cboog to Je05 beiel 00 000.003.1 000,009

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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