31. panel corp own 75% of the voting ordinary shares of saturated corp acquired at book value during 2021. selected information from the accounts of pan and sat for 2022 are as follows P corp S Corp Sales P900,000 P500,000 Cost of sales 490,000 190,000 During 2022 panel sold merchandise to saturated for 50,000 at the gross profit of 24,000. half of this merchandise remained in saturated corp’s inventory at December 31 2022. saturated corpse december 31 2021 inventories included unrealized profit of 4,000 on goods acquired from pan .determine the consolidated cost of sales

31. panel corp own 75% of the voting ordinary shares of saturated corp acquired at book value during 2021. selected information from the accounts of pan and sat for 2022 are as follows P corp S Corp Sales P900,000 P500,000 Cost of sales 490,000 190,000 During 2022 panel sold merchandise to saturated for 50,000 at the gross profit of 24,000. half of this merchandise remained in saturated corp’s inventory at December 31 2022. saturated corpse december 31 2021 inventories included unrealized profit of 4,000 on goods acquired from pan .determine the consolidated cost of sales

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 14RE

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Net Income and Comprehensive Income At the beginning of 2019, JR Companys shareholders equity was as follows: During 2019, the following events and transactions occurred: 1. JR recognized sales revenues of 108,000. It incurred cost of goods sold of 62,000 and operating expenses of 12,000, 2. JR issued 1,000 shares of its 5 par common stock for 14 per share. 3. JR invested 30,000 in available-for-sale securities. At the end of the year, the securities had a fair value of 35,000. 4. JR paid dividends of 6,000. The income tax rate on all items of income is 30%. Required: 1. Prepare a 2019 income statement for JR which includes net income and comprehensive income ignore earnings per share). 2. For 2016 prepare a separate (a) income statement (ignore earnings per share) and (b) statement of comprehensive income.
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