BabyM owns 70% of 2Joints outstanding ordinary shares. 2Joints in turn, owns 20% investment inPacman Co. During 2021, BabyM earned a net income of P320,600 from its own operations while2Joints suffered a loss of P60,000 excluding its share in the earning of its affiliates if any. Pacmanreported a net income of P43,500. 2Joints declared dividends of P250,000 from its accumulated profitsin previous years.What is the consolidated profit for the year 2021?Select the correct response:267,190261,100269, 300284,690

The consolidated profit is 284,690 Explanation: First, we compute the consolidated profit for…

an Co. During 2021, BabyM earned a net income of P320,600 from its own operatic s suffered a loss of P60,000 excluding its share in the earning of its affiliates if any ed a net income of P43,500. 2Joints declared dividends of P250,000 from its accu ious years. s the consolidated profit for the year 2021? the correct response:

an Co. During 2021, BabyM earned a net income of P320,600 from its own operatic s suffered a loss of P60,000 excluding its share in the earning of its affiliates if any ed a net income of P43,500. 2Joints declared dividends of P250,000 from its accu ious years. s the consolidated profit for the year 2021? the correct response:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

J6.
Please answer asap! UPVOTE will be given! No long explanation needed. The following information pertains to GMA Corp. for the year ended December 31, 2021: Accumulated Profits – Free, January 1, 2021: ₱3,800,000 Accumulated Profits – Appropriated for contingency, January 1, 2021: ₱700,000 Net income for 2021: ₱2,324,000 Share dividends declared November 25, 2021 and distributed on December 15, 2021: ₱370,000 Cash dividends declared December 1, 2021 and distributable on January 15, 2022: ₱490,000 Appropriation of accumulated profits for contractual obligations in 2021: ₱1,500,000 Reversal of appropriation for contingency in 2021: ₱700,000 How much is the total Accumulated Profits as of December 31, 2021?
What is the net increase or (net decrease) in the identifiable assets of SD Corporation?a. 13,700,500b. 13,307,500c. 13,957,500d. 13,050,500
On 1 January 2021, Black Ltd purchased all the shares in Beard Ltd. On 3 March 2021 Beard Ltddeclared and paid a dividend of $10,000 from pre-acquisition retained earnings. The requiredconsolidation entry on 30 June 2021 will result in: Group of answer choices An increase in retained earnings A decrease in the investment account None of the Answers A decrease in retained earnings
Determine the total assets of Lamp Co. immediatelty after the business combination if contingetn expenses of P100,000 are estimated to be incurred after 1 year.
Colvis Corporation purchased an available-for-sale investment in 1,100 shares of Home Central shares for $30 per share. On the next balance-sheet date, Home Central shares are quoted at $34 per share As tax rate of 20%. Colvis' should report O A. unrealized gain of $4,400 in other comprehensive income. OB. realized gain of $4,400 in other comprehensive income. OC. unrealized loss of $4,400 in the income statement O D. unrealized gain of $3,520 in other comprehensive income. Click to select your answer.
ancial statements of Calloway. Co nly please Requirea inrormauon (The following information applies to the questions displeyed below} The financiai statementsiof Calia and corresponding antounSI ASSets $850 Beginning Reteined Earian mpany prepated et the end of the cutrent year contained the foallowing elements $22 000 Liablities 2 Common Stock = $5,200, Revenue= $11.4O0 Dividends $3.850 Encing Retained Earmings $7200. Based on this informaion what kekinses repertea on Caloway's ircome statement tot the cuttent year? Mutple Cholce $14.400 $7.200 $3.350 s8.050 search
Please do not give image format
Alford Company and its 80 percent-owned subsidiary, Knight, have the following income statements for 2021: Knight $ (230,000) Alford $ (500,000) 300,000 40,000 140,000 10,000 20,000 20,000 (30,000) (36,200) $ (206, 200) Revenues Cost of goods sold Depreciation and amortization Other expenses Gain on sale of equipment Equity in earnings of Knight Net income 0 0 $ (60,000) Additional Information for 2021 • Intra-entity inventory transfers during the year amounted to $90,000. All intra-entity transfers were downstream from Alford to Knight. • Intra-entity gross profits in inventory at January 1 were $6,000, but at December 31, they are $9,000. • Annual excess amortization expense resulting from the acquisition is $11,000. • Knight paid dividends totaling $20,000. • The noncontrolling interest's share of the subsidiary's income is $9,800. . During the year, consolidated inventory rose by $11,000 while accounts receivable and accounts payable declined by $8,000 and $6,000, respectively. Net…
GG Co. had the following transactions with two subsidiaries, OO and RR during 2020: Sales of P105,000 to OO, Inc., with P31,500 gross profit, OO had P26,250 of this inventory on hand at year end. Purchases of raw materials totaling P420,000 from RR Corp., a wholly owned subsidiary. RR’s gross profit on the sale was P84,000. GG had P98,000 of this inventory remaining on December 31, 2020. Before eliminating entries, GG had combined current assets of P525,000. What amount should GG report in its December 31, 2020 consolidated financial position for current assets?
How much is the cost of investment? how much is the goodwill to be reported on January 31, 2022?
Colvis Corporation purchased an available-for-sale investment in 1,100 shares of Home Central shares for S30 per share. On the next balance-sheet date, Home Central shares are quoted at $34 per share. Assume tax rate of 20%. Colvis' should report O A. unrealized gain of $4,400 in other comprehensive income. O B. realized gain of $4,400 in other comprehensive income. O C. unrealized loss of $4,400 in the income statement. O D. unrealized gain of $3,520 in other comprehensive income.