What is the consolidated sales for the year 20x6? Phlaire acquired 70 percent of Syanne on July 1, 20x5. Based on the purchase price, proportionate goodwillof P450,000 was recognized. The 20x6 financial statements are as follows:PhlaireSyanneIncome StatementSales1,200,000P900,000Cost of Goods Sold(802,500)(600,000)(150,000)52,500300,000Operating Expenses(150,000)Dividend IncomeNet IncomeP150,000Statement of Accumulated ProfitsAccumulated Profits, January 1, 20161,950,0001,275,000Net Income300,000150,000Dividends Paid(150,000)( 75,000)Accumulated Profits, December 31, 20162,100,0001,350,000Statement of Financial PositionCash and Receivables600,000P450,000Inventory447,0001,050,000Investment in Syanne1,353,000Fixed Assets1,500,000900,000Accumulated Depreciation(450,000)3,450,000(300,000)Total AssetsP2,100,000Liabilities900,000600,000Ordinary share450,000150,000Accumulated profitsTotal Liabilities and Equity2,100 0001,350,0003,450,000P2,100,000Phlaire sells inventory costing P108,000 to Syanne during 20x5 for P180,000.At year's end, 30 percent is left. Syanne sells inventory costing P300,000 to Phlaire during 201x forP375,000. At year's end, 20 percent is left.

The total sales made by the two companies i.e., the parent and subsidiary are to be combined and the…

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What is the consolidated sales for the year 20x6?

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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Question

What is the consolidated sales for the year 20x6?

Phlaire acquired 70 percent of Syanne on July 1, 20x5. Based on the purchase price, proportionate goodwill
of P450,000 was recognized. The 20x6 financial statements are as follows:
Phlaire
Syanne
Income Statement
Sales
1,200,000
P
900,000
Cost of Goods Sold
(802,500)
(600,000)
(150,000)
52,500
300,000
Operating Expenses
(150,000)
Dividend Income
Net Income
P
150,000
Statement of Accumulated Profits
Accumulated Profits, January 1, 2016
1,950,000
1,275,000
Net Income
300,000
150,000
Dividends Paid
(150,000)
( 75,000)
Accumulated Profits, December 31, 2016
2,100,000
1,350,000
Statement of Financial Position
Cash and Receivables
600,000
P
450,000
Inventory
447,000
1,050,000
Investment in Syanne
1,353,000
Fixed Assets
1,500,000
900,000
Accumulated Depreciation
(450,000)
3,450,000
(300,000)
Total Assets
P
2,100,000
Liabilities
900,000
600,000
Ordinary share
450,000
150,000
Accumulated profits
Total Liabilities and Equity
2,100 000
1,350,000
3,450,000
P
2,100,000
Phlaire sells inventory costing P108,000 to Syanne during 20x5 for P180,000.
At year's end, 30 percent is left. Syanne sells inventory costing P300,000 to Phlaire during 201x for
P375,000. At year's end, 20 percent is left.

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