Find amount of consolidated cl attributable to parent

Assignment Help Accounting Basics
Reference no: EM132738234

Question: Ponce Products, Inc. purchased 60 percent of the stock of Solis Cream Company on January 2, 2019 for P180,000. On that date Solis reported retained earnings of P100,000 and had P200,000 of stock outstanding. Ponce's retained earnings was P400,000 at acquisition. Ponce accounts for its investment in Solis under the cost method. The companies recorded the following results for 2019 and 2020: 2019: CI P70,000 and P35,000 for Ponce and Solis; Dividends paid 25,000 and 30,000 for Ponce and Solis. 2020: CI 90,000 for Ponce and 40,000 for Solis. Dividends paid 30,000 and 15,000 for Ponce and Solis respectively. What amount of consolidated Cl attributable to parent will be reported in 2020?

Reference no: EM132738234

Questions Cloud

How does changing the amount of water affect the aliens : How does changing the amount of water affect the aliens
How much will appear as warranty expense : Use the information below to answer the questions that follow. Record your answers in Blackboard. Riseva Corporation manufactures and sells energy efficient.
What are the benefits of tai chi and luohan style : What are the benefits of Tai Chi and luohan style qi gong exercise?Please be specific. Thank you
Which aniimal phylum do humans belong to : Which aniimal phylum do humans belong to?
Find amount of consolidated cl attributable to parent : Ponce Products, Inc. purchased 60 percent of the stock of Solis Cream Company on January 2, 2019 for P180,000. On that date Solis reported retained earnings.
Predict the results of second experiment : In another experiment, the dialysis-tubing bag was placed in a beaker containing a 10% fructose solution. Predict the results of this second experiment
Differentiate between what science can and cannot prove : Differentiate between what science can and cannot prove. Ask your peers to answer 2 questions related to your answer.
What is the basic stock ratio for a fish stock : What is the basic stock ratio for a fish stock? Which vegetables are best suited to be used as a mire poix for this stock?
Why is the presence of a larger than normal : Why is the presence of a larger than normal number of neutrophils indicative of an infection?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd