What the net income reported by recto is

Assignment Help Accounting Basics
Reference no: EM132690127

Problem 1: Ralph Company owns 60% of the outstanding ordinary shares of Recto Company, which it purchased for P100,000 above the underlying book value of P1,440,000 on December 31, 2019. For the year 2020, Recto included in its net income P180,000 of unrealized gain on a year-end sale of depreciable assets to Ralph.. The NCI of Recto was P24,000 of income in the 2020 consolidated financial statements. The excess allocated to equipment is amortized over 20 years. The net income reported by Recto for 2020 is:

A. 240,0000

B. 250,000

C. 300,000

D. 310,000

Reference no: EM132690127

Questions Cloud

Discuss current news regarding human resource management : Discuss current news regarding human resource management within the best buy company. The response must be typed, double spaced.
Describe the respiratory system : You are studying a newly discovered animal species and you observe the following characteristics about members of this species:
Difference between hr plans and hrm strategic plans : What is the difference between HR plans and HRM strategic plans? How are they the same? How are they different? The response must be typed.
GEOG 1221 Introduction to Physical Geography Assignment : GEOG 1221 Introduction to Physical Geography Assignment Help and Solution, Thompson Rivers University - Assessment Writing Service
What the net income reported by recto is : What the net income reported by Recto for 2020 is? Ralph Company owns 60% of the outstanding ordinary shares of Recto Company
Significance of the organisms that can photosynthesize : What is the ecological role and significance of the organisms that can photosynthesize?
Illustrate energy relationships-productivity in ecosystem : Why would biologists use a pyramid to illustrate energy relationships and productivity in an ecosystem?
How identify the type of audit opinion that should be issued : Consider each of the following independent situations which have come to your attention. Identify the type of audit opinion that should be issued
Explain remainder of energy in the consumed organism : What happens to the remainder of the energy in the consumed organism?

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