NCI 1231x8 P78000 P3280 P16800 P12600 P85480 Shows book value of net assets as

Nci 1231x8 p78000 p3280 p16800 p12600 p85480 shows

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NCI, 12/31/x8: ( P78,000 + P3,280 + P16,800 – P12,600 P85,480Show’s book value of net assets as at December 31, 20x8 P128,700Goodwill 85,000Total at fair value P213,700X NCI% 40%NCI, 12/31/x8 P 85,4804.Consolidation Worksheets for the year ended December 31, 20x8.INCOME STATEMENTS for the year ended December 31, 20x8:Cons. Adjustment ConsolidtedPet Co Show Ent Debit Credit Balance SheetOperating profit P160,000 P 60,000 P 220,000Dividend income 18,900 0 18,900 0Net profit b4 tax P178,900 P 60,000 220,000Tax expense (48,900) (18,000) 66,900Net prft after tax P130,000 P 42,000 153,100Profit to NCI 16,800 ( 16,800)Profit to Parent P130,000 P 42,000 P136,300RE, Jan. 1 110,000 38,200 30,000 114,920 3,280Dividends dclrd (100,000) (31,500) 31,500 (100,000)RE, Dec. 31 P140,000 P 48,700 P68,980 P31,500 P 151,220BALANCE SHEETS as at December 31, 20x8Inv in Show P117,000 P 0 117,000 P 0Other assets 520,200 265,230 785,430Goodwill 85,000 85,000Page 9 of 10P2.708
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PROFESSIONAL REVIEW and TRAINING CENTER, INC.Total assets P637,200 P265,230 85,000 117,000 P 870,430Share capital P270,000 P80,000 80,000 P 270,000RE, 12/31 126,000 48,700 68,980 31,500 137,220NCI, 12/31 12,600 78,000 85,4803,280 16,800LT liabilities 180,000 120,000 300,000C / liabilities 61,200 16,530 77,730Total equities P637,200 P265,230 246,580 246,580 P870,430CONSOLIDATED INCOME SSTATEMENT FOR YEAR ENDED DEC. 31, 20X8Net profit before tax P220,000Tax expense ( 66,900)Net profit after tax P153,100Attributable to NCI P 16,800Attributable to parent’s shareholders 136,300Total P153,100 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR 20X8Retained earnings, January 1 P114,920Net profit after tax attributable to parent’s shareholders 136,300Dividends declared by Pet (100,000)Retained earnings, December 31, 20x8 P151,220CONSOLIDATED BALANCE SHEET AS AT December 31, 20x8Other assets P785,430Goodwill 85,000Total assets P870,430Share capital P270,000Retained earnings 137,220Parent’s shareholders’ equity P407,220Non-controlling interests 85,480Total shareholders’ equity P492,700Long-term liabilities P300,000Current liabilities 77,730 377,730Total equity and liabilities P 870,430 Page 10 of 10P2.708
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  • Fall '14
  • Balance Sheet, Net Income, Generally Accepted Accounting Principles, S Company

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