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Multiple Choices - Computational

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CHAPTER 17

MULTIPLE CHOICES - COMPUTATIONAL

17-1:        b

        Consolidated sales

        Sales – Papa                                                        P    900,000

        Sales – San                                                              500,000

        Elimination of inter-company sales                                  (     50,000)

        Consolidated sales                                                P 1,350,000

        Consolidated cost of goods sold

        Cost of goods sold – Papa                                        P    490,000

        Cost of goods sold – San                                              190,000

        Eliminations:

                Realized profit in beginning inventory                             (    4,000)

                Unrealized profit in ending inventory                                    10,000

                Intercompany purchases                                             (   50,000)

        Consolidated cost of goods sold                                        P     636,000

17-2:        c

        Comprehensive income – Sisa                                        P      60,000

        Unrealized profit in ending inventory – upstream                              ( 10,000)

        Adjusted CI – Sisa                                                P      50,000

        NCI proportionate share                                                        20%

        NCI in CI of subsidiary                                                P      10,000

17-3:        d

        CI from own operation – Pat                                        P  200,000

        Adjusted CI of Susan:

                CI – Susan                                P200,000

                Realized profit in beginning inventory        

                        (P112,000 x 50%/150%)            37,500

                Unrealized profit in ending inventory

                        (P33,000 x 50%/150%)                   (11,000)            226,500        

        Consolidated CI                                                P  426,500

        Attributable to NCI (P226,500 x 30%)                                      67,950

        Attributable to parent                                                P  358,550

17-4:        b

        CI from own operations- Patton                                        P  300,000

        Unrealized profit in ending inventory – DS (P200,000 x .25)            (50,000)

        Adjusted CI for own operations – Patton                                        250,000

        Solis net loss from own operations                                   (150,000)

        Consolidated CI                                                P  100,000

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17-5:        d

        Pardo’s share of Santos’ CI (P300,000 x 75%)                        P 225,000

        Unrealized profit in ending inventory – Upstream

                (P200,000 x 25%/125%) x 75%                                   ( 30,000)

        Realized profit in beginning inventory – Upstream                

                (P150,000 x 25%/125%) x 75%                                      22,500

        Investment income account balance, Dec. 31, 2013                P 217,500

17-6:        d

        CI from own operation – Puzon                                        P 200,000

        Suazon’s adjusted CI from own operations:

                CI                                        P110,000

                Unrealized profit in ending inventory-

                     Upstream (P25,000 x 40%)                      (  10,000)             100,000

        Consolidated CI                                                        P 300,000

        Attributable to NCI (P100,000 x 25%)                                    (25.000)

        Attributable to parent                                                P 275,000

17-7:        b

                                                             2012                 2013

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