Scribd Logo
Upload

Welcome to Scribd!

  • Module 5 - Prob 6 Valuation and Concepts Answer

    Uploaded by

    venice cambry
    62 views1 page
    This document provides financial statements for Isaiah Company and its subsidiary Ezekiel Company for the year ended December 31, 2020. The consolidated statement of comprehensive income shows revenues of $180,000, net income of $60,000, and net income attributable to the parent company of $71,200. The consolidated statement of financial position indicates total assets of $480,000, total liabilities of $103,000, and shareholders' equity of $377,000, including non-controlling interest of $20,800.

    Original Description:

    valuation and concepts module 5 problem 6 answers

    Original Title

    MODULE 5 - PROB 6 VALUATION AND CONCEPTS ANSWER

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    This document provides financial statements for Isaiah Company and its subsidiary Ezekiel Company for the year ended December 31, 2020. The consolidated statement of comprehensive income shows revenues of $180,000, net income of $60,000, and net income attributable to the parent company of $71,200. The consolidated statement of financial position indicates total assets of $480,000, total liabilities of $103,000, and shareholders' equity of $377,000, including non-controlling interest of $20,800.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    62 views1 page

    Module 5 - Prob 6 Valuation and Concepts Answer

    Uploaded by

    venice cambry
    This document provides financial statements for Isaiah Company and its subsidiary Ezekiel Company for the year ended December 31, 2020. The consolidated statement of comprehensive income shows revenues of $180,000, net income of $60,000, and net income attributable to the parent company of $71,200. The consolidated statement of financial position indicates total assets of $480,000, total liabilities of $103,000, and shareholders' equity of $377,000, including non-controlling interest of $20,800.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    MODULE 5: SPECIAL TOPICS ON BUSINESS COMBINATION AND CONSOLIDATION

    Problem 6 (Equity Method)


    Prepare the summary of the December 31, 2020 Consolidated Financial Statements.
    Consideration transferred 75,000
    NCI 18,000
    Fair Value of Net Assets (90,000)
    Goodwill 3,000

    Isaiah Company and Subsidiary Ezekiel


    Company
    Statement of Comprehensive Income
    For the year ended December 31, 2020

    Revenues 180,000
    Cost of Sales (60,000)
    Gross Profit 120,000
    Expenses (60,000)
    Net Income 60,000
    Share in Profit of Investee 11,200
    Net Income Attributable to Parent 71,200

    Net Income Attributable to NCI 2,800

    Isaiah Company and Subsidiary Ezekiel


    Company
    Statement of Financial Position
    As of December 31, 2020

    Other Assets 477,000


    Goodwill 3,000
    Total Assets 480,000

    Total Liabilities 103,000

    Share Capital 235,000


    Retained Earnings 121,200
    Controlling Interest 356,200
    Non-controlling Interest 20,800
    Total Equities 377,000
    Total Liabilities and Equities 480,000

    You might also like