15 Feb W Electronics published the following balance sheet for December 31, 20×6. Cash P100,000 Accounts payable P 70,000 Accounts receivable
W Electronics published the following balance sheet for December 31, 20×6.
Cash P100,000 Accounts payable P 70,000
Accounts receivable 210,000 Taxes payable 130,000
Inventory 360,000 Notes payable 500,000
Buildings & equipment 480,000 Common Stock 600,000
Goodwill 100,000 Addt’l paid-in capital 120,000
Investment in S Co. 530,000 Retained earnings 360,000
P1,780,000 P1,780,000
The balance sheet of S Co for December 31, 20×6 appeared as follows:
Cash P 40,000 Accounts payable P 10,000
Accounts receivable 80,000 Taxes payable 60,000
Marketable securities 50,000 Notes payable 130,000
Inventory 120,000 Common Stock 200,000
Buildings & equipment 210,000 Retained earnings 100,000
P500,000 P500,000
W acquired 80% of S Common stock on December 31, 20×6. The fair values of S’s identifiable assets and liabilities were equal to book values, except for the following:
Book value Fair Value
Inventory P120,000 P190,000
Buildings & equipment (net) 210,000 410,000
Notes payable 130,000 120,000
Select the consolidated balances of the following accounts:
Retained earnings:
a. P460,000
b. P440,000
c. P380,000
d. P360,000
Common stock:
a. P800,000
b. P640,000
c. P760,000
d. P600,000
Notes Payable:
a. P620,000
b. P630,000
c. P596,000
d. P622,000
Inventory:
a. P536,000
b. P512,000
c. P480,000
d. P550,000
Goodwill:
a. P390,000
b. P100,000
c. P330,000
d. P182,500
Minority interest:
a. P112,000
b. P116,000
c. P60,000
d. P132,500
Accounts payable:
a. P80,000
b. P70,000
c. P72,000
d. P78,000
Total assets:
a. P2,102,500
b. P2,250,000
c. P2,180,000
d. P2,086,000
Stockholders’ equity
a. P1,380,000
b. P1,320,000
c. P1,080,000
d. P1,140,000
Total liabilities:
a. P700,000
b. P892,000
c. P890,000
d. P200,000
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