MULTIPLE CHOICE
Select the best answer. (no solution needed for multiple choice problem solving)
1,045,625
1,068,750
1,056,250
1,033,750
Both statements are incorrect.
Only S2 is correct.
Only S1 is correct.
Both statements are correct.
136,000
234,000
300,000
130,000
1: selling affiliate
Both statements are incorrect.
Only S1 is correct.
Both statements are correct.
Only S2 is correct.
Sales and cost of goods sold should be reduced by 80% of the intercompany sales.
Net income should be reduced by 80% of the gross profit on the intercompany sales.
Sales and cost of goods sold should be reduced by the intercompany sales.
No adjustment is necessary.
47,625
18,750
19,875
30,000
S1: at cost????
Both statements are incorrect.
Only S1 is correct.
Both statements are correct.
Only S2 is correct.
Only S1 is correct.
Only S2 is correct.
Both statements are correct.
Both statements are incorrect.
1,860,000
2,070,000
2,670,000
2,040,000
42,500
123,200
0
123,750
9,000
9,900
10,000
10,500
Both statements are incorrect.
Only S1 is correct.
Only S2 is correct.
Both statements are correct.
Consolidated Retained Earnings include:
The Parent’s net income less any dividends declared by the parent.
Consolidated Net income less any dividends declared by either the parent or subsidiary
The parent’s net income plus its share of subsidiary’s income less any dividends declared by either
the parent or the subsidiary.
Consolidated Net income less any dividends declared by the parent only.
623,000
629,300
616,000
637,000
107,500
25,766
58,500 adjustment pero ano yung adjusted
49,000
Is eliminated from consolidated net income by a working paper entry that includes a credit to the land
account for P6,000
To be eliminated is affected by the non-controlling interest percentage
Is initially included in the subsidiary’s accounts and must be eliminated from Parent Company’s income
from Subsidiary Company under the cost method
Is eliminated from consolidated net income by a working paper entry that includes a credit to the
land account for P1,000
2: non depreciable
Only S2 is correct.
Both statements are incorrect.
Both statements are correct.
Only S1 is correct.
14,300
15,600
13,000
18,200
2: or pwede rin kasi partially true???
Only S2 is correct.
Only S1 is correct.
Both statements are correct.
Both statements are incorrect.
255,600
245,600
248,400
240,000
LONG PROBLEM
Write your solution in good accounting form on any clean paper (better if you have a worksheet) and take a photo or scan
your paper then submit it as ONE PDF file. Do not forget to ENCIRCLE your final answer. Your name should be written
for each page that you are to attach.
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