Correction 12 19
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Corrections: Volume II Chapters 12 to 19 page 23 questions 4 and 5: Sales – P195,000 instead of P43,000; Shipments from home office – P135,000 instead of P135,000; Accounts receivable – P43,000 instead of P135,000 page 24 questions 6 to 8: Accounts receivable – P12,800 instead of shipments from home office No. 9: Changi Corp – 20x4 instead of 2004 page 137 Problem VIII Smith’s current assets should be P350,000 instead of P950,000. page 142 Problem XVI: change the name “Peter” to “Pure” page 155 Nos. 35 to 36: 2 nd par. Atwood issued 50,000 shares instead of 50 page 161 No. 66: Using the same information in No. 64 and 65,… page 259 Questions 9 to 17: PP Corporation acquired 70 percent instead 90 percent page 272 No. 10. Under PFRS 3 instead of SFAS 141R page 394 Problem VI: Pascal Co. – Totals should be P2,368,800 instead of P2,368,000 page 395 Pascal Co.’s net income should be P196,800 instead of P198,800 Problem VII: Refer to the same data in Problem VI instead of II page 401 Problem XV: 3 rd par. Should be 20x4 instead of 2009 page 403 Problem XVIII – unrelated parties for P84,000 instead of P96,000 page 406 Problem XXIV – Refer to the same data in Problem XXIII instead of X page 408 No. 3: change 2011 to 20x6 page 410 No. 17: change 2013 to 20x4 page 411 No. 21: Two years later the following data were reported by the two companies: Royce’s equipment (at BV), 12/31/Year 2, PP444,000; Park’s equipment (at BV), 1/1/Year 1, P200,000; Separate net income in Year 2: Royce, P560,000; Park, P140,000; Common stock and retained earnings of Park, 1/1/Year 2 – P300,000 and P260,000, respectively. page 417 Questions 51 to 61: Long-term liabilities (due 20x7 instead of 2012) page 423 Questions 98 and 99: change the name Harrison to Beatty page 427 For items 126 to 138, use the equity method instead of cost model page 429 Questions 142 and 143: delete the phrase “no bold – inconsistent” …P24,000 dividends from Suburbia in 20x4 and P36,000 in 20x5 instead of 20x4 Questions 14 and 145: delete the phrase “no bold” page 495 Change “2014” to “20x4” and “2015” to “20x5” page 501 Problem XI: 3 rd par. Change “2009” to “20x4” page 504 Problem XVI: Son Co. – Land – P55,200 instead of P46,000 page 505 reduced by P3,750 instead of P3,125 page 507 Questions 3 & 4: Net income (20x4 instead of 2014) page 511 Questions 29 to 33: 2006 should be 20x3; 2007 should be 20x4; 2008 should be 20x5 page 514 Questions 42 to 45: Eagle Corporation owns 80% of Flyway Inc.’s common stock that was purchased at its underlying book value. The two companies report the
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Correction dayag 2014
Transcript of Correction 12 19
Corrections: Volume II
Chapters 12 to 19page 23questions 4 and 5: Sales P195,000 instead of P43,000; Shipments from home office P135,000 instead of P135,000; Accounts receivable P43,000 instead of P135,000
page 24questions 6 to 8: Accounts receivable P12,800 instead of shipments from home office
No. 9: Changi Corp 20x4 instead of 2004
page 137Problem VIII Smiths current assets should be P350,000 instead of P950,000.
page 142Problem XVI: change the name Peter to Pure
page 155Nos. 35 to 36: 2nd par. Atwood issued 50,000 shares instead of 50
page 161No. 66: Using the same information in No. 64 and 65,
page 259Questions 9 to 17: PP Corporation acquired 70 percent instead 90 percent
page 272No. 10. Under PFRS 3 instead of SFAS 141R
page 394Problem VI: Pascal Co. Totals should be P2,368,800 instead of P2,368,000
page 395Pascal Co.s net income should be P196,800 instead of P198,800
Problem VII: Refer to the same data in Problem VI instead of II
page 401Problem XV: 3rd par. Should be 20x4 instead of 2009
page 403Problem XVIII unrelated parties for P84,000 instead of P96,000
page 406Problem XXIV Refer to the same data in Problem XXIII instead of X
page 408No. 3: change 2011 to 20x6
page 410No. 17: change 2013 to 20x4
page 411No. 21:Two years later the following data were reported by the two companies: Royces equipment (at BV), 12/31/Year 2, PP444,000; Parks equipment (at BV), 1/1/Year 1, P200,000; Separate net income in Year 2: Royce, P560,000; Park, P140,000; Common stock and retained earnings of Park, 1/1/Year 2 P300,000 and P260,000, respectively.
page 417Questions 51 to 61: Long-term liabilities (due 20x7 instead of 2012)
page 423Questions 98 and 99: change the name Harrison to Beatty
page 427For items 126 to 138, use the equity method instead of cost model
page 429Questions 142 and 143: delete the phrase no bold inconsistent P24,000 dividends from Suburbia in 20x4 and P36,000 in 20x5 instead of 20x4
Questions 14 and 145: delete the phrase no bold
page 495Change 2014 to 20x4 and 2015 to 20x5
page 501Problem XI: 3rd par. Change 2009 to 20x4
page 504Problem XVI: Son Co. Land P55,200 instead of P46,000
page 505reduced by P3,750 instead of P3,125
page 507Questions 3 & 4: Net income (20x4 instead of 2014)
page 511Questions 29 to 33: 2006 should be 20x3; 2007 should be 20x4; 2008 should be 20x5
page 514Questions 42 to 45:Eagle Corporation owns 80% of Flyway Inc.s common stock that was purchased at its underlying book value. The two companies report the following information for 20x4 and 20x5.
During 20x4, one company sold inventory to the other company for P50,000 which cost the transferor P40,000. As of the end of 20x4, 30% of the inventory was unsold. In 20x5, the remaining inventory was resold outside the consolidated entity.
page 515questions 49 to 51: During 20x4 instead of 20x5, Wren sold
page 516questions 53 and 54: change 2004 to 20x4
No. 57: During 20x5 instead of 20x4, HH sold
page 517No. 59: Use the same information in problem 58 instead of 18
Page 520No. 76 and 77 should be 20x5 instead of 20x4
page 521No. 80: 2x14 should be 20x4Questions 81 and 82: 2013 should be 20x4
page 523Nos. 94 to 99: delete the phrase worksheet entry G
page 598IV: Serf Corporation on January 1, 20x4 instead of 20x3 for P1,280,000remaining useful life of four years on January 1, 20x4 instead of 20x5In 20x5 instead of 20x4 Prince Company reported net income
page 603X: common stock of Tool, Inc. in 20x0 instead of 20x4. On January 1, 20x1 instead of 20x5, Tool Inc.
page 604/605XIV: Fruit Corporation in 20x1 instead of 20x5In 20x4 instead of 20x6, Fruit soldpossession until 20x6 instead of 20x7after the books were closed in 20x6 instead of 20x7Cash in 20x4 instead of 20x6 for P82,000, and in 20x6 instead of 20x5
page 607XXI: Trial Balance Accounts receivable of Per should be P90,000 instead of P75,000
page 611Questions 7 to 9:Avocet holds 60% of Shrimp. Shrimp reported net income of P55,000 in 20x5 and Avocet's separate net income (excludes interest in Shrimp) for 20x5 was P98,000.
page 61318. What was the NCI in net income for 20x420. In January 1, 20x3 instead of 20x4, S Company
page 61527. 20x6 should be 20x828. 20x6 should be 20x430. On January 1, 20x5 instead of 20x4
page 617No. 38: end of 20x4 instead of 20x7on December 31, 20x5 instead of 20x4on January 1, 20x6 instead of 20x5
page 620questions 53 to 57: 2005 should be 20x2
page 621questions 58 to 62: 2007 should be 20x4; 2005 should be 20x2questions 63 and 64: 20x10 should be 20y0
page 622questions 65 to 67: On February 15, 20x4 instead of 20x9 2008 should be 20x4
page 626questions 96 to 105: 2nd par. 201x5 should be 20x5
page 645II: Required 2. the U.S. dollar should be Philippine peso
page 646IV: a.1 December 1, 20x4 instead of December 16 a.3 March 1, 20x5 instead of January 15, 20x5V: a.3 March 1, 20x5 instead of January 15, 20x5
page 652No. 10: December 31, 20x4 instead of 20x5No. 12: marks should be FCUs
page 655No. 24: b. credit should be Transaction Gain instead of Lossquestions 25 to 27: December 31, 20x4 1FC = P.262 instead of P.265
page 657No. 31: 12/31/20x4 (year-end instead of date borrowed)
