Corrections: Volume II

Chapters 12 to 19
page 23
page 24
page 137
page 142
page 155
page 161
page 259
page 272
page 394
page 395
page 401
page 403
page 406
page 408
page 410
page 411

page 417
page 423
page 427
page 429

page 495
page 501
page 504
page 505
page 507
page 511
page 514

page 515
page 516
page 517
Page 520
page 521
page 523

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
questions 6 to 8: Accounts receivable P12,800 instead of shipments from home office
No. 9: Changi Corp 20x4 instead of 2004
Problem VIII Smiths current assets should be P350,000 instead of P950,000.
Problem XVI: change the name Peter to Pure
Nos. 35 to 36: 2nd par. Atwood issued 50,000 shares instead of 50
No. 66: Using the same information in No. 64 and 65,
Questions 9 to 17: PP Corporation acquired 70 percent instead 90 percent
No. 10. Under PFRS 3 instead of SFAS 141R
Problem VI: Pascal Co. Totals should be P2,368,800 instead of P2,368,000
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
Problem XV: 3rd par. Should be 20x4 instead of 2009
Problem XVIII unrelated parties for P84,000 instead of P96,000
Problem XXIV Refer to the same data in Problem XXIII instead of X
No. 3: change 2011 to 20x6
No. 17: change 2013 to 20x4
No. 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.
Questions 51 to 61: Long-term liabilities (due 20x7 instead of 2012)
Questions 98 and 99: change the name Harrison to Beatty
For items 126 to 138, use the equity method instead of cost model
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
Change 2014 to 20x4 and 2015 to 20x5
Problem XI: 3rd par. Change 2009 to 20x4
Problem XVI: Son Co. Land P55,200 instead of P46,000
reduced by P3,750 instead of P3,125
Questions 3 & 4: Net income (20x4 instead of 2014)
Questions 29 to 33: 2006 should be 20x3; 2007 should be 20x4; 2008 should be 20x5
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 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.
questions 49 to 51: During 20x4 instead of 20x5, Wren sold
questions 53 and 54: change 2004 to 20x4
No. 57: During 20x5 instead of 20x4, HH sold
No. 59: Use the same information in problem 58 instead of 18
No. 76 and 77 should be 20x5 instead of 20x4
No. 80: 2x14 should be 20x4
Questions 81 and 82: 2013 should be 20x4
Nos. 94 to 99: delete the phrase worksheet entry G

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page 652
page 655
page 657

IV:
Serf Corporation on January 1, 20x4 instead of 20x3 for P1,280,000
remaining useful life of four years on January 1, 20x4 instead of 20x5
In 20x5 instead of 20x4 Prince Company reported net income
X: common stock of Tool, Inc. in 20x0 instead of 20x4. On January 1, 20x1 instead of
20x5, Tool Inc.
XIV:
Fruit Corporation in 20x1 instead of 20x5
In 20x4 instead of 20x6, Fruit sold
possession until 20x6 instead of 20x7
after the books were closed in 20x6 instead of 20x7
Cash in 20x4 instead of 20x6 for P82,000, and in 20x6 instead of 20x5
XXI: Trial Balance Accounts receivable of Per should be P90,000 instead of P75,000
Questions 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.
18. What was the NCI in net income for 20x4
20. In January 1, 20x3 instead of 20x4, S Company
27. 20x6 should be 20x8
28. 20x6 should be 20x4
30. On January 1, 20x5 instead of 20x4
No. 38:
end of 20x4 instead of 20x7
on December 31, 20x5 instead of 20x4
on January 1, 20x6 instead of 20x5
questions 53 to 57: 2005 should be 20x2
questions 58 to 62: 2007 should be 20x4; 2005 should be 20x2
questions 63 and 64: 20x10 should be 20y0
questions 65 to 67: On February 15, 20x4 instead of 20x9
2008 should be 20x4
questions 96 to 105: 2nd par. 201x5 should be 20x5
II: Required 2. the U.S. dollar should be Philippine peso
IV: a.1 December 1, 20x4 instead of December 16
a.3 March 1, 20x5 instead of January 15, 20x5
V: a.3 March 1, 20x5 instead of January 15, 20x5
No. 10: December 31, 20x4 instead of 20x5
No. 12: marks should be FCUs
No. 24: b. credit should be Transaction Gain instead of Loss
questions 25 to 27: December 31, 20x4 1FC = P.262 instead of P.265
No. 31: 12/31/20x4 (year-end instead of date borrowed)