High owns 60% of Low. In 2019, Low sold inventory (ost $70,000) to High for $100,000. 40% of this inventory was not sold to third parties by High until 2020. In 2020, Low sold inventory (cost $72,000) to High for $120,000. Of this inventory, $50,000 was not sold to third parties by High until 2021. In 2020, Low reports $70,000 of net income. What is the noncontrolling interest in 2020 income of Low. $31,200 $24,800 $46,800 $37,200

High owns 60% of Low. In 2019, Low sold inventory (ost $70,000) to High for $100,000. 40% of this inventory was not sold to third parties by High until 2020. In 2020, Low sold inventory (cost $72,000) to High for $120,000. Of this inventory, $50,000 was not sold to third parties by High until 2021. In 2020, Low reports $70,000 of net income. What is the noncontrolling interest in 2020 income of Low. $31,200 $24,800 $46,800 $37,200

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter14: Property Transact Ions: Capital Gains And Losses, § 1231, And Recapture Provisions

Section: Chapter Questions

Problem 24CE

See similar textbooks

Similar questions

High owns 60% of Low. In 2019, Low sold inventory (cost $70,000) to High for $100,000. 40% of this inventory was not sold to third parties by High until 2020. In 2020, Low sold inventory (cost $72,000) to High for $120,000. Of this inventory, $50,000 was not sold to third parties by High until 2021. In 2020, Low reports $70,000 of net income. What is the noncontrolling interest in 2020 income of Low. $24,800 $37,200 $31,200 $46,800
high owns 60%of low sold inventory (cost 70,000) to high for 100,000. 40% of this inventory was not sold to third parties by high until 2020. In 2020,low sold inventory (cost 72,000) to high for 120,000 of this inventory , 50,000 was not sold to third parties by high untl 2021.In 2020, low reports70,000 of net income .what is the non controlling interest in 2020 income of Low.
During 2019, Tom sold Sears stock for $14,200. The stock was purchased 4 years ago for $19,880. Tom also sold Ford Motor Company bonds for $49,700. The bonds were purchased 2 months ago for $42,245. Home Depot stock, purchased 2 years ago for $1,420, was sold by Tom for $2,130.Calculate Tom's net gain or loss, and indicate the nature of the gain or loss.
Tane., owns 25 percent of JPW Company and applies the equity method. During the current year, Jubilee buys inventory costing $75,800 and then sells it to JPW for $124,000. At the end of the year, JPW still holds only $24,200 of merchandise. What amount of gross profit must Jubilee defer in reporting this investment using the equity method?
9. Pez owns 30% of Rollo. In 2020, Pez sells inventory costing $100,000 to Rollo for $150,000. At December 31, 2020 $60,000 of this inventory was still held by Rollo and is sold in 2021. In 2021, Pez sells inventory costing $200,000 to Rollo for $250,000. At December 31, 2021 $60,000 of this inventory is still held by Rollo. In 2021, Rollo reports net income of $80,000. How much equity income is reported by Pez in 2021 ?
Penny owns 501 shares of Mack Co. They have an adjusted cost base of $15.6 per share. On March 31, 2020, Penny sold all of her shares for $13.21 per share. After she sold the shares, the price fell further and on April 15, 2020, Penny purchased 263 of the same class of shares of Mack Co. for $10.67 per share. She was still holding all of the shares at the end of 2020. What is the adjusted cost base of the Mack Co shares Penny holds at the end of 2020?
During the year 2020, Mr. Ahmed purchased goods for $ 500, 000 and sold 3/5th of the goods for $ 50O, 000 and met expenses amounting $ 150, 000. He counted net profit as $ 50, 000. Which of the accounting concept was followed by * ?him Entity O Matching O Periodicity O Conservatism O
In 2016, Jane Jones pays $2,500 for 1,000 shares of ABC common stock. On August 27, 2020, Jane purchases an additional 250 shares of ABC common stock for $600. On September 5, 2020, she sells the 1,000 shares purchased in 2016 for $1,800. Jane's recognized loss on the sale is: $0. $175. $350. $525. $700.
Papa Corporation owns 85% of Bambina Company. Papa sold Bambina goods for $180,000 over the last year. The goods cost Papa $120,000. The tax rate is 40%, and by the end of the year 1/3 of the goods are still in Bambina inventory. If Papa and Bambina file separate income tax returns, what deferred income tax is created?
Suppose that at the beginning of 2019 José's basis in his S corporation stock was $17,000 and José has directly loaned the S corporation $5,000. During 2019, the S corporation reported an $75,000 ordinary business loss and no separately stated items. How much of the ordinary loss is deductible by José if he owns 40 percent of the S corporation? Explain the rule and show computation.
On April 18, 2020, Jane Juniper purchased 30 shares of Bryan Corp. stock for $210, and on September 29, 2020, she purchased 90 additional shares for $900. On November 28, 2020, she sold 48 shares, which could not be specifically identified, for $576 and on December 8, 2020, she sold another 25 shares for $188. What is her recognized gain or loss?
On April 10, 2019, Shen paid $48,650 for corporate stock. Shen died on July 14, 2021, when the stock was valued $29,190, and his son, Mijo, inherited it. On November 12, 2021, Mijo sold the shares for $34,055. What is the size and nature of Mijo's gain or loss? He has a long-term financial gain of $.