ADV. ACCT CONNECT STAND ALONE
13th Edition
ISBN: 9781266295744
Author: Hoyle
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 7, Problem 8P
To determine
Identify the appropriate answer for the given statement from the given choices.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
based on the information in the picture, In the consolidated statement of comprehensive income for the year ended December 31, 2021, how much is the consolidated net income attributable to the controlling interest?
a. 1,980,000
b. 1,860,000
c. 1,830,000
d. 1,760,000
Arnold Corporation holds 70 percent of Belvista, which, in turn, owns 70 percent of Stang. Separate operating income figures (excluding investment income) and intra-entity upstream gains (on assets remaining within the consolidated group) included in the income for the current year follow:
Arnold
Belvista
Stang
Seperate operating income
$625000
$305000
$240000
Intra-entity gains
-0-
18000
50000
What is the amount of consolidated net income attributable to the noncontrolling interests? Choose the correct.a. $143,100b. $163,500c. $183,000d. $213,900
In the years subsequent to the year of sale of a 90% owned subsidiary who sells equipment to its parent company at a gain, the non-controlling interest in consolidated income is computed by multiplying the non-controlling interest percentage by the subsidiary’s reported income:
A. After adding intercompany gain considered realized in that period.
B. After adding the intercompany gain on sales
C. After deducting the intercompany gain on sales
D. After deducting intercompany gain considered realized in that period.
Chapter 7 Solutions
ADV. ACCT CONNECT STAND ALONE
Ch. 7 - Prob. 1QCh. 7 - Prob. 2QCh. 7 - Prob. 3QCh. 7 - How does the presence of an indirect ownership...Ch. 7 - Prob. 5QCh. 7 - In accounting for mutual ownerships, what is the...Ch. 7 - Prob. 7QCh. 7 - Prob. 8QCh. 7 - Prob. 9QCh. 7 - Prob. 10Q
Ch. 7 - Prob. 11QCh. 7 - Jones acquires Wilson, in part because the new...Ch. 7 - Prob. 13QCh. 7 - Prob. 1PCh. 7 - Prob. 2PCh. 7 - Prob. 3PCh. 7 - Which of the following is correct for two...Ch. 7 - Prob. 5PCh. 7 - Prob. 6PCh. 7 - Prob. 7PCh. 7 - Prob. 8PCh. 7 - Prob. 9PCh. 7 - Prob. 10PCh. 7 - Prob. 11PCh. 7 - Prob. 12PCh. 7 - Prob. 13PCh. 7 - Prob. 14PCh. 7 - On January 1, 2016, Uncle Company purchased 80...Ch. 7 - Prob. 16PCh. 7 - Prob. 17PCh. 7 - Prob. 18PCh. 7 - Prob. 19PCh. 7 - Clarke has a controlling interest in Rogerss...Ch. 7 - Prob. 21PCh. 7 - Prob. 22PCh. 7 - Prob. 23PCh. 7 - Prob. 24PCh. 7 - Prob. 25PCh. 7 - Prob. 26PCh. 7 - Prob. 27PCh. 7 - Prob. 28PCh. 7 - Prob. 29PCh. 7 - Prob. 1DYSCh. 7 - Prob. 2DYS
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Please help me. Thankyou.arrow_forwardIn years subsequent to the year a 90% owned subsidiary sells equipment to its parent company at a gain, the non-controlling interest is consolidated income is computed by multiplying the non-controlling interest percentage by the subsidiary’s reported net income: A. Minus the net amount of unrealized gain on the intercompany sale B. Plus intercompany gain considered realized in the current period. C. Plus the net amount of unrealized gain on the intercompany sales D. Minus intercompany gain considered realized in the current periodarrow_forward1. At what amount will the gain on sale of building appear on the consolidated/group income statement of Power and Speed for the year 2019 should be: 2. The consolidated depreciation expense for 2019 should bearrow_forward
- In the year an 80% owned subsidiary sells equipment to its parent company at a gain, the non-controlling interest in consolidated income is calculated by multiplying the non-controlling interest percentage by the subsidiary’s reported net income A. Plus the net amount of unrealized gain on the intercompany sale B. Plus the intercompany gain considered realized the current period C. Minus the intercompany gain considered realized in the current period. D. Minus the net amount of unrealized gain on the intercompany salesarrow_forward1. The profit attributable to equity holders of Power for 2019 is 2. The consolidated Net income for 2019 should bearrow_forwardSelected information from the separate and consolidated income statements of CHAELISA LTD.and as subsidiary, JENSOO INC. for the year ended December 31, 2021 are as follows: CHAELISA LTD. JENSOOINC. ConsolidatedSales P600,000 P420,000 P924,000COGS 450,000 330,000 693,000Gross profit P150,000 P 90,000 P231,000 During 2021, CHAELISA LTD. sold goods to JENSOO INC. at the same mark-up on cost that CHAELISA LTD. uses for all sales. At December 31, 2021, JENSOO INC. had not paid all of these goods and still held 37.5% of them in inventory. Compute for the original cost of goods in JENSOO INC.’s inventory acquired from Apple.arrow_forward
- 1.The Consolidated Retained Earnings, December 31, 20x4.2. The Consolidated sales for 20x4.3. The Consolidated cost of sales for 20x4.arrow_forwardREQUIRED 1. Prepare a consolidated balance sheet for Pen Corporation and Subsidiary at December 31, 2011. 2. Compute consolidated net income for 2012 assuming that Pen Corporation reported separate income of $680,000 and Sut Company reported net income of $360,000. (Separate incomes do not include income from the investment in Sut.)arrow_forwardWhat is the non-controlling Interest in Net Income for the year 20x6? The Non-controlling Interest in Net Assets of Subsidiary for 20x6 should be?arrow_forward
- Use the following facts for Multiple Choice problems 18-20. Each of the problems is independent of the other. Assume a parent company owns a 100% controlling interest in its long-held subsidiary. The following excerpts are from the parent's and subsidiary's "stand alone" pre-consolidation income statements for the year ending December 31, 2022, prior to any investment bookkeeping or intercompany adjustments: Revenues.. Cost of goods sold Gross profit.. Selling general & administrative expenses. Net income. Parent Subsidiary $5,200,000 $3,250,000 (3,640,000) (1,950,000) 1,560,000 (1,014,000) $546,000 a. b. 1,300,000 (787,800) $ 512,200 On January 1, 2022, neither company held any inventories purchased from the other affiliate. All of the sales made by either company have the same gross margin regardless of whether they are made to affiliates or non-affiliates. The subsidiary declared and paid $260,000 of dividends during 2022. 18. Pre-consolidation bookkeeping, downstream intercompany…arrow_forwardAfter the business combination on the basis of full-goodwill approach, what amount of total assets will be reported? (Use only the given information) a. P1,081,000 b. P1,121,000 c. P1,196,500 d. P1,231,500arrow_forwardWhite Bright Limited has three subsidiary Companies as on 31st March, 2018. Based upon the information given in the following, ascertain how the Cost of Investment will be treated in the Consolidated Balance Sheet. Particulars Amount in Millions Hazy Limited Clear Limited Sun Limited Investment made 205.00 117.00 145.00 Percent of Shares Owned 60% 65% 75% Assets at the time of Investment 625.40 314.84 443.75 Liabilities at the time of Investment 260.44 134.84 329.55 don't give hand written answers plzarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
