Noncontrolling interest is reported in the equity section of the consolidated balance sheet: A. In separate...
Noncontrolling interest is reported in the equity section of the consolidated balance sheet:
| A. |
In separate lines representing the noncontrolling interest's share of the consolidated entity's shareholders' equity accounts (capital stock, retained earnings, etc.) |
|
| B. |
As one line as a component of consolidated shareholders' equity |
|
| C. |
As one line, as a contra to total consolidated shareholders' equity |
|
| D. |
In two separate lines representing the noncontrolling interest's share of (1) the consolidated entity's stock accounts and (2) retained earnings and accumulated other comprehensive income accounts |
Homework Answers
Answer- a. In separate lines representing the noncontrolling interest's share of the consolidated entity's shareholders' equity accounts (capital stock, retained earnings, etc.)
Explanation-
Non controlling interest (NCI) is a component of shareholders equity. It is recorded in the consolidated balance sheet under shareholders equity. It represent the ownership interest of shareholders other than the parent of the subsidiary.
It is shown in separate line representing non controlling interest's share of the consolidated entity's shareholders equity account.
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Noncontrolling interest is reported in the equity section of the
consolidated balance sheet:
A.
In separate...
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Accounting for Shareholders’ Equity
Transactions
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Common stock, $0.1 par value
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Retained earnings
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Transactions
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of operations:
Common stock, $0.1 par value
$600,000
Additional paid-in-capital
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Retained earnings
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Treasury stock
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During the second year of operations, the following transactions
occurred:
Generated net income of $6 million.
Paid a cash dividend of $1.5 million.
Purchased 100,000 shares of common stock at $9.5 per
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