The 2005 consolidated income statement showed cost of
goods sold of ___________?
The 2005 consolidated income statement showed income from Arid of
_________?
The 2005 consolidated income statement showed noncontrolling
interest share of __________?
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The 2005 consolidated income statement showed cost of
goods sold of ___________?
The 2005 consolidated income...
Wren Corporation acquired 80% ownership of Arid Incorporated, at a time when Wren’s investment (using the...
Wren Corporation acquired 80% ownership of Arid Incorporated, at a time when Wren’s investment (using the equity method) and Arid’s book values were equal. During 2005, Wren sold goods to Arid for $200,000 making a gross profit percentage of 20%. Half of these goods remained unsold in Arid’s inventory at the end of the year. Income statement information for Wren and Arid for 2005 were as follows: Wren Arid Sales Revenue $1,000,000 $600,000 Cost of Goods Sold 500,000 400,000 Operating...
Pilla Corporation acquired 80% ownership of Schilla Incorporated, at a time when Pilla's investment cost was...
Pilla Corporation acquired 80% ownership of Schilla Incorporated, at a time when Pilla's investment cost was equal to 80% of Schilla's book value. At the time of acquisition, the book values and fair values of Schilla's assets and liabilities were equal. Pilla uses the equity method. During 20X4, Pilla sold goods to Schilla for $160,000 making a gross profit percentage of 40%. Half of these goods remained unsold in Schilla's inventory at the end of the year. Income statement information...
E6.11 Help Please!! E6.11 Consolidated Income Statement, Intercompany Transactions Condensed income state- ments for...
E6.11 Help Please!!
E6.11 Consolidated Income Statement, Intercompany Transactions Condensed income state- ments for Pon and its 80 percent-owned subsidiary, Star, appear below Condensed Income Statements Pon Star Sales . $9,000,000 $4,000,000 439,000 . Equity in net income of Star Cost of goods sold. Other expenses . .. . ...(6,000,000) (2,500,000) (600,000) .. (2,000,000) Net income... $1,439,000 900,000 Intercompany sales are $1500,000. Unconfirmed intercompany profit in Pon's beginning inventory is $100,000, and unconfirmed intercompany profit in Pon's ending inventory is...
Determining ending consolidated balances in the third year following the acquisition-Equity method Assume that your company...
Determining ending consolidated balances in the third year following the acquisition-Equity method Assume that your company acquired a subsidiary on January 1, 2017. The purchase price was $1,000,000 in excess of the subsidiary's book value of Stockholders' Equity on the acquisition date, and that excess was assigned to the following [A] assets: Original Original [A] Asset Amount Useful Life Patent $700,000 10 years Goodwill 300,000 indefinite $1,000,000 The [A] assets with a useful life have been amortized as part of...
Peat Company owns a 90% interest in Seaton Company. The consolidated income statement drafted by the...
Peat Company owns a 90% interest in Seaton Company. The
consolidated income statement drafted by the controller of Peat
Company appeared as follows:
Peat
Company and Subsidiary
Consolidated Income Statement
for Year Ended December 31, 2015
Sales
$14,098,400
Cost of Sales
9,191,200
Operating Expense
1,784,000
10,975,200
Consolidated Income
3,123,200
Less Noncontrolling Interest
in Consolidated Income
212,320
Controlling Interest in
Consolidated Net Income
$2,910,880
During your audit you discover that intercompany sales transactions
were not reflected in the controller’s draft of...
Determining ending consolidated balances in the third year following the acquisition—Equity method Assume that your company...
Determining ending consolidated balances in the third year following the acquisition—Equity method Assume that your company acquired a subsidiary on January 1, 2017. The purchase price was $900,000 in excess of the subsidiary’s book value of Stockholders’ Equity on the acquisition date, and that excess was assigned to the following [A] assets: [A] Asset Original Amount Original Useful Life Patent $600,000 10 years Goodwill 300,000 Indefinite $900,000 The [A] assets with a useful life have been amortized as part of...
Preparing a consolidated income statement-Cost method with noncontrolling interest, AAP and upstream and downstream intercompany inventory...
Preparing a consolidated income statement-Cost method with noncontrolling interest, AAP and upstream and downstream intercompany inventory profits A parent company purchased a 70% controlling interest in its subsidiary several years ago. The aggregate fair value of the controlling and noncontrolling interest was $300,000 in excess of the subsidiary's Stockholders' Equity on the acquisition date. This excess was assigned to a building that was estimated to be undervalued by $180,000 and to an unrecorded Trademark valued at $120,000. The building asset...
Preparing a consolidated income statement—Cost method with noncontrolling interest, AAP and upstream and downstream intercompany inventory...
Preparing a consolidated income statement—Cost method
with noncontrolling interest, AAP and upstream and downstream
intercompany inventory profits
A parent company purchased a 70% controlling interest in its
subsidiary several years ago. The aggregate fair value of the
controlling and noncontrolling interest was $300,000 in excess of
the subsidiary’s Stockholders’ Equity on the acquisition date. This
excess was assigned to a building that was estimated to be
undervalued by $180,000 and to an unrecorded Trademark valued at
$120,000. The building asset...
E6.11 Consolidated Income Statement, Intercompany Transactions Condensed income state ments for Pon and its 80 percent-owned...
E6.11 Consolidated Income Statement, Intercompany Transactions Condensed income state ments for Pon and its 80 percent-owned subsidiary, Star, appear below Condensed Income Statements Pon Star (600,000) Intercompany sales are S1,500,000. Unconfirmed intercompany profit in Pon's beginning inventory is $100,000, and unconfirmed intercompany profit in Pon's ending inventory is $120,000. Unconfirmed intercompany profit in Star's beginning inventory is $90,000, and unconfirmed intercompany profit in Star's ending inventory is $50,000. At the date of combination four years ago, previously unrecorded identifiable intangibles...
Sales Less: Cost of goods sold Gross profit Less: Operating expenses Net operating income Less: Interest...
Sales Less: Cost of goods sold Gross profit Less: Operating expenses Net operating income Less: Interest expense Earnings before taxes Less: Taxes (35%) Net income 4,500,000 (3,500,000) 1,000,000 (500,000) $500,000 (100,000) $400,000 (140,000) $260,000 We were unable to transcribe this imageCurrent assets Net fixed assets Total Assets $500,000 Liabilities ,500,000 Owners equity $1,000,000 1,000,000 $2,000,000 $2,000,000 Total
E6.11 Help Please!!
E6.11 Consolidated Income Statement, Intercompany Transactions Condensed income state- ments for Pon and its 80 percent-owned subsidiary, Star, appear below Condensed Income Statements Pon Star Sales . $9,000,000 $4,000,000 439,000 . Equity in net income of Star Cost of goods sold. Other expenses . .. . ...(6,000,000) (2,500,000) (600,000) .. (2,000,000) Net income... $1,439,000 900,000 Intercompany sales are $1500,000. Unconfirmed intercompany profit in Pon's beginning inventory is $100,000, and unconfirmed intercompany profit in Pon's ending inventory is...
Determining ending consolidated balances in the third year following the acquisition-Equity method Assume that your company acquired a subsidiary on January 1, 2017. The purchase price was $1,000,000 in excess of the subsidiary's book value of Stockholders' Equity on the acquisition date, and that excess was assigned to the following [A] assets: Original Original [A] Asset Amount Useful Life Patent $700,000 10 years Goodwill 300,000 indefinite $1,000,000 The [A] assets with a useful life have been amortized as part of...
Peat Company owns a 90% interest in Seaton Company. The
consolidated income statement drafted by the controller of Peat
Company appeared as follows:
Peat
Company and Subsidiary
Consolidated Income Statement
for Year Ended December 31, 2015
Sales
$14,098,400
Cost of Sales
9,191,200
Operating Expense
1,784,000
10,975,200
Consolidated Income
3,123,200
Less Noncontrolling Interest
in Consolidated Income
212,320
Controlling Interest in
Consolidated Net Income
$2,910,880
During your audit you discover that intercompany sales transactions
were not reflected in the controller’s draft of...
Preparing a consolidated income statement-Cost method with noncontrolling interest, AAP and upstream and downstream intercompany inventory profits A parent company purchased a 70% controlling interest in its subsidiary several years ago. The aggregate fair value of the controlling and noncontrolling interest was $300,000 in excess of the subsidiary's Stockholders' Equity on the acquisition date. This excess was assigned to a building that was estimated to be undervalued by $180,000 and to an unrecorded Trademark valued at $120,000. The building asset...
Preparing a consolidated income statement—Cost method
with noncontrolling interest, AAP and upstream and downstream
intercompany inventory profits
A parent company purchased a 70% controlling interest in its
subsidiary several years ago. The aggregate fair value of the
controlling and noncontrolling interest was $300,000 in excess of
the subsidiary’s Stockholders’ Equity on the acquisition date. This
excess was assigned to a building that was estimated to be
undervalued by $180,000 and to an unrecorded Trademark valued at
$120,000. The building asset...
E6.11 Consolidated Income Statement, Intercompany Transactions Condensed income state ments for Pon and its 80 percent-owned subsidiary, Star, appear below Condensed Income Statements Pon Star (600,000) Intercompany sales are S1,500,000. Unconfirmed intercompany profit in Pon's beginning inventory is $100,000, and unconfirmed intercompany profit in Pon's ending inventory is $120,000. Unconfirmed intercompany profit in Star's beginning inventory is $90,000, and unconfirmed intercompany profit in Star's ending inventory is $50,000. At the date of combination four years ago, previously unrecorded identifiable intangibles...
Sales Less: Cost of goods sold Gross profit Less: Operating expenses Net operating income Less: Interest expense Earnings before taxes Less: Taxes (35%) Net income 4,500,000 (3,500,000) 1,000,000 (500,000) $500,000 (100,000) $400,000 (140,000) $260,000 We were unable to transcribe this imageCurrent assets Net fixed assets Total Assets $500,000 Liabilities ,500,000 Owners equity $1,000,000 1,000,000 $2,000,000 $2,000,000 Total
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