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Peel Company owns 90% of the common stock of Seacore Company. Seacore Company sells merchandise to...
Peel Company owns 90% of the common stock of Seacore Company. Seacore Company sells merchandise to...
Peel Company owns 90% of the common stock of Seacore Company.
Seacore Company sells merchandise to Peel Company at 20% above
cost. During 2014 and 2015, such sales amounted to $451,400 and
$482,600, respectively. At the end of each year, Peel Company had
in its inventory one-fourth of the goods purchased from Seacore
Company during that year.
Peel Company reported $309,400 in net income from its independent
operations in 2014 and 2015. Seacore Company reported net income of
$117,600 in...
P Company owns 80% of the outstanding stock of S Company. During 2014, S Company reported...
P Company owns 80% of the outstanding stock of S Company. During 2014, S Company reported net income of $500,120 and declared no dividends. At the end of the year, S Company’s inventory included $442,130 in unrealized profit on purchases from P Company. Intercompany sales for 2014 totaled $2,962,200. Calculate the amount of the noncontrolling interest to be deducted from consolidated income in arriving at 2014 controlling interest in consolidated net income.
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...
On January 1, 2013, Price Company acquired an 80% interest in the common stock of Smith...
On January 1, 2013, Price Company acquired an 80% interest in
the common stock of Smith Company on the open market for $811,500,
the book value at that date.
On January 1, 2014, Price Company purchased new equipment for
$15,000 from Smith Company. The equipment cost $9,700 and had an
estimated life of five years as of January 1, 2014.
During 2015, Price Company had merchandise sales to Smith Company
of $96,200; the merchandise was priced at 25% above Price...
1) Puma Company owns 80% of the common stock of Smarte Company. Puma sells merchandise to...
1) Puma Company owns 80% of the common stock of Smarte Company. Puma sells merchandise to Smarte at 20% above cost. During 2017 and 2018, intercompany sales amounted to $1,080,000 and $1,200,000 respectively. At the end of 2017, Smarte had one-fifth of the goods purchased that year from Puma in its ending inventory. Smarte’s 2018 ending inventory contained one-fourth of that year’s purchases from Puma. There were no intercompany sales prior to 2017. Required: A. Prepare in general journal form...
Exercise 7-12 Pomeroy Corporation owns an 80% interest in Sherer Company and a 90% interest in...
Exercise 7-12
Pomeroy Corporation owns an 80% interest in Sherer Company and a
90% interest in Tampa Company. On January 2, 2014, Tampa Company
sold equipment with a book value of $631,800 to Sherer Company for
$705,300. This equipment has a remaining useful life of three
years. Sherer Company reported $108,800 and Tampa Company reported
$154,500 in net income (including sales to affiliates) in 2014.
Prepare the 2014 and 2015 consolidated statements workpaper entries
to eliminate the effects of this...
Pinta Company, a forklift manufacturer, owns 80% of the voting stock of Standard Company. On Janu...
Pinta Company, a forklift manufacturer, owns 80% of the voting
stock of Standard Company. On January 1, 2014, Pinta Company sold
forklifts to Standard Company for $412,400. The forklifts, which
represented inventory to Pinta Company, had a cost to Pinta Company
of $322,400. The management of Standard Company estimated that the
forklifts had a useful life of nine years from the date of
purchase. Standard Company uses the straightline method to
depreciate its capital assets.
In 2014, Pinta Company reported...
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...
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...
A parent sells merchandise to its 90%-owned subsidiary at a markup of 20% on cost. The...
A parent sells merchandise to its 90%-owned subsidiary at a markup of 20% on cost. The parent's beginning inventory includes $120,000 purchased from the subsidiary. The parent's ending inventory includes $156,000 purchased from the subsidiary. What is the impact of the above information on noncontrolling interest in net income, reported on the consolidated income statement for the year? A. Subtract $6,000 B. Subtract $3,000 C. Subtract $600 D. No effect
Peel Company owns 90% of the common stock of Seacore Company.
Seacore Company sells merchandise to Peel Company at 20% above
cost. During 2014 and 2015, such sales amounted to $451,400 and
$482,600, respectively. At the end of each year, Peel Company had
in its inventory one-fourth of the goods purchased from Seacore
Company during that year.
Peel Company reported $309,400 in net income from its independent
operations in 2014 and 2015. Seacore Company reported net income of
$117,600 in...
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...
On January 1, 2013, Price Company acquired an 80% interest in
the common stock of Smith Company on the open market for $811,500,
the book value at that date.
On January 1, 2014, Price Company purchased new equipment for
$15,000 from Smith Company. The equipment cost $9,700 and had an
estimated life of five years as of January 1, 2014.
During 2015, Price Company had merchandise sales to Smith Company
of $96,200; the merchandise was priced at 25% above Price...
Exercise 7-12
Pomeroy Corporation owns an 80% interest in Sherer Company and a
90% interest in Tampa Company. On January 2, 2014, Tampa Company
sold equipment with a book value of $631,800 to Sherer Company for
$705,300. This equipment has a remaining useful life of three
years. Sherer Company reported $108,800 and Tampa Company reported
$154,500 in net income (including sales to affiliates) in 2014.
Prepare the 2014 and 2015 consolidated statements workpaper entries
to eliminate the effects of this...
Pinta Company, a forklift manufacturer, owns 80% of the voting
stock of Standard Company. On January 1, 2014, Pinta Company sold
forklifts to Standard Company for $412,400. The forklifts, which
represented inventory to Pinta Company, had a cost to Pinta Company
of $322,400. The management of Standard Company estimated that the
forklifts had a useful life of nine years from the date of
purchase. Standard Company uses the straightline method to
depreciate its capital assets.
In 2014, Pinta Company reported...
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...
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...
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