Homework Answers
| In consolidated financial statements, the assets and liabilities of Parent and Subsidiary are combined and any related transactions are eliminated. |
| Inventory | 27200 | =17250+9950 |
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Wendy Day Kite Company owns 100% of the outstanding stock of Strong String Company. At the...
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.
Pops owns 80% of Son Co.’s outstanding common stock. Pops’ liabilities total $350,000, and Son’s liabilities...
Pops owns 80% of Son Co.’s outstanding common stock. Pops’ liabilities total $350,000, and Son’s liabilities total $250,000. During the year, Pops advanced Son $50,000 in cash, which was still outstanding at December 31. What amount of total liabilities should be reported in the consolidated financial statements? A. $550,000 B. $560,000 C. $600,000 D. $650,000
D Question 3 4 pts Rome Company owns 65% of the outstanding common stock of London...
D Question 3 4 pts Rome Company owns 65% of the outstanding common stock of London Company. Rome would report its investment in London Company's common stock: as Trading Securities. as Held to Maturity Securities. under the equity method of accounting as Investments for significant influence. by preparing Consolidated Financial Statements.
Company A purchased 100% of the outstanding common stock of Company B for $500,000 cash, and...
Company A purchased 100% of the outstanding common stock of Company B for $500,000 cash, and Company A incurred $50,000 in indirect acquisition costs. The FMV of the net assets of Company B was $400,000, and the BV of the net assets of Company B was $300,000. When Company A performs an initial consolidation, the remaining consolidated balance in “Investment in Company B” post-consolidation will be: Question 6 options: a) $50,000 b) $500,000 c) $100,000 d) $0 Company P purchased...
On January 1, 2018, Pride, Inc. acquired 80% ofthe outstanding voting common stock of Strong Corp....
On January 1, 2018, Pride, Inc. acquired 80% ofthe outstanding voting common stock of Strong Corp. for $364,000. There is no active market for Stongs stock. Ofthis payment, $28,000 was allocated to equipment (with a five-year life) that had been undervalued on Stones books by $35,000. Any remaining excess was attributable to goodwill, which has not been impaired. As of December 31, 2018, before preparing the consolidated worksheet, the financial statements appeared as follows: Pride Inc Strong Corp Revenues $...
On January 1, 2018, Pride, Inc. acquired 80% of the outstanding voting common stock of Strong...
On January 1, 2018, Pride, Inc. acquired 80% of the outstanding voting common stock of Strong Corp. for $364,000. There is no active market for Stong's stock. Of this payment, $28,000 was allocated to equipment (with a five-year life) that had been undervalued on Stones books by $35,000. Any remaining excess was attributable to goodwill, which has not been impaired. As of December 31, 2018, before preparing the consolidated worksheet, the financial statements appeared as follows: Pride Inc Strong Corp...
Facts: Assume that on January 1, Parent Company ("Parent Co") acquires 100% of the common stock...
Facts: Assume that on January 1, Parent Company ("Parent Co") acquires 100% of the common stock of Subsidiary Company ("Sub Co") for $800,000. On the acquisition date, Sub Co reports a book value of Stockholders' Equity of $320,000. Parent Co is willing to pay the purchase price because the subsidiary owns property, plant and equipment that are worth $150,000 more than the amount at which they are reported on Sub Co's books. In addition, Sub Co owns a customer list...
Superior Company owns 40% of the outstanding stock f Bernard Company. During 2018, Bernard paid $100,000...
Superior Company owns 40% of the outstanding stock f Bernard Company. During 2018, Bernard paid $100,000 cash dividend on its common shares. What effect did this dividend have on SUperior's 2018 financial statements?
If the parent company owns more than 50% of the subsidiary’s voting stock, and effectively has...
If the parent company owns more than 50% of the subsidiary’s voting stock, and effectively has control of the subsidiary, consolidated financial statements are: Multiple Choice not possible. required. required only by the SEC. optional.
Emron Company owns a 100% interest in the common stock of the Dietz Company. On January...
Emron Company owns a 100% interest in the common stock of the Dietz Company. On January 1, 2016, Emron sold Dietz a fixed asset that Dietz will use over a 5-year period. The asset was sold at a $5,000 profit. In the consolidated statements, this profit will a. not be recorded. b. be recognized over 5 years. c. be recognized in the year of sale. d. be recognized when the asset is resold to outside parties at the end of...
D Question 3 4 pts Rome Company owns 65% of the outstanding common stock of London Company. Rome would report its investment in London Company's common stock: as Trading Securities. as Held to Maturity Securities. under the equity method of accounting as Investments for significant influence. by preparing Consolidated Financial Statements.
Facts: Assume that on January 1, Parent Company ("Parent Co") acquires 100% of the common stock of Subsidiary Company ("Sub Co") for $800,000. On the acquisition date, Sub Co reports a book value of Stockholders' Equity of $320,000. Parent Co is willing to pay the purchase price because the subsidiary owns property, plant and equipment that are worth $150,000 more than the amount at which they are reported on Sub Co's books. In addition, Sub Co owns a customer list...
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