Homework Answers
Add Answer to:
Calculating net income, noncontrolling interest share, and controlling interest share with unrealized profits The affil...
Calculate controlling interest share and noncontrolling interest share of consolidated net income Pet Company owns 90 p...
Calculate controlling interest share and noncontrolling interest share of consolidated net income Pet Company owns 90 percent of the stock of Man Corporation and 70 percent of the stock of Nun Company. Man owns 70 percent of the stock of Oak Corporation and 10 percent of the stock of Nun Company. Nun Company owns 20 percent of the stock of Oak Corporation Separate incomes for the year ended December 31, 2016, are as follows: $130,000 $ 36,000 $ 56,000 18,000...
EXERCISE 5-5 T-Account Calculation of Controlling and Noncontrolling Interest in Consolidated Net Income LO 4 On...
EXERCISE 5-5 T-Account Calculation of Controlling and Noncontrolling Interest in Consolidated Net Income LO 4 On January 1, 2019, P Company purchased an 80% interest in S Company for $600,000, at which time S Company had retained earnings of $300,000 and capital stock of $350,000. Any difference between book value and the value implied by the purchase price was entirely attributable to a patent with a remaining useful life of 10 years. Assume that P and S Companies reported net...
Upstream versus downstream inventory profits and net income attributable to the noncontrolling interest Assume that on...
Upstream versus downstream inventory profits and net income attributable to the noncontrolling interest Assume that on January 1, 2012, a parent company acquired a 90% interest in a subsidiary's voting common stock. On the date of acquisition, the fair value of the subsidiary's net assets equaled their reported book values. There were no intercompany sales during 2012. During the year ended December 31, 2013, the companies made $300,000 of intercompany sales. All intercompany sales include profits of 30% of selling...
Problem 6 Paice Corporation owns 80% of the voting common stock of Accardi Corporation. Paice owns...
Problem 6 Paice Corporation owns 80% of the voting common stock of Accardi Corporation. Paice owns 60% of the voting common stock of Badger Corporation. Accardi owns 20% of the voting common stock of Badger. There are no cost/book value/fair value differentials to consider. The separate net incomes (excluding investment income) of these affiliated companies for 2014 are: Paice Accardi Badger $300,000 160,000 120,000 Required: Calculate controlling interest share of consolidated net income and noncontrolling interest shares for Paice Corporation...
The noncontrolling interest in subsidiary income and total non controlling interest On January 1, Beckman, Inc.,...
The noncontrolling interest in subsidiary income and total non controlling interest On January 1, Beckman, Inc., acquires 60 percent of the outstanding stock of Calvin for $51,612. Calvin Co. has one recorded asset, a specialized production machine with a book value of $19,200 and no liabilities. The fair value of the machine is $75,700, and the remaining useful life is estimated to be 10 years. Any remaining excess fair value is attributable to an unrecorded process trade secret with an...
Consolidation Working Paper, Noncontrolling Interest, Intercompany Inventory Transactions Peninsula Industries and Seaport Company, an 85 percent...
Consolidation Working Paper, Noncontrolling Interest, Intercompany Inventory Transactions Peninsula Industries and Seaport Company, an 85 percent owned subsidiary, engage in extensive intercompany transactions involving raw material,component parts,and completed products. Peninsula acquired its interest in Seaport several years ago, at a cost of $24,575,000. At that time, Seaport's book value was $1,500,000 and the fair value of the noncontrolling interest in Seaport was $2,925,000. The excess of acquisition cost over book value was attributed to previously unrecorded indefinite-lived intangibles, valued at...
please help 14. Noncontrolling interest share of earnings is: a camings based on the percent of...
please help
14. Noncontrolling interest share of earnings is: a camings based on the percent of holdings by minority owners of consolidated subsidiaries. b. earnings based on the percent of holdings by parent company of unconsolidated subsidiaries c. the total carnings of consolidated subsidiaries. d carings based on the percent of holdings by creditors. e camings based on the percent of holdings by parent company of consolidated subsidiaries. 15. Which of the following would most likely cause a rise in...
Clarke has a controlling interest in Rogers's outstanding stock. At the current year-end, the following information...
Clarke has a controlling interest in Rogers's outstanding stock. At the current year-end, the following information has been accumulated for these two companies: Separate Operating Income Dividends Paid Clarke $552,500 $95,000 (includes a $96,000 net unrealized gross profit on intra-entity inventory transfers) Rogers 335,000 55,000 Assume that Clarke owns 80 percent of Rogers's voting stock, but the companies elect to file separate tax returns. What is the total amount of income...
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...
Calculate controlling interest share and noncontrolling interest share of consolidated net income Pet Company owns 90 percent of the stock of Man Corporation and 70 percent of the stock of Nun Company. Man owns 70 percent of the stock of Oak Corporation and 10 percent of the stock of Nun Company. Nun Company owns 20 percent of the stock of Oak Corporation Separate incomes for the year ended December 31, 2016, are as follows: $130,000 $ 36,000 $ 56,000 18,000...
EXERCISE 5-5 T-Account Calculation of Controlling and Noncontrolling Interest in Consolidated Net Income LO 4 On January 1, 2019, P Company purchased an 80% interest in S Company for $600,000, at which time S Company had retained earnings of $300,000 and capital stock of $350,000. Any difference between book value and the value implied by the purchase price was entirely attributable to a patent with a remaining useful life of 10 years. Assume that P and S Companies reported net...
Upstream versus downstream inventory profits and net income attributable to the noncontrolling interest Assume that on January 1, 2012, a parent company acquired a 90% interest in a subsidiary's voting common stock. On the date of acquisition, the fair value of the subsidiary's net assets equaled their reported book values. There were no intercompany sales during 2012. During the year ended December 31, 2013, the companies made $300,000 of intercompany sales. All intercompany sales include profits of 30% of selling...
Problem 6 Paice Corporation owns 80% of the voting common stock of Accardi Corporation. Paice owns 60% of the voting common stock of Badger Corporation. Accardi owns 20% of the voting common stock of Badger. There are no cost/book value/fair value differentials to consider. The separate net incomes (excluding investment income) of these affiliated companies for 2014 are: Paice Accardi Badger $300,000 160,000 120,000 Required: Calculate controlling interest share of consolidated net income and noncontrolling interest shares for Paice Corporation...
please help
14. Noncontrolling interest share of earnings is: a camings based on the percent of holdings by minority owners of consolidated subsidiaries. b. earnings based on the percent of holdings by parent company of unconsolidated subsidiaries c. the total carnings of consolidated subsidiaries. d carings based on the percent of holdings by creditors. e camings based on the percent of holdings by parent company of consolidated subsidiaries. 15. Which of the following would most likely cause a rise in...
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...
Most questions answered within 3 hours.
-
A speeding car is traveling along a straight road with a
constant speed of 100 km/hour....
asked 1 minute ago -
When 60.1 gg of calcium is reacted with nitrogen gas, 31.7 gg of
calcium nitride is...
asked 6 minutes ago -
The random variable X is exponentially distributed, where X
represents the time it takes for a...
asked 21 minutes ago -
a) Write a verilog module for 1:4 Demultiplexer using verilog
primitives.
b) Design 1-to-4 DEMUX using...
asked 15 minutes ago -
MATLAB
write a MATLAB function (1) output a third-order polynomial
function with the coefficients as the...
asked 28 minutes ago -
A z-score
communicates a raw score’s "relative standing"
under the normal curve in relation to:
asked 37 minutes ago -
An object is vibrating on a spring with the following equation
of motion:
?=(30 ??)cos((2?)/(160)?)
a)...
asked 36 minutes ago -
Vulcan Flyovers offers scenic overflights of Mount St. Helens,
the volcano in Washington State that explosively...
asked 39 minutes ago -
If organizations do not adapt fast enough and move incrementally
from the twentieth-century model to the...
asked 39 minutes ago -
A helium balloon with 2.5L of gas has a gauge pressure of 10,000
Pa. The balloon...
asked 44 minutes ago -
What is responsible for Jupiter's enormous magnetic field?
asked 59 minutes ago -
At the end of the year, a company offered to buy 5,000 units of
a product...
asked 1 hour ago