23 a $23400
Non-controlling share = 80000 * 30 % = 24000 less 30 % of 2000 = 24000-600 = 23400
24 b $ 41000
Sales - COGS = 91000-50000 = 41000
25 a 250000
Company acquired a 70% interest in the Star Company in year 1. For the year ended...
answer to these questions We were unable to transcribe this image16. On June 30, year 1. Purl Corp, issued 150,00 received all of Scott Corp's common stock. The fall $0.year 1. Purl Corp. issued 150,000 shares of its S20 par common stock for which it the book value of Scott Corp's net assets. Both corpo Scott Corp.'s common stock. The fair value of the common stock issued is equal to Made of Scott Corp.'s net assets. Both corporations continued to...
1. Taxpayer Info: Star Corp. is a calendar-year, accrual-method C corporation that sells inventory. During 2018, Star Corp had gross sales of $300,000,000 and returns of $10,000,000. At the beginning of the year, Star Corp. had $20,000,000 worth of inventory. During the year, Star Corp. purchased $105,000,000 worth of inventory. Star Corp. had end of year inventory worth $25,000,000. What is Star Corp.'s cost of goods sold? 2. Same facts as previous question. What is the amount of Star Corp.'s...
During 2021, Spring Company, a 70%-owned subsidiary of Brook Corporation, sold merchandise to Brook at a selling price of $400,000, which includes a 40% gross profit. Included in Brook's December 31, 2021, inventories were goods acquired from Spring at a billed price of $250,000. On December 31, 2020, Brook owned inventory purchased from Spring for $210,000. All sales from Spring to Brook include 40% gross profit. Prepare all worksheet eliminations (in journal entry format) for Brook Corporation and subsidiary that...
On January 1, 2015, P Company acquired a 90% interest in S Company. During 2016, S Company sold merchandise to P Company at 25% above cost in the amount (selling price) of $241,800. At the end of the year, P Company had in its inventory one-third of the amount of goods purchased from S Company. On January 1, 2016, P Company sold equipment that had a book value of $83,600 to S Company for $118,100. The equipment had an estimated...
On January 1, 2015, P Company acquired a 90% interest in S Company. During 2016, S Company sold merchandise to P Company at 25% above cost in the amount (selling price) of $208,800. At the end of the year, P Company had in its inventory one-third of the amount of goods purchased from S Company. On January 1, 2016, P Company sold equipment that had a book value of $75,500 to S Company for $131,700. The equipment had an estimated...
Exercise 7-8 On January 1, 2015, P Company acquired a 90% interest in S Company. During 2016, S Company sold merchandise to P Company at 25% above cost in the amount (selling price) of $241,800. At the end of the year, P Company had in its inventory one-third of the amount of goods purchased from S Company. On January 1, 2016, P Company sold equipment that had a book value of $83,600 to S Company for $118,100. The equipment had...
The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 2019: Increase in estimated returns inventory $ 9,400 Merchandise inventory, May 1, 2018 377,900 Merchandise inventory, April 30, 2019 472,400 Purchases 3,070,400 Purchases returns and allowances 94,500 Purchases discounts 56,700 Sales 4,723,700 Freight in 14,200 a. Prepare the cost of merchandise sold section of the income statement for the year ended April 30, 2019, using the periodic inventory system. Harkins Company Income...
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...
Monte Company acquired 70% of the stock of Mo Company on 1 January 2018, for $150,000. On this date, the balances of Mo’s stockholders’ equity accounts were: Common Stock, $130,000, and Retained Earnings, $14,000. On 1 January 2018, the market value for the 30% of shares not purchased by Monte was $63,800. On 1 January 2018, Mo’s recorded book values were equal to fair values for all items except: (1) accounts receivable had a book value of $40,000 and a...
Boston Pool Supplies's merchandise inventory data for the year ended December 31, 2019, follow: E(Click the icon to view the inventory data.) Read the requirements. Requirement 1. Assume that the ending merchandise inventory was accidentally overstated by $1,400. What are the correct amounts for cost of goods sold and gross profit? Cost of goods sold in 2019 would be S What is the correct amount of gross profit? Gross profit in 2019 would be $ Requirement 2. How would the...