Question

Lion Company has owned 100 percent of Fish Company since 2010. The income statements of these two companies for the year ended December 31, 2011, follow.


The following is additional information:
(1) Fish purchased $280,000 of inventory from Lion, which it had sold to Fish customers by the end of the year.
(2) Fish leased its building from Lion for $60,000 per year.
Prepare a consolidated income statement work sheet for the two companies for the year ended December 31, 2011. Income taxes have beenignored.


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  • CreatedSeptember 10, 2014
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