S Co, an 80%-owned subsidiary of P Co, sold inventory items to its parent at a $48,000
Question:
S Co, an 80%-owned subsidiary of P Co, sold inventory items to its parent at a $48,000 profit in 2014. P resold one-third of this inventory to outside entities. S reported net income of $200,000 for 2014. Noncontrolling interest share of consolidated net income that will appear in the income statement for 2014 is
Select one:
a. $30,400
b. $32,000
c. $40,000
d. $33,600
On 1/1/2019,X Company purchased a 30% interest in Y Company for $253,000.Y reported net income of $100,000 for 2019 and declared and paid a dividend
of $10,000. X co using the equity method. In its 31/12 2019, balance sheet what amount should X report as its investment in Y?
Select one:
a. 250,000
b. 277,000
c. 340,000
d. 280,000
Advanced Accounting
ISBN: 978-0134472140
13th edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith