The following account descriptions were found in the 2011 annual report of E. I. du Pont de

Question:

The following account descriptions were found in the 2011 annual report of E. I. du Pont de Nemours & Company (in millions):

● Net income attributable to noncontrolling interests $ 36

● Noncontrolling interests 469

● Investments in affiliates 1,117

● Equity in earnings of affiliates 191

In your own words, explain what each type of account represents. Indicate whether the item appears on the balance sheet or the income statement.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...