Business
Accounting
Income statement information for 2011 for Pug Corporation and it

Income statement information for 2011 for Pug Corporation and it

Income statement information for 2011 for Pug Corporation and its 60 percent-owned subsidiary, Sev Corporation, is as follows:

Pug Sev Sales Cost of sales Gross profit Operating expenses Sev's net income Pug's separate income $900 400 500 250 $350

Intercompany sales for 2011 are upstream (from Sev to Pug) and total $100,000. Pug's December 31, 2010, and December 31, 2011, inventories contain unrealized profits of $5,000 and $10,000, respectively.
REQUIRED
1. Compute noncontrolling interest share for 2011.
2. Compute consolidated sales, cost of sales, and total consolidated income for2011.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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