The consolidated income statement of Put and Saw for 2011

The consolidated income statement of Put and Saw for 2011 was as follows (in thousands):

Sales ............................................................................. $5,520

Cost of sales ................................................................... (3,680)

Operating expenses ............................................................. (640)

Income to 20 percent noncontrolling interest in Saw ...................... (160)

Consolidated net income .................................................... $ 1,040

After the consolidated income statement was prepared, it was discovered that intercompany sales transactions had not been considered and that unrealized profits had not been eliminated. Information concerning these items follows (in thousands):

The <a id=consolidated income statement of Put and Saw for 2011" class="fr-fic fr-dii">

REQUIRED
Prepare a corrected consolidated income statement for Put and Saw for the year ended December 31, 2011.

Consolidated Income Statement
When talking about the group financial statements the consolidated financial statements include Consolidated Income Statement that a parent must prepare among other sets of consolidated financial statements. Consolidated Income statement that is...

Members

  • Access to 1 Million+ Textbook solutions
  • Ask any question from 24/7 available
    Tutors
$9.99
VIEW SOLUTION
OR

Non-Members

Get help from Accounting Tutors
Ask questions directly from Qualified Online Accounting Tutors .
Best for online homework instance.