19. Company P acquired 90% of the shares of Company S on Jan 1, 20 On Dec 31, 20X1, the incomplete income statement of P and S is given below. Consolidated Statements P Co. S Co. Income Statement Sales 800,000 250,000 Less: COGS -200,000 -125,000 Less: Dep Exp -50,000 -10,000 Less: Other Exp Income from S Co. -225,000 -40,000 Net Income What amount of controlling income will be reported in the consolidated income statement? $67,500 O $325,000 $392,500 O $400.000

19. Company P acquired 90% of the shares of Company S on Jan 1, 20 On Dec 31, 20X1, the incomplete income statement of P and S is given below. Consolidated Statements P Co. S Co. Income Statement Sales 800,000 250,000 Less: COGS -200,000 -125,000 Less: Dep Exp -50,000 -10,000 Less: Other Exp Income from S Co. -225,000 -40,000 Net Income What amount of controlling income will be reported in the consolidated income statement? $67,500 O $325,000 $392,500 O $400.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Dd.91.
ABC-DEF
On Jan 2, 20X1, ABC acquired 20% of the 400,000 ordinary shares of Yellow Co at P30 per share. The following data are applicable for 20X1 and 20X2: 20X1 20X2 Yellow dividends 40,000 48,000 Yellow profit 140,000 160,000 Yellow share market price at year end 32 31 On Jan 2, 20X3, ABC sold 20,000 shares of Yellow at its quoted price of P31 per share. How much should be recognized in profit or loss on January 2, 20X3? 9,400 27,000 33,000 37,600
The Consolidated/Group Net Income for 20x1: A. 356,500 B. 362,200 C. 363,075 D. 387,375
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Pagle Corporation holds 80 percent of Standard Company's common shares. The companies report the following balance sheet data for December 31, 20X1: Assets Cash Accounts Receivable Inventory Buildings and Equipment Less: Accumulated Depreciation Investment in Standard Company Stock Total Assets Liabilities and Owners' Equity Accounts Payable Taxes Payable Preferred Stock ($10 par value) Common Stock: $10 par value $5 par value Retained Earnings Total Liabilities and Owners' Equity Pagle Corporation $ 53,000 85,000 126,000 700,000 (295,000) 160,000 $ 829,000 Basic earnings per share Diluted earnings per share $ 120,000 79,000 200,000 100,000 330,000 $ 829,000 Required: Compute basic and diluted EPS for the consolidated entity for 20X1. Note: Round your answers to 2 decimal places. Standard Company $ 43,000 65,000 76,000 330,000 (130,000) $ 384,000 $ 84,000 100,000 An 8 percent annual dividend is paid on the Pagle preferred stock and a 12 percent dividend is paid on the Standard…
Poppy Corporation owns 60 percent of Seed Company's common shares. Balance sheet data for the companies on December 31, 20X2, are as follows: Assets Cash Accounts Receivable Inventory Buildings and Equipment Less: Accumulated Depreciation Investment in Seed Company Stock Total Assets Liabilities and Owners' Equity Accounts Payable Bonds Payable Common Stock ($10 par value) Retained Earnings Total Liabilities and Owners' Equity Poppy Corporation Basic earnings per share Diluted earnings per share $ 94,000 $ 35,000 83,000 57,000 117,000 100,000 92,000 (77,000) $ 487,000 690,000 (225,000) 135,000 $ 894,000 Seed Company $ 62,000 $ 119,000 250,000 200,000 300,000 100,000 225,000 125,000 $ 894,000 $ 487,000 The bonds of Poppy Corporation and Seed Company pay annual interest of 8 percent and 10 percent, respectively. Poppy's bonds are not convertible. Seed's bonds can be converted into 10,000 shares of its company stock any time after January 1, 20X1. An income tax rate of 40 percent is…
Compute for the non-controlling interest in Net Income
1.) The Trap Corp. liquidates two shareholders, each owned 40% of the stock receives for the stock, machine worth $90,000 with a basis of $70,000 and warehouse worth $50,000 with a basis of $20,000. Trap Corp. will recognize? A. $50,000 of sec 1231 gain B. $50,000 of capital gain C. $50,000 of ordinary income D. $20,000 capital gain and $30,000 ordinary income
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