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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
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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19. Company P acquired 90% of the shares of Company S on Jan 1, 20X1. 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 -225,000 -40,000 Exp Income from S Co. Net Income What amount of controlling income will be reported in the consolidated income statement? O $67,500 $325,000 $392,500 $400,000
Transcribed Image Text:19. Company P acquired 90% of the shares of Company S on Jan 1, 20X1. 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 -225,000 -40,000 Exp Income from S Co. Net Income What amount of controlling income will be reported in the consolidated income statement? O $67,500 $325,000 $392,500 $400,000
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