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62% froms 5 equity at acquesition consist of 300000 common stock and 100000 retained earning nventory understaed 20000 of which 80% sold in y1 and 15% sold in y2 note payable overstated 9000 and 3 years to maturity mote receivable overstated 6000 and 24 months remaining to mature 5 net income for year 1 was 60000 and 5 net income for year 2 was 70000 5 dividends in year 1-15000 in year 2 the same sales from P to 5 yearl of product A 1000 @18 cost to P 14 and S sold to external @22 in y1 600 and 300 y2 sales from 5 to P yearl of product B 900 @17 cost to S 15 and P sold to external @20 in y1 700 and 150 y2 sales from P to 5 year2 product C 500 @20 cost to P 17 and S sold 150 units to external @25 males from 5 to P year2 product D 400 @18 cost to 5 12 and P sold 150 units to external @20 S find the following amounts for year 2: supstream unrealized gross profit become realized downstream unrealized gross profit become realized upstream realized gross profit become unrealized downstream realized gross profit become unrealized upstream unrealized gross profit still unrealized downstream unrealized gross profit still unrealized adjusted net income of S before gross profit adjustments adjusted net income of S after upstream gross profit adjustments adjusted net income of S before upstream gross profit adjustments unamortized differences beginning of year unamortized differences ending of year NCI share income from S changes of investment in s changes in NCI NCI share IN consolidated income statement income from 5 in consolidated income statement of the wa find the following amounts for year 2: investment in 5 in the books of P beginning of the year investment in S in the books of P ending of the year NCI in consolidated balance sheet

62% froms 5 equity at acquesition consist of 300000 common stock and 100000 retained earning nventory understaed 20000 of which 80% sold in y1 and 15% sold in y2 note payable overstated 9000 and 3 years to maturity mote receivable overstated 6000 and 24 months remaining to mature 5 net income for year 1 was 60000 and 5 net income for year 2 was 70000 5 dividends in year 1-15000 in year 2 the same sales from P to 5 yearl of product A 1000 @18 cost to P 14 and S sold to external @22 in y1 600 and 300 y2 sales from 5 to P yearl of product B 900 @17 cost to S 15 and P sold to external @20 in y1 700 and 150 y2 sales from P to 5 year2 product C 500 @20 cost to P 17 and S sold 150 units to external @25 males from 5 to P year2 product D 400 @18 cost to 5 12 and P sold 150 units to external @20 S find the following amounts for year 2: supstream unrealized gross profit become realized downstream unrealized gross profit become realized upstream realized gross profit become unrealized downstream realized gross profit become unrealized upstream unrealized gross profit still unrealized downstream unrealized gross profit still unrealized adjusted net income of S before gross profit adjustments adjusted net income of S after upstream gross profit adjustments adjusted net income of S before upstream gross profit adjustments unamortized differences beginning of year unamortized differences ending of year NCI share income from S changes of investment in s changes in NCI NCI share IN consolidated income statement income from 5 in consolidated income statement of the wa find the following amounts for year 2: investment in 5 in the books of P beginning of the year investment in S in the books of P ending of the year NCI in consolidated balance sheet

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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paquire 62% from s S equity at acquesition consist of 300000 common stock and 100000 retained earning inventory understaed 20000 of which 80% sold in y1 and 15% sold in y2 note payable overstated 9000 and 3 years to maturity note receivable overstated 6000 and 24 months remaining to mature S net income for year 1 was 60000 and S net income for year 2 was 70000 S dividends in year 1-15000 in year 2 the same sales from P to 5 yearl of product A 1000 @18 cost to P 14 and 5 sold to external @22 in y1 600 and 300 y2 sales from 5 to P year1 of product B 900 @17 cost to 5 15 and P sold to external @20 in y1 700 and 150 y2 sales from P to 5 year2 product C 500 @20 cost to P 17 and S sold 150 units to external @25 sales from 5 to P year2 product D 400 @18 cost to 5 12 and P sold 150 units to external @20 S find the following amounts for year 2: upstream unrealized gross profit become realized downstream unrealized gross profit become realized upstream realized gross profit become unrealized downstream realized gross profit become unrealized upstream unrealized gross profit still unrealized downstream unrealized gross profit still unrealized adjusted net income of S before gross profit adjustments adjusted net income of S after upstream gross profit adjustments adjusted net income of S before upstream gross profit adjustments unamortized differences beginning of year unamortized differences ending of year NCI share, income from S changes of investment in s changes in NCI NCI share IN consolidated income statement income from 5 in consolidated income statement investment in C in the hooke of D baninning of the wear B С D H find the following amounts for year 2: investment in 5 in the books of P beginning of the year investment in S in the books of P ending of the year NCI in consolidated balance sheet
Transcribed Image Text:paquire 62% from s S equity at acquesition consist of 300000 common stock and 100000 retained earning inventory understaed 20000 of which 80% sold in y1 and 15% sold in y2 note payable overstated 9000 and 3 years to maturity note receivable overstated 6000 and 24 months remaining to mature S net income for year 1 was 60000 and S net income for year 2 was 70000 S dividends in year 1-15000 in year 2 the same sales from P to 5 yearl of product A 1000 @18 cost to P 14 and 5 sold to external @22 in y1 600 and 300 y2 sales from 5 to P year1 of product B 900 @17 cost to 5 15 and P sold to external @20 in y1 700 and 150 y2 sales from P to 5 year2 product C 500 @20 cost to P 17 and S sold 150 units to external @25 sales from 5 to P year2 product D 400 @18 cost to 5 12 and P sold 150 units to external @20 S find the following amounts for year 2: upstream unrealized gross profit become realized downstream unrealized gross profit become realized upstream realized gross profit become unrealized downstream realized gross profit become unrealized upstream unrealized gross profit still unrealized downstream unrealized gross profit still unrealized adjusted net income of S before gross profit adjustments adjusted net income of S after upstream gross profit adjustments adjusted net income of S before upstream gross profit adjustments unamortized differences beginning of year unamortized differences ending of year NCI share, income from S changes of investment in s changes in NCI NCI share IN consolidated income statement income from 5 in consolidated income statement investment in C in the hooke of D baninning of the wear B С D H find the following amounts for year 2: investment in 5 in the books of P beginning of the year investment in S in the books of P ending of the year NCI in consolidated balance sheet
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