2 Anderson Company, a 90% owned subsidiary of Philbin Corporation, transfers inventory to Philbin at a 25% grossprofit rate. The following data are available pertaining specifically to Philbin's intra-entity purchases from Anderson.Anderson was acquired on January 1, 2020.Purchases by PhilbinEnding inventory on Philbin'sbooksAnderson's net incomeDividends paid byAnderson2021$12,0002020$8,0001,200 4,000 3,0002022$15,000Assume the equity method is used. The following data are available pertaining to Anderson's Income and dividends.2020 2021 2022$70,000 $85,000 $94,00010,000 10,000 15,000Multiple ChoiceAssuming there are no excess amortizations associated with the consolidation, and no other intra-entity assettransfers, compute the net income attributable to the noncontrolling interest of Anderson for 2022. Multiple Choice$9,325.$9,400.$9,425.$9,375.$8,485.

Under the equity system, the investor originally records the investment at cost. As the investee…

Anderson Company, a 90% owned subsidiary of Philbin Corporation, transfers inventory to Philbin at a 25% gross profit rate. The following data are available pertaining specifically to Philbin's intra-entity purchases from Anderson. Anderson was acquired on January 1, 2020. Purchases by Philbin Ending inventory on Philbin's books 2022 2020 2021 $8,000 $12,000 $15,000 1,200 4,000 3,000

Anderson Company, a 90% owned subsidiary of Philbin Corporation, transfers inventory to Philbin at a 25% gross profit rate. The following data are available pertaining specifically to Philbin's intra-entity purchases from Anderson. Anderson was acquired on January 1, 2020. Purchases by Philbin Ending inventory on Philbin's books 2022 2020 2021 $8,000 $12,000 $15,000 1,200 4,000 3,000

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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Zina Manufacturing Company started and completed Job 501 in December with the following Job Cost Sheet and transferred it to the warehouse. Direct Materials Date Dec 17 Dec 30 Total Direct Labor Amount Date Amount $2,000 Dec 20 $4,000 8,000 Dec 30 3,800 Total Job Cost Sheet - Job No. 501 Total Cost The journal entry to record the transaction is A) WIP Inventory FG Inventory B) Cost of Goods Sold WIP Inventory C) FG Inventory WIP Inventory D) FG Inventory WIP Inventory Debit Credit 35,800 17,800 17,800 Manufacturing Overhead Date Amount Dec 24 $10,000 Dec 30 8,000 Total 35,800 35,800 17,800 17,800 35,800
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