Computing the noncontrolling interests equity balance Assume the following facts relating to an 80% owned subsidiary company: BOY stockholders' equity BOY AAP assets Net income of subsidiary (not including [A] asset depreciation and amortization) AAP assets depreciation and amortization expense Dividends declared and paid to noncontrolling shareholders $1,000,000 100,000 230,000 40,000 5,000 a. Compute the net income attributable to noncontrolling interests for the year. $ b. Compute the amount reported as noncontrolling equity at the end of the year.

Computing the noncontrolling interests equity balance Assume the following facts relating to an 80% owned subsidiary company: BOY stockholders' equity BOY AAP assets Net income of subsidiary (not including [A] asset depreciation and amortization) AAP assets depreciation and amortization expense Dividends declared and paid to noncontrolling shareholders $1,000,000 100,000 230,000 40,000 5,000 a. Compute the net income attributable to noncontrolling interests for the year. $ b. Compute the amount reported as noncontrolling equity at the end of the year.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Parent Co. acquired 90% of the common stock of Subsidiary Co. in a cash-only transaction. In the first consolidated balance sheet issued after this business combination, the noncontrolling interest must be reported as O A. Current assets. O B. Noncurrent assets. O C. Equity. O D. Noncurrent liabilities.
Visno
if the retained earning is 350,000 December 31, 2021 WHAT IS THE NON-CONTROLLING INTEREST TO BE REPORTED IN THE CONSOLIDATED FINANCIAL STATEMENT ON DEMEBER 31,2021 no changes were made in the oridnary shares of the subsidiary
What is the amount of pre-acquisition earnings on the acquisition date consolidated income statement if the parent acquires 90 percent of the subsidiary’s stock and the following income statement accounts exist at the acquisition date? Parent Subsidiary Sales P250,000 P60,000 Cost of Goods Sold 120,000 12,000 Depreciation Expense 10,000 5,000 Operating Expenses 40,000 8,000 Income Tax Expense 32,000 14,000 2. Using the same information in No. 1, what is the imputed value of a subsidiary if the parent pays P56,000 for 80 percent of the subsidiary’s stock? Use the following information for question 3 and 4: Marksman acquired 100 percent of Tribal Transit for P275,000. At the date of acquisition, Fast Transit…
REQUIRED: Determine the percentage owned by the parent
Hh1.
Using the proportionate basis or partial goodwill method, compute the equity holders of parent (or controlling interest) retained earnings on January 1:A. P 48,000 C. P 84,900B. P52,100 D. P 89,000
Do not use negative signs with your answers below. Reconciliation of Cost to Equity Method Parent's pre-consolidation net income 401000 v Dividend Income 81000 v P% x Net income of subsidiary P% x AAP amortization 0 x Net income attributable to controlling interest $ 0 x b. Prepare the consolidated income statement for the current year. Do not use negative signs with your answers below. Consolidated Income Statement Sales $ 12200000 v Cost of goods sold 8120000 v Gross profit 4080000 v Operating expenses 0 x Net income Net income attributable to noncontrolling interests 0 x Net income 0 x
Need help withe the ones that are wrong plz
I need answers for part b
1. At what amount will the gain on sale of building appear on the consolidated/group income statement of Power and Speed for the year 2019 should be: 2. The consolidated depreciation expense for 2019 should be
Please Solve with Explanation and Do not give image format