Following are several figures reported for Allister and Barone as of December 31, 2018: Allister 410,000 $ 210,000 Barone Inventory Sales 620,000 820,000 not given 410,000 Investment income Cost of goods sold Operating expenses 310,000 255,000 185,000 Allister acquired 80 percent of Barone in January 2017. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $60,000 that was unrecorded on its accounting records and had a 4- year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2018, Barone sells inventory costing $121,000 to Allister for $162,000. Of this amount, 10 percent remains unsold in Allister's warehouse at year-end. Determine balances for the following items that would appear on Allister's consolidated financial statements for 2018: Amounts Inventory Sales Cost of goods sold Operating expenses Net income attributable to noncontrolling interest
Following are several figures reported for Allister and Barone as of December 31, 2018: Allister 410,000 $ 210,000 Barone Inventory Sales 620,000 820,000 not given 410,000 Investment income Cost of goods sold Operating expenses 310,000 255,000 185,000 Allister acquired 80 percent of Barone in January 2017. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $60,000 that was unrecorded on its accounting records and had a 4- year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2018, Barone sells inventory costing $121,000 to Allister for $162,000. Of this amount, 10 percent remains unsold in Allister's warehouse at year-end. Determine balances for the following items that would appear on Allister's consolidated financial statements for 2018: Amounts Inventory Sales Cost of goods sold Operating expenses Net income attributable to noncontrolling interest
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Following are several figures reported for Allister and Barone as of December 31, 2018:
Allister
Barone
$ 410,000 $ 210,000
620,000
Inventory
Sales
Investment income
Cost of goods sold
Operating expenses
820,000
not given
410,000
185,000
310,000
255,000
Allister acquired 80 percent of Barone in January 2017. In allocating the newly acquired subsidiary's fair value at the acquisition date,
Allister noted that Barone had developed a customer list worth $60,000 that was unrecorded on its accounting records and had a 4-
year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2018, Barone sells
inventory costing $121,000 to Allister for $162,000. Of this amount, 10 percent remains unsold in Allister's warehouse at year-end.
Determine balances for the following items that would appear on Allister's consolidated financial statements for 2018:
Amounts
Inventory
Sales
Cost of goods sold
Operating expenses
Net income attributable to noncontrolling interest](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1908dd21-cc72-4760-9c90-35855c870384%2Ff1ab647b-2bc3-41da-ae50-d1c6e187ee95%2Fn8m1ltxn_processed.png&w=3840&q=75)
Transcribed Image Text:Following are several figures reported for Allister and Barone as of December 31, 2018:
Allister
Barone
$ 410,000 $ 210,000
620,000
Inventory
Sales
Investment income
Cost of goods sold
Operating expenses
820,000
not given
410,000
185,000
310,000
255,000
Allister acquired 80 percent of Barone in January 2017. In allocating the newly acquired subsidiary's fair value at the acquisition date,
Allister noted that Barone had developed a customer list worth $60,000 that was unrecorded on its accounting records and had a 4-
year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2018, Barone sells
inventory costing $121,000 to Allister for $162,000. Of this amount, 10 percent remains unsold in Allister's warehouse at year-end.
Determine balances for the following items that would appear on Allister's consolidated financial statements for 2018:
Amounts
Inventory
Sales
Cost of goods sold
Operating expenses
Net income attributable to noncontrolling interest
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