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goods sold Consolida Balanc 1,150, 675, $ 69

goods sold Consolida Balanc 1,150, 675, $ 69

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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The noncontrolling interest is what I am needing, the answer is not 415,500 and it's not 418,320. Thank you

Answer is complete but not entirely correct. Consolidated Balance Sales Cost of goods sold Operating expenses Dividend income Net income attributable to noncontrolling interest Inventory Noncontrolling interest in subsidiary, 12/31/21 1,150,000 675,600 210,000 - 0 29,820 985.000 46 415,500 × $ $ $ $
Transcribed Image Text:Answer is complete but not entirely correct. Consolidated Balance Sales Cost of goods sold Operating expenses Dividend income Net income attributable to noncontrolling interest Inventory Noncontrolling interest in subsidiary, 12/31/21 1,150,000 675,600 210,000 - 0 29,820 985.000 46 415,500 × $ $ $ $
ProForm acquired 70 percent of ClipRite on June 30, 2020, for $910,000 in cash. Based on ClipRite's acquisition-date fair value, an unrecorded intangible of $400,000 was recognized and is being amortized at the rate of $10,000 per year. No goodwill was recognized in the acquisition. The noncontrolling interest fair value was assessed at $390,000 at the acquisition date. The 2021 financial statements are as follows: Sales Cost of goods sold Operating expenses Dividend income Net income Retained earnings, 1/1/21 Net income Dividends declared Retained earnings, 12/31/21 Cash and receivables Inventory Investment in ClipRite Fixed assets Accumulated depreciation Totals Liabilities Common stocki Retained earnings, 12/31/21 Totals (Note: Parentheses indicate a credit balance.) ProForm $ (800,000) 535,000 188,888 Sales Cost of Goods Sold $(1,300,000) (288,000) 1280,000) $ (188,888) S (850,088) (100,008) 58,888 (988,888) 388,888 $(1,488,908) $ 400,000 910,000 1,088,888 (308,000) $ 2,308,000 1588,888) (388,888) (1,488,808) $(2,388,888) ClipRite (600,008) 488,888 188,888 8 Operating Expenses Dividend Income Net Income Attributable to Noncontrolling Interest Inventory Noncontrolling Interest in Subsidiary. 12/31/21 3 608,888 (288,888) $ 1.408,888 $ (488,888) (188,888) ClipRite sold ProForm inventory costing $72,000 during the last six months of 2020 for $120,000. At year-end, 30 percent remained. ClipRite sold ProForm inventory costing $200,000 during 2021 for $250,000. At year-end, 10 percent is left. Determine the consolidated balances for the following: (Input all amounts as positive values.) $(1.400,000
Transcribed Image Text:ProForm acquired 70 percent of ClipRite on June 30, 2020, for $910,000 in cash. Based on ClipRite's acquisition-date fair value, an unrecorded intangible of $400,000 was recognized and is being amortized at the rate of $10,000 per year. No goodwill was recognized in the acquisition. The noncontrolling interest fair value was assessed at $390,000 at the acquisition date. The 2021 financial statements are as follows: Sales Cost of goods sold Operating expenses Dividend income Net income Retained earnings, 1/1/21 Net income Dividends declared Retained earnings, 12/31/21 Cash and receivables Inventory Investment in ClipRite Fixed assets Accumulated depreciation Totals Liabilities Common stocki Retained earnings, 12/31/21 Totals (Note: Parentheses indicate a credit balance.) ProForm $ (800,000) 535,000 188,888 Sales Cost of Goods Sold $(1,300,000) (288,000) 1280,000) $ (188,888) S (850,088) (100,008) 58,888 (988,888) 388,888 $(1,488,908) $ 400,000 910,000 1,088,888 (308,000) $ 2,308,000 1588,888) (388,888) (1,488,808) $(2,388,888) ClipRite (600,008) 488,888 188,888 8 Operating Expenses Dividend Income Net Income Attributable to Noncontrolling Interest Inventory Noncontrolling Interest in Subsidiary. 12/31/21 3 608,888 (288,888) $ 1.408,888 $ (488,888) (188,888) ClipRite sold ProForm inventory costing $72,000 during the last six months of 2020 for $120,000. At year-end, 30 percent remained. ClipRite sold ProForm inventory costing $200,000 during 2021 for $250,000. At year-end, 10 percent is left. Determine the consolidated balances for the following: (Input all amounts as positive values.) $(1.400,000
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