p1 The following are several figures reported for Allister and Barone as of December 31, 2021:AllisterBaroneInventorySales$ 420,000 $ 220,000640,000Investment incomeCost of goods soldOperating expenses840,000not given420,000190,000320,000260, 000Allister acquired 90 percent of Barone in January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date,Allister noted that Barone had developed a customer list worth $62,000 that was unrecorded on its accounting records and had a five-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sellsinventory costing $122,000 to Allister for $164,000O. Of this amount, 15 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 2021:AmountsInventorySalesCost of goods soldOperating expensesNet income attributable to noncontrolling interest

The consolidated financial statement as,

Answered: ing the newly acquired subsidi 52,000…

Business

Accounting

ing the newly acquired subsidi 52,000 that was unrecorded or book value was attributed to

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 following are several figures reported for Allister and Barone as of December 31, 2021: Inventory Sales Investment income Cost of goods sold Operating expenses Allister Barone $ 610,000 $ 410,000 1,220,000 1,020,000 not given 610,000 285,000 510,000 355,000 Allister acquired 90 percent of Barone in January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $78,000 that was unrecorded on its accounting records and had a six- year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells inventory costing $141,000 to Allister for $202,000. Of this amount, 20 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 2021: Inventory Sales Cost of goods sold Operating expenses Net income attributable to…
The following are several figures reported for Allister and Barone as of December 31, 2021: Allister Barone $ 510,000 $310,000 Inventory Sales Investment income Cost of goods sold Operating expenses 1,020,000 820,000 not given 510,000 410,000 235,000 305,000 Allister acquired 90 percent of Barone in January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $80,000 that was unrecorded on its accounting records and had a five-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells inventory costing $131,000 to Allister for $182,000. Of this amount, 15 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 2021: Inventory Sales Cost of goods sold Operating expenses Net income attributable to…
The following are several figures reported for Allister and Barone as of December 31, 2021: Inventory Sales Investment income Cost of goods sold Operating expenses Allister Barone $ 530,000 $ 330,000 860,000 1,060,000 not given 530,000 245,000 430,000 315,000 Allister acquired 90 percent of Barone in January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $62,000 that was unrecorded on its accounting records and had a four-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells inventory costing $133,000 to Allister for $186,000. 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 2021:
The following are several figures reported for Allister and Barone as of December 31, 2021: Allister Inventory Sales Investment income Cost of goods sold Operating expenses $ 620,000 $ Barone 420,000 1,240,000 1,040,000 not given 620,000 290,000 520,000 360,000 Allister acquired 90 percent of Barone in January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $80,000 that was unrecorded on its accounting records and had a four-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells inventory costing $142,000 to Allister for $204,000. 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 2021: Inventory Sales Cost of goods sold Operating expenses Net income attributable to…
The following are several figures reported for Allister and Barone as of December 31, 2021: Allister Barone Inventory $ 580,000 $ 380,000 Sales 1,160,000 960,000 Investment income not given Cost of goods sold 580,000 480,000 Operating expenses 270,000 340,000 Allister acquired 90 percent of Barone in January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $72,000 that was unrecorded on its accounting records and had a six-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells inventory costing $138,000 to Allister for $196,000. Of this amount, 20 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 2021:
The following are several figures reported for Allister and Barone as of December 31, 2021: Allister Barone Inventory $ 570,000 $ 370,000 Sales 1,140,000 940,000 Investment income not given Cost of goods sold 570,000 470,000 Operating expenses 265,000 335,000 Allister acquired 90 percent of Barone in January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $70,000 that was unrecorded on its accounting records and had a five-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells inventory costing $137,000 to Allister for $194,000. Of this amount, 15 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 2021:
The following are several figures reported for Allister and Barone as of December 31, 2021: Allister Barone Inventory $ 600,000 $ 400,000 Sales 1,200,000 1,000,000 Investment income not given Cost of goods sold 600,000 500,000 Operating expenses 280,000 350,000 Allister acquired 90 percent of Barone in January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $76,000 that was unrecorded on its accounting records and had a five-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells inventory costing $140,000 to Allister for $200,000. Of this amount, 15 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 2021: Inventory Sales Cost of Goods Sold…
The following are several figures reported for Allister and Barone as of December 31, 2021: Allister Barone Inventory $ 500,000 $ 300,000 Sales 1,000,000 800,000 Investment income not given Cost of goods sold 500,000 400,000 Operating expenses 230,000 300,000 Allister acquired 90 percent of Barone in January 2020. In allocating the newly acquired subsidiary’s fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $78,000 that was unrecorded on its accounting records and had a four-year remaining life. Any remaining excess fair value over Barone’s book value was attributed to goodwill. During 2021, Barone sells inventory costing $130,000 to Allister for $180,000. 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 2021: What is cost of goods sold?
The following are several figures reported for Poyer and Sutter as of December 31, 2024: Sutter $ 250,000 700,000 Items Inventory Sales Investment income Cost of goods sold Operating expenses Poyer $ 450,000 900,000 450,000 205,000 350,000 275,000 Poyer acquired 90 percent of Sutter in January 2023. In allocating the newly acquired subsidiary's fair value at the acquisition date, Poyer noted that Sutter had developed a unpatented technology worth $68,000 that was unrecorded on its accounting records and had a five-year remaining life. Any remaining excess fair value over Sutter's book value was attributed to an indefinite-lived trademark. During 2024, Sutter sells inventory costing $125,000 to Poyer for $170,000. Of this amount, 15 percent remains unsold in Poyer's warehouse at year-end. Required: Determine balances for the following items that would appear on Poyer's consolidated financial statements for 2024: Note: Input all amounts as positive values. a. Inventory b. Sales c. Cost…
On January 1, 2022, P Company acquired 80% of S Company forP2,000,000. The fair value of identifiable net assets is P1,800,000. NCI ismeasured at fair value. During 2022, P Company ships merchandise to SCompany costing P1,000, 000 at 20% above cost. Additional data are asfollows:P Company S CompanySales 5,500,000 2,500,000Cost of Sales 3,200,000 1,600,000Operating Expense 650,000 300,000The ending inventories of S Company includes merchandise from PCompany amounting to P60,000. Impairment of goodwill is P20,000.How much is the consolidated gross profit?
The following are several figures reported for Allister and Barone as of December 31, 2021 Allister Barone $ 600,000 $ 400,000 1,200,000 1,000,000 not given 600,000 280,000 Inventory Sales Investment income Cost of goods sold Operating expenses 500,000 350,000 Allister acquired 90 percent of Barone in January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date Allister noted that Barone had developed a customer list worth $76,000 that was unrecorded on its accounting records and had a five- year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells inventory costing $140,000 to Allister for $200,000. Of this amount, 15 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 2021 4 Inventory Sales Cost of goods sold Operating expenses Net income attributable to…
Following are several figures reported for Allister and Barone as of December 31, 2021: Allister Barone Inventory $ 500,000 $300,000 Sales 1,000,000 800,000 Investment income not given Cost of goods sold 500,000 400,000 Operating expenses 230,000 300,000 Allister acquired 90 percent of Barone in January 2020. In allocating the newly acquired subsidiary’s fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $78,000 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 2021, Barone sells inventory costing $130,000 to Allister for $180,000. Of this amount, 10 percent remains unsold in Allister’s warehouse at year-end. Required: Determine balances for the following items that would appear on Allister’s consolidated financial statements for 2021: Inventory Sales…