Inventory s 948,400 $ 1,924,000 $ 875,600 Sales Cost of goods sold Operating expenses 622,000 Net income attributable to noncontrolling interest 5,640 X %24

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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:

 

Inventory
s 948,400
$ 1,924,000
$ 875,600
Sales
Cost of goods sold
Operating expenses
622,000
Net income attributable to noncontrolling interest
5,640 X
%24
Transcribed Image Text:Inventory s 948,400 $ 1,924,000 $ 875,600 Sales Cost of goods sold Operating expenses 622,000 Net income attributable to noncontrolling interest 5,640 X %24
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