3. Determine the percent of noncontrolling interest ownership in S Company as of December 31, 2019. Selected information from the separate and consolidated statements of financial position and statements ofcomprehensive income of P Company. and its subsidiary, S Company., as of December 31, 2019, and for theyear then ended is as follows:P CompanyS CompanyConsolidatedStatement of financial position accountsAccounts receivable .Inventory..Investment in S Co..Goodwil.Noncontrolling interes..Stockholders' equity.P 26,00030,000P19.00025,000P 42,00050,00067,00030,00010,000154,000154,00050,000Statement of comprehensive income accountsP200.000150,00050.000Revenues.P140,000110,00030,000P300,000Cost of goods sold.Gross profit ..225,00075,000Equity in eamings of S Co.Net income.P9.000P36,000P20,000P36,000Additional informationDuring 2019. P Company sold goods to S Company at the same markup on cost that P Co usesfor all sales. At December 31, 2019, S Co had not paid for all of these goods and still held 50% ofthem in inventory.P Company acquired its interest in S Company five years earlier (as of December 31, 2019)

Answered: n from the separ ome of P Compa as…

Business

Accounting

n from the separ ome of P Compa as follows: ial position acco ..... ...

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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Subject: acounting
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