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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Question

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 of
comprehensive income of P Company. and its subsidiary, S Company., as of December 31, 2019, and for the
year then ended is as follows:
P Company
S Company
Consolidated
Statement of financial position accounts
Accounts receivable .
Inventory..
Investment in S Co..
Goodwil.
Noncontrolling interes..
Stockholders' equity.
P 26,000
30,000
P19.000
25,000
P 42,000
50,000
67,000
30,000
10,000
154,000
154,000
50,000
Statement of comprehensive income accounts
P200.000
150,000
50.000
Revenues.
P140,000
110,000
30,000
P300,000
Cost of goods sold.
Gross profit ..
225,000
75,000
Equity in eamings of S Co.
Net income.
P9.000
P36,000
P20,000
P36,000
Additional information
During 2019. P Company sold goods to S Company at the same markup on cost that P Co uses
for all sales. At December 31, 2019, S Co had not paid for all of these goods and still held 50% of
them in inventory.
P Company acquired its interest in S Company five years earlier (as of December 31, 2019)

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