Phone Corporation owns 80 percent of Smart Company's stock. At the end of 20X8, Phone and Smart reported the following partialoperating results and inventory balances:Total salesSales to Smart CompanySales to Phone CorporationNet incomeOperating income (excluding investment income from Smart)Inventory on hand, December 31, 20x8, purchased from:Smart CompanyPhone CorporationPhoneCorporation$ 700,000148,400Amount of sales77,00049,680Required:a. What amount of sales will be reported in the consolidated income statement for 20X8?Amount of cost of goods soldSmart Company$ 522,000Phone regularly prices its products at cost plus a 40 percent markup for profit. Smart prices its sales at cost plus a 20 percent markup.The total sales reported by Phone and Smart include both intercompany sales and sales to nonaffiliates.248,40027,00044,520b. What amount of cost of goods sold will be reported in the 20X8 consolidated income statement?Note: Do not round intermediate calculations and round your final answers to nearest whole dollar amount.c. What amount of consolidated net income and income to controlling interest will be reported in the 20X8 consolidated incomestatement? c. What amount of consolidated net income and income to controlling interest will be reported in the 20X8 consolidated incomestatement?Consolidated net incomeIncome to controlling interestd. What balance will be reported for inventory in the consolidated balance sheet for December 31, 20X8?Inventory

A collection of financial reports generated by a parent business that integrates the financial…

otal sales les to Smart Company les to Phone Corporation et income perating income (excluding investment income from Smart) ventory on hand, December 31, 20x8, purchased from: art Company mone Corporation Phone Corporation $ 700,000 148,400 77,000 49,680 Smart Company $ 522,000 248,400 27,000 44,520 ne regularly prices its products at cost plus a 40 percent markup for profit. Smart prices its sales at cost plus a 20 percent mar total sales reported by Phone and Smart include both intercompany sales and sales to nonaffiliates. wired:

otal sales les to Smart Company les to Phone Corporation et income perating income (excluding investment income from Smart) ventory on hand, December 31, 20x8, purchased from: art Company mone Corporation Phone Corporation $ 700,000 148,400 77,000 49,680 Smart Company $ 522,000 248,400 27,000 44,520 ne regularly prices its products at cost plus a 40 percent markup for profit. Smart prices its sales at cost plus a 20 percent mar total sales reported by Phone and Smart include both intercompany sales and sales to nonaffiliates. wired:

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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