Homework Help is Here – Start Your Trial Now!
Business
Accounting
Sales Cost of Sales Operating Expense Consolidated Income seaton Company. The consolidated income statement drafted by the controller of Peat Company appeared as follows: Peat Company and Subsidiary Consolidated Income Statement for Year Ended December 31, 2015 Less Noncontrolling Interest in Consolidated Income Controlling Interest in Consolidated Net Income 2014 Sales-Seaton to Peat 2015 Sales-Peat to Seaton 9,256,700 Cost $1.488.300 905.000 1,802,200 During your audit you discover that intercompany sales transactions were not reflected in the controller's draft of the consolidated income statement. Information relating to intercompany sales and unrealized intercompany profit is as follows: Selling Price $1,789,500 1.398,500 $14,013,700 1/3 11,058,900 2/5 2.954,800 195,480 $2,759,320 Unsold at Year-End Prepare a corrected consolidated income statement for Peat Company and Seaton Company for the year ended December 31, 2015 PEAT COMPANY AND SUBSIDIARY Consolidated Income Statement

Sales Cost of Sales Operating Expense Consolidated Income seaton Company. The consolidated income statement drafted by the controller of Peat Company appeared as follows: Peat Company and Subsidiary Consolidated Income Statement for Year Ended December 31, 2015 Less Noncontrolling Interest in Consolidated Income Controlling Interest in Consolidated Net Income 2014 Sales-Seaton to Peat 2015 Sales-Peat to Seaton 9,256,700 Cost $1.488.300 905.000 1,802,200 During your audit you discover that intercompany sales transactions were not reflected in the controller's draft of the consolidated income statement. Information relating to intercompany sales and unrealized intercompany profit is as follows: Selling Price $1,789,500 1.398,500 $14,013,700 1/3 11,058,900 2/5 2.954,800 195,480 $2,759,320 Unsold at Year-End Prepare a corrected consolidated income statement for Peat Company and Seaton Company for the year ended December 31, 2015 PEAT COMPANY AND SUBSIDIARY Consolidated Income Statement

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Please do not give solution in image format thanku 

Peat Company owns a 90% interest in Seaton Company. The consolidated income statement drafted by the controller of Peat Company appeared as follows: Peat Company and Subsidiary Consolidated Income Statement for Year Ended December 31, 2015 Sales Cost of Sales Operating Expense Consolidated Income Less Noncontrolling Interest in Consolidated Income Controlling Interest in Consolidated Net Income 2014 Sales-Seaton to Peat 2015 Sales-Peat to Seaton 9,256,700 Cost $1.488.300 905.000 1,802,200 Selling Price $1,789,500 1.398,500 $14,013,700 During your audit you discover that intercompany sales transactions were not reflected in the controller's draft of the consolidated income statement. Information relating to intercompany sales and unrealized intercompany profit is as follows: 11,058,900 2.954,800 2/5 195,480 $2,759,320 Unsold at Year-End 1/3 Prepare a corrected consolidated income statement for Peat Company and Seaton Company for the year ended December 31, 2015. PEAT COMPANY AND SUBSIDIARY Consolidated Income Statement For the Year Ended December 31, 2015
Transcribed Image Text:Peat Company owns a 90% interest in Seaton Company. The consolidated income statement drafted by the controller of Peat Company appeared as follows: Peat Company and Subsidiary Consolidated Income Statement for Year Ended December 31, 2015 Sales Cost of Sales Operating Expense Consolidated Income Less Noncontrolling Interest in Consolidated Income Controlling Interest in Consolidated Net Income 2014 Sales-Seaton to Peat 2015 Sales-Peat to Seaton 9,256,700 Cost $1.488.300 905.000 1,802,200 Selling Price $1,789,500 1.398,500 $14,013,700 During your audit you discover that intercompany sales transactions were not reflected in the controller's draft of the consolidated income statement. Information relating to intercompany sales and unrealized intercompany profit is as follows: 11,058,900 2.954,800 2/5 195,480 $2,759,320 Unsold at Year-End 1/3 Prepare a corrected consolidated income statement for Peat Company and Seaton Company for the year ended December 31, 2015. PEAT COMPANY AND SUBSIDIARY Consolidated Income Statement For the Year Ended December 31, 2015
2015 Sales-Peat to Seaton eTextbook and Media 905.000 List of Accounts 1,398,500 Prepare a corrected consolidated income statement for Peat Company and Seaton Company for the year ended December 31, 2015. PEAT COMPANY AND SUBSIDIARY Consolidated Income Statement For the Year Ended December 31, 2015 2/5 $
Transcribed Image Text:2015 Sales-Peat to Seaton eTextbook and Media 905.000 List of Accounts 1,398,500 Prepare a corrected consolidated income statement for Peat Company and Seaton Company for the year ended December 31, 2015. PEAT COMPANY AND SUBSIDIARY Consolidated Income Statement For the Year Ended December 31, 2015 2/5 $
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Horizontal Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS