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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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