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.Goodwill.Noncontrolling interest.Stockholders' equity..P 26,00030,00067,000P19,00025,000P 42,00050,00030,00010,000154,000154,00050,000Statement of comprehensive income accountsP200,000150,00050,000Revenues.P140,000P300,000Cost of goods sold.Gross profit.110.00030,000225.00075,000P9,000Equity in earnings of S Co.Net income.P36,000P20,000P36,000Additional informationDuring 2019, P Company sold goods toS 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)

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. P 42,000 50,000 P 26,000 P19,000 25,000 30.000 67,000 Goodwil.. Noncontrolling interest. Stockholders' equity. 30.000 10,000 154,000 154,000 50.000 Statement of comprehensive income accounts Revenues. Cost of goods sold. Gross profit. P200,000 P140,000 P300.000 150.000 50,000 110.000 30,000 225.000 75,000 Equity in earnings 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)

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. P 42,000 50,000 P 26,000 P19,000 25,000 30.000 67,000 Goodwil.. Noncontrolling interest. Stockholders' equity. 30.000 10,000 154,000 154,000 50.000 Statement of comprehensive income accounts Revenues. Cost of goods sold. Gross profit. P200,000 P140,000 P300.000 150.000 50,000 110.000 30,000 225.000 75,000 Equity in earnings 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)

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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