The following are several figures reported for Allister and Barone as of December 31, 2021: Allister Barone $ 470,000 $ 270,000 Inventory Sales 940,000 not given 470,000 215,000 740,000 Investment income Cost of goods sold Operating expenses 370,000 285,000 Allister acquired 80 percent of Barone in January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $72,000 that was unrecorded on its accounting records and had a four-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells inventory costing $127,000 to Allister for $174,000. Of this amount, 10 percent remains unsold in Allister's warehouse at year-end. Determine balances for the following items that would appear on Allister's consolidated financial statements for 2021: Amounts Inventory Sales Cost of goods sold Operating expenses Net income attributable to noncontrolling interest

The following are several figures reported for Allister and Barone as of December 31, 2021: Allister Barone $ 470,000 $ 270,000 Inventory Sales 940,000 not given 470,000 215,000 740,000 Investment income Cost of goods sold Operating expenses 370,000 285,000 Allister acquired 80 percent of Barone in January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $72,000 that was unrecorded on its accounting records and had a four-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells inventory costing $127,000 to Allister for $174,000. Of this amount, 10 percent remains unsold in Allister's warehouse at year-end. Determine balances for the following items that would appear on Allister's consolidated financial statements for 2021: Amounts Inventory Sales Cost of goods sold Operating expenses Net income attributable to noncontrolling interest

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

The following are several figures reported for Allister and Barone as of December 31, 2021:
Allister
Barone
$ 470,000 $ 270,000
940,000
not given
470,000
215,000
Inventory
Sales
740,000
Investment income
Cost of goods sold
Operating expenses
370,000
285,000
Allister acquired 80 percent of Barone in January 2020. In allocating the newly acquired subsidiary's fair value at
the acquisition date, Allister noted that Barone had developed a customer list worth $72,000 that was unrecorded
on its accounting records and had a four-year remaining life. Any remaining excess fair value over Barone's book
value was attributed to goodwill. During 2021, Barone sells inventory costing $127,000 to Allister for $174,000. Of
this amount, 10 percent remains unsold in Allister's warehouse at year-end.
Determine balances for the following items that would appear on Allister's consolidated financial statements for
2021:
Amounts
Inventory
Sales
Cost of goods sold
Operating expenses
Net income attributable to noncontrolling interest

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