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The following are several figures reported for Poyer and Sutter as of December 31, 2024: Sutter $ 430,000 1,060,000 Items Inventory Sales Investment income Cost of goods sold Operating expenses a. Inventory b. Sales c. Cost of goods sold Poyer acquired 80 percent of Sutter in January 2023. In allocating the newly acquired subsidiary's fair value at the acquisition date. Poyer noted that Sutter had developed a unpatented technology worth $82,000 that was unrecorded on its accounting records and had a five-year remaining life. Any remaining excess fair value over Sutter's book value was attributed to an indefinite-lived trademark. During 2024, Sutter sells inventory costing $143,000 to Poyer for $206,000. Of this amount, 15 percent remains unsold in Poyer's warehouse at year-end. Required: Determine balances for the following items that would appear on Poyer's consolidated financial statements for 2024: Note: Input all amounts as positive values. Poyer $ 630,000 1,260,000 Answer is complete but not entirely correct. Amounts $ 1,050,550 $ 2,114,000 Multiple Choice . d. Operating expenses e. Net income attributable to noncontrolling interest O $11,840 630,000 295,000 $11,627 $12,165 530,000 365,000 Angela, Incorporated, holds a 90 percent interest in Corby Company. During 2023, Corby sold inventory costing $84,750 to Angela for $113,000. Of this inventory, $56,400 worth was not sold to outsiders until 2024. During 2024, Corby sold inventory costing $79,300 to Angela for $122,000. A total of $53,800 of this inventory was not sold to outsiders until 2025. In 2024, Angela reported separate net income of $239,000 while Corby's net income was $121,000 after excess amortizations. What is the noncontrolling interest in the 2024 income of the subsidiary? $12,100 $ 944,550 $ 680.500 Ⓡ $ 27,010

The following are several figures reported for Poyer and Sutter as of December 31, 2024: Sutter $ 430,000 1,060,000 Items Inventory Sales Investment income Cost of goods sold Operating expenses a. Inventory b. Sales c. Cost of goods sold Poyer acquired 80 percent of Sutter in January 2023. In allocating the newly acquired subsidiary's fair value at the acquisition date. Poyer noted that Sutter had developed a unpatented technology worth $82,000 that was unrecorded on its accounting records and had a five-year remaining life. Any remaining excess fair value over Sutter's book value was attributed to an indefinite-lived trademark. During 2024, Sutter sells inventory costing $143,000 to Poyer for $206,000. Of this amount, 15 percent remains unsold in Poyer's warehouse at year-end. Required: Determine balances for the following items that would appear on Poyer's consolidated financial statements for 2024: Note: Input all amounts as positive values. Poyer $ 630,000 1,260,000 Answer is complete but not entirely correct. Amounts $ 1,050,550 $ 2,114,000 Multiple Choice . d. Operating expenses e. Net income attributable to noncontrolling interest O $11,840 630,000 295,000 $11,627 $12,165 530,000 365,000 Angela, Incorporated, holds a 90 percent interest in Corby Company. During 2023, Corby sold inventory costing $84,750 to Angela for $113,000. Of this inventory, $56,400 worth was not sold to outsiders until 2024. During 2024, Corby sold inventory costing $79,300 to Angela for $122,000. A total of $53,800 of this inventory was not sold to outsiders until 2025. In 2024, Angela reported separate net income of $239,000 while Corby's net income was $121,000 after excess amortizations. What is the noncontrolling interest in the 2024 income of the subsidiary? $12,100 $ 944,550 $ 680.500 Ⓡ $ 27,010

FINANCIAL ACCOUNTING
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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The following are several figures reported for Poyer and Sutter as of December 31, 2024: Items Inventory Sales Investment income Cost of goods sold Operating expenses Poyer acquired 80 percent of Sutter in January 2023. In allocating the newly acquired subsidiary's fair value at the acquisition date, Poyer noted that Sutter had developed a unpatented technology worth $82,000 that was unrecorded on its accounting records and had a five-year remaining life. Any remaining excess fair value over Sutter's book value was attributed to an indefinite-lived trademark. During 2024, Sutter sells inventory costing $143,000 to Poyer for $206,000. Of this amount, 15 percent remains unsold in Poyer's warehouse at year-end. Required: Determine balances for the following items that would appear on Poyer's consolidated financial statements for 2024: Note: Input all amounts as positive values. Multiple Choice O Poyer $ 630,000 1,260,000 a. Inventory b. Sales c. Cost of goods sold d. Operating expenses e. Net income attributable to non controlling interest 630,000 295,000 Answer is complete but not entirely correct. Amounts $ 1,050,550✔ $ 2,114,000✔ $ 944,550 X 680,500 X 27,010 X $11,840 Sutter $ 430,000 1,060,000 $11,627 Angela, Incorporated, holds a 90 percent interest in Corby Company. During 2023, Corby sold inventory costing $84,750 to Angela for $113,000. Of this inventory, $56,400 worth was not sold to outsiders until 2024. During 2024, Corby sold inventory costing $79,300 to Angela for $122,000. A total of $53,800 of this inventory was not sold to outsiders until 2025. In 2024, Angela reported separate net income of $239,000 while Corby's net income was $121,000 after excess amortizations. What is the noncontrolling interest in the 2024 income of the subsidiary? $12,165 530,000 365,000 $12,100 $ $
Transcribed Image Text:The following are several figures reported for Poyer and Sutter as of December 31, 2024: Items Inventory Sales Investment income Cost of goods sold Operating expenses Poyer acquired 80 percent of Sutter in January 2023. In allocating the newly acquired subsidiary's fair value at the acquisition date, Poyer noted that Sutter had developed a unpatented technology worth $82,000 that was unrecorded on its accounting records and had a five-year remaining life. Any remaining excess fair value over Sutter's book value was attributed to an indefinite-lived trademark. During 2024, Sutter sells inventory costing $143,000 to Poyer for $206,000. Of this amount, 15 percent remains unsold in Poyer's warehouse at year-end. Required: Determine balances for the following items that would appear on Poyer's consolidated financial statements for 2024: Note: Input all amounts as positive values. Multiple Choice O Poyer $ 630,000 1,260,000 a. Inventory b. Sales c. Cost of goods sold d. Operating expenses e. Net income attributable to non controlling interest 630,000 295,000 Answer is complete but not entirely correct. Amounts $ 1,050,550✔ $ 2,114,000✔ $ 944,550 X 680,500 X 27,010 X $11,840 Sutter $ 430,000 1,060,000 $11,627 Angela, Incorporated, holds a 90 percent interest in Corby Company. During 2023, Corby sold inventory costing $84,750 to Angela for $113,000. Of this inventory, $56,400 worth was not sold to outsiders until 2024. During 2024, Corby sold inventory costing $79,300 to Angela for $122,000. A total of $53,800 of this inventory was not sold to outsiders until 2025. In 2024, Angela reported separate net income of $239,000 while Corby's net income was $121,000 after excess amortizations. What is the noncontrolling interest in the 2024 income of the subsidiary? $12,165 530,000 365,000 $12,100 $ $
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