Waite, Incorporated owns 85% of Knight Corporation. The consolidated income statement for a year reports $60,000 Noncontrolling Interest in Knight's Net Income. Knight paid dividends in the amount of $90,000 for the year. What are the effects of these transactions in the consolidated statement of cash flows for the year? Multiple Choice Increase in the operating section of $76,500 Increase in the operating section of $76,500, and decrease in the financing section of $13,500 No effects. Decrease in the financing section of $13.500

Waite, Incorporated owns 85% of Knight Corporation. The consolidated income statement for a year reports $60,000 Noncontrolling Interest in Knight's Net Income. Knight paid dividends in the amount of $90,000 for the year. What are the effects of these transactions in the consolidated statement of cash flows for the year? Multiple Choice Increase in the operating section of $76,500 Increase in the operating section of $76,500, and decrease in the financing section of $13,500 No effects. Decrease in the financing section of $13.500

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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