Haresh -Your answer is partially correct.Peabody Company owns 90% of the outstanding capital stock of Sloane Company. During 2014 and 2015 Sloane Company soldmerchandise to Peabody Company at a markup of 25% of selling price. The selling price of the merchandise sold during the two yearswas $40,000 and $27,200, respectively. At the end of each year, Peabody Company had in its inventory one-fourth of the goodspurchased that year from Sloane Company. Sloane Company reported net income of $28,500 in 2014 and $35,080 in 2015.Determine the amount of the noncontrolling interest in consolidated income to be reported for 2014 and 2015. (Round answers to Odecimal places, e.g. 5,125.)Noncontrolling interest in consolidated income2014260020153338

Calculations for year 2015 since 2014 answer is already correct: (But if you still need the…

Answered: - Your answer is partially correct.…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter3: Evaluation Of Financial Performance

Section: Chapter Questions

Problem 14P

See similar textbooks

Similar questions

Pine Company owns an 80% interest in Salad Company and a 90% interest in Tuna Company. During 2016 and 2017, intercompany sales of merchandise were made by all three companies. Total sales amounted to $2,400,000 in 2016, and $2,700,000 in 2017. The companies sold their merchandise at the following percentages above cost. Pine 15% Salad 20% Tuna 25% The amount of merchandise remaining in the 2017 beginning and ending inventories of the companies from these intercompany sales is shown below. Reported net incomes (from independent operations including sales to affiliates) of Pine, Salad, and Tuna for 2017 were $3,600,000, $1,500,000, and $2,400,000, respectively. Required: Calculate the amount noncontrolling interest to be deducted from consolidated income in the consolidated income statement for 2017. Calculate the controlling interest in consolidated net income for 2017.
Pinky Company has 80% holdings over Silk Company. During 2018, Pinky Company sold merchandise to Silk Company for P120,000 and in turn, purchased P90,000 from Silk Company. Both sales were made on account. Intercompany sales of merchandise during 2018 were made at the following gross profit rates: Downstream intercompany sale Upstream intercompany sale 25% based on sales 20% based on cost As of December 31, 2018, 30% of all intercompany sales remain in ending inventory of the buying affiliate. The beginning inventory of Pinky includes P2,500 worth of merchandise acquired from Silk on which Silk reported a profit of P1,000 while the beginning inventory of Silk also includes P3,000 of merchandise acquired from Pinky at 35% mark- up. Using cost method, the following results of operations for 2018 are as follows: Pinky Company 198,000 60,000 Silk Company 75,000 10,000 Net income Dividends declared and paid 33. How much of the consolidated net income for 2018 is attributable to the…
Tater and Pepper Corp. reported sales for 2018 of $24 million. Tater and Pepper listed $5.7 million of inventory on its balance sheet. How many days did Tater and Pepper's inventory stay on the premises? (Use 365 days a year. Round your answer to 2 declmal places.) Days' sales in inventory days How many times per year did Tater and Pepper's inventory turn over? (Round your answer to 2 declmal aces.) Inventory turnover times ences Mc Graw Hill PType here to search 59 F Mostly cloudy DELL
Spritzer Company made sales of $29,750 million in 2018. The cost of goods sold for the year totaled $11,900 million. At the end of 2017, Malt's inventory stood at $1,200 million, and Spritzer ended 2018 with an inventory of $1,600 million. Compute Malt's gross profit percentage and rate of inventory turnover for 2018.
ABC ended the year with an inventory of $822,000. During the year, the firm purchased $5,258,000 of new inventory and the cost of goods sold reported on the income statement was $5,099,000. What was ABC's inventory at the beginning of the year?
What was parma's gross profit during 2012?
Tater and Pepper Corp. reported COGS for 2021 of $27 million. Tater and Pepper listed $6.0 million of inventory on its balance sheet. How many days did Tater and Pepper’s inventory stay on the premises? (Use 365 days a year. Round your answer to 2 decimal places.) How many times per year did Tater and Pepper’s inventory turn over? (Round your answer to 2 decimal places.)
The balance of Lloyd Corporation's accounts payable at the beginning of the most recent year was $53,000. At the end of the year, the accounts payable balance was $55,000. Lloyd's sales revenue for the year was $3,130,000, while its cost of goods sold for the year was $1,566,000. Calculate Lloyd's days' payable outstanding (DPO) for the year. Assume inventory levels are constant throughout the year. If the credit terms from Lloyd's suppliers are n/30, how would you interpret Lloyd's DPO? (Round the DPO to two decimal places, XXX.) KIYE Lloyd's days' payable outstanding for the year is A Lloyd is paying later than acceptable since the credit terms are n/30, which is usually characteristic of a company with great liquidity B. Since the credit terms are n/30, Lloyd is paying ahead of schedule, which is usually characteristic of a company with great liquidity C. Since the credit terms are n/30, Lloyd is paying later than acceptable, which is usually characteristic of a company with poor…
TOKYO ended the year with an inventory of $935,000. During the year, the firm purchased $6,378,000 of new inventory and the cost of goods sold reported on the income statement was $6,109,000. What was TOKYO's inventory at the beginning of the year?
For the period from 2016 through 2016, the Charlie Company had net sales of $500,000 and a gross profit of $200,000. During the first quarter of 2018, the company made purchases of $19,500 and recorded sales of $47,500. The inventory value at the beginning of the year was 15,500. What is the estimated cost of Charlie's inventory on March 31, 2018, using the gross profit method?
Tater and Pepper Corporation reported sales of $36 million. Tater and Pepper listed $6.9 million of inventory on its balance sheet. Using a 365-day year, how many days did ater and Pepper's inventory stay on the premises? How many times per year did Tater and Pepper's inventory turn over? Note: Round your answers to 2 decimal places. Days' sales in inventory Inventory turnover days times
Chastain Corporation is trying to determine the effect of its inventory turnover ratio and days sales outstanding (DSO) on its cash conversion cycle. Chastain's 2018 sales (all on credit) were $106,000; its cost of goods sold is 80% of sales; and it earned a net profit of 4%, or $4,240. It turned over its inventory 6 times during the year, and its DSO was 40 days. The firm had fixed assets totaling $27,000. Chastain's payables deferral period is 35 days. Assume 365 days in year for your calculations. Calculate Chastain's cash conversion cycle. Do not round intermediate calculations. Round your answer to two decimal places. days Assuming Chastain holds negligible amounts of cash and marketable securities, calculate its total assets turnover and ROA. Do not round intermediate calculations. Round your answers to two decimal places. Total assets turnover ROA % Suppose Chastain's managers believe that the inventory turnover can be raised to 9.4 times. What would…

SEE MORE QUESTIONS

Recommended textbooks for you

EBK CONTEMPORARY FINANCIAL MANAGEMENT

Finance

ISBN:

9781337514835

Author:

MOYER

Publisher:

CENGAGE LEARNING - CONSIGNMENT

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

EBK CONTEMPORARY FINANCIAL MANAGEMENT

Finance

ISBN:

9781337514835

Author:

MOYER

Publisher:

CENGAGE LEARNING - CONSIGNMENT

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS