Consolidation: Consolidation is the process of accounting where books of parent company is reported along with the books of the subsidiary company in consolidated/combined form after making necessary adjustment entries as required in the process of consolidation. Amount to be reported by P in its income statement as income from its investments in S if P used equity-method of accounting.

Question

Want to see the full answer?

Answer 1

Question

Chapter 3, Problem 3.15E

a.

To determine

Concept Introduction:

Consolidation: Consolidation is the process of accounting where books of parent company is reported along with the books of the subsidiary company in consolidated/combined form after making necessary adjustment entries as required in the process of consolidation.

Amount to be reported by P in its income statement as income from its investments in S if P used equity-method of accounting.

b.

To determine

Concept Introduction:

Consolidation: Consolidation is the process of accounting where books of parent company is reported along with the books of the subsidiary company in consolidated/combined form after making necessary adjustment entries as required in the process of consolidation.

Amount to be assigned to non-controlling interest in the consolidated income statement for 20X4.

c.

To determine

Concept Introduction:

Consolidation: Consolidation is the process of accounting where books of parent company is reported along with the books of the subsidiary company in consolidated/combined form after making necessary adjustment entries as required in the process of consolidation.

Amount to be reported by P as net consolidated income for 20X4.

d.

To determine

Concept Introduction:

Consolidation: Consolidation is the process of accounting where books of parent company is reported along with the books of the subsidiary company in consolidated/combined form after making necessary adjustment entries as required in the process of consolidation.

To Explain: The reason for Pto not report the consolidated net income of $79,000 ($59,000+$20,000) .

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

How much was miller net income for the year?

hello tutor provide correct answer of this General accounting question

not use ai solve this question do fast

Answer 2

Question

Chapter 3, Problem 3.15E

a.

To determine

Concept Introduction:

Consolidation: Consolidation is the process of accounting where books of parent company is reported along with the books of the subsidiary company in consolidated/combined form after making necessary adjustment entries as required in the process of consolidation.

Amount to be reported by P in its income statement as income from its investments in S if P used equity-method of accounting.

b.

To determine

Concept Introduction:

Consolidation: Consolidation is the process of accounting where books of parent company is reported along with the books of the subsidiary company in consolidated/combined form after making necessary adjustment entries as required in the process of consolidation.

Amount to be assigned to non-controlling interest in the consolidated income statement for 20X4.

c.

To determine

Concept Introduction:

Consolidation: Consolidation is the process of accounting where books of parent company is reported along with the books of the subsidiary company in consolidated/combined form after making necessary adjustment entries as required in the process of consolidation.

Amount to be reported by P as net consolidated income for 20X4.

d.

To determine

Concept Introduction:

Consolidation: Consolidation is the process of accounting where books of parent company is reported along with the books of the subsidiary company in consolidated/combined form after making necessary adjustment entries as required in the process of consolidation.

To Explain: The reason for Pto not report the consolidated net income of $79,000 ($59,000+$20,000) .

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 3, Problem 3.15E

a.

To determine

Concept Introduction:

Consolidation: Consolidation is the process of accounting where books of parent company is reported along with the books of the subsidiary company in consolidated/combined form after making necessary adjustment entries as required in the process of consolidation.

Amount to be reported by P in its income statement as income from its investments in S if P used equity-method of accounting.

b.

To determine

Concept Introduction:

Consolidation: Consolidation is the process of accounting where books of parent company is reported along with the books of the subsidiary company in consolidated/combined form after making necessary adjustment entries as required in the process of consolidation.

Amount to be assigned to non-controlling interest in the consolidated income statement for 20X4.

c.

To determine

Concept Introduction:

Consolidation: Consolidation is the process of accounting where books of parent company is reported along with the books of the subsidiary company in consolidated/combined form after making necessary adjustment entries as required in the process of consolidation.

Amount to be reported by P as net consolidated income for 20X4.

d.

To determine

Concept Introduction:

Consolidation: Consolidation is the process of accounting where books of parent company is reported along with the books of the subsidiary company in consolidated/combined form after making necessary adjustment entries as required in the process of consolidation.

To Explain: The reason for Pto not report the consolidated net income of $79,000 ($59,000+$20,000) .

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 3, Problem 3.15E

a.

To determine

Concept Introduction:

Consolidation: Consolidation is the process of accounting where books of parent company is reported along with the books of the subsidiary company in consolidated/combined form after making necessary adjustment entries as required in the process of consolidation.

Amount to be reported by P in its income statement as income from its investments in S if P used equity-method of accounting.

b.

To determine

Concept Introduction:

Consolidation: Consolidation is the process of accounting where books of parent company is reported along with the books of the subsidiary company in consolidated/combined form after making necessary adjustment entries as required in the process of consolidation.

Amount to be assigned to non-controlling interest in the consolidated income statement for 20X4.

c.

To determine

Concept Introduction:

Consolidation: Consolidation is the process of accounting where books of parent company is reported along with the books of the subsidiary company in consolidated/combined form after making necessary adjustment entries as required in the process of consolidation.

Amount to be reported by P as net consolidated income for 20X4.

d.

To determine

Concept Introduction:

Consolidation: Consolidation is the process of accounting where books of parent company is reported along with the books of the subsidiary company in consolidated/combined form after making necessary adjustment entries as required in the process of consolidation.

To Explain: The reason for Pto not report the consolidated net income of $79,000 ($59,000+$20,000) .

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 3, Problem 3.15E

a.

To determine

Concept Introduction:

Consolidation: Consolidation is the process of accounting where books of parent company is reported along with the books of the subsidiary company in consolidated/combined form after making necessary adjustment entries as required in the process of consolidation.

Amount to be reported by P in its income statement as income from its investments in S if P used equity-method of accounting.

b.

To determine

Concept Introduction:

Consolidation: Consolidation is the process of accounting where books of parent company is reported along with the books of the subsidiary company in consolidated/combined form after making necessary adjustment entries as required in the process of consolidation.

Amount to be assigned to non-controlling interest in the consolidated income statement for 20X4.

c.

To determine

Concept Introduction:

Consolidation: Consolidation is the process of accounting where books of parent company is reported along with the books of the subsidiary company in consolidated/combined form after making necessary adjustment entries as required in the process of consolidation.

Amount to be reported by P as net consolidated income for 20X4.

d.

To determine

Concept Introduction:

Consolidation: Consolidation is the process of accounting where books of parent company is reported along with the books of the subsidiary company in consolidated/combined form after making necessary adjustment entries as required in the process of consolidation.

To Explain: The reason for Pto not report the consolidated net income of $79,000 ($59,000+$20,000) .

Answer 6

Chapter 3, Problem 3.15E

a.

To determine

Concept Introduction:

Consolidation: Consolidation is the process of accounting where books of parent company is reported along with the books of the subsidiary company in consolidated/combined form after making necessary adjustment entries as required in the process of consolidation.

Amount to be reported by P in its income statement as income from its investments in S if P used equity-method of accounting.

Answer 7

Chapter 3, Problem 3.15E

a.

To determine

Concept Introduction:

Consolidation: Consolidation is the process of accounting where books of parent company is reported along with the books of the subsidiary company in consolidated/combined form after making necessary adjustment entries as required in the process of consolidation.

Amount to be reported by P in its income statement as income from its investments in S if P used equity-method of accounting.

Answer 8

b.

To determine

Concept Introduction:

Consolidation: Consolidation is the process of accounting where books of parent company is reported along with the books of the subsidiary company in consolidated/combined form after making necessary adjustment entries as required in the process of consolidation.

Amount to be assigned to non-controlling interest in the consolidated income statement for 20X4.

Answer 9

b.

To determine

Concept Introduction:

Consolidation: Consolidation is the process of accounting where books of parent company is reported along with the books of the subsidiary company in consolidated/combined form after making necessary adjustment entries as required in the process of consolidation.

Amount to be assigned to non-controlling interest in the consolidated income statement for 20X4.

Answer 10

c.

To determine

Concept Introduction:

Consolidation: Consolidation is the process of accounting where books of parent company is reported along with the books of the subsidiary company in consolidated/combined form after making necessary adjustment entries as required in the process of consolidation.

Amount to be reported by P as net consolidated income for 20X4.

Answer 11

c.

To determine

Concept Introduction:

Consolidation: Consolidation is the process of accounting where books of parent company is reported along with the books of the subsidiary company in consolidated/combined form after making necessary adjustment entries as required in the process of consolidation.

Amount to be reported by P as net consolidated income for 20X4.

Answer 12

d.

To determine

Concept Introduction:

Consolidation: Consolidation is the process of accounting where books of parent company is reported along with the books of the subsidiary company in consolidated/combined form after making necessary adjustment entries as required in the process of consolidation.

To Explain: The reason for Pto not report the consolidated net income of $79,000 ($59,000+$20,000) .

Answer 13

d.

To determine

Concept Introduction:

Consolidation: Consolidation is the process of accounting where books of parent company is reported along with the books of the subsidiary company in consolidated/combined form after making necessary adjustment entries as required in the process of consolidation.

To Explain: The reason for Pto not report the consolidated net income of $79,000 ($59,000+$20,000) .

Answer 14

Expert Solution & Answer

Answer 15

Expert Solution & Answer

Answer 16

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 17

Ch. 3 - What is the basic idea underlying the preparation...Ch. 3 - How might consolidated statements help an investor...Ch. 3 - Prob. 3.3Q Ch. 3 - Prob. 3.4Q Ch. 3 - Prob. 3.5Q Ch. 3 - Prob. 3.6Q Ch. 3 - Prob. 3.7Q Ch. 3 - Prob. 3.8Q Ch. 3 - Prob. 3.9Q Ch. 3 - Prob. 3.10Q

Solution Summary: The author explains that P should not report the consolidated net income of 79,000 (59,000+20,000) as Pdoes not use equity-method of accounting.

Want to see the full answer?

Chapter 3 Solutions