Identify the figures which would appear in a consolidated income statement for this year.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 4, Problem 26P

a.

To determine

Identify the figures which would appear in a consolidated income statement for this year.

a.

Expert Solution

Explanation of Solution

Figures which would appear in a consolidated income statement for this year:

Particulars	Amount
Consolidated revenues	$ 1,500,000 (1)
Consolidated expenses	$(1,031,000) (2)
Consolidated net income	$ 469,000 (3)
Balance of non-controlling interest in Company S	$ (50,700) (4)
Balance of Controlling interest in Company S	$ 418,300 (5)

Table: (1)

Working note:

Computation of consolidated revenues:

Consolidated revenues = $900,000 + $600,000= $1,500,000 (1)

Computation of consolidated expenses:

Consolidated expenses = $600,000 + $400,000 + Amortization of building + Amortization of patent= $1,000,000 + $330,000 − $300,00010 + $140,0005= $1,031,000 (2)

Computation of consolidated net income:

Consolidated net income = $1,500,000 − $1,031,000= $469,000 (3)

Computation of amount of net income of Company S allocated to non-controlling interest:

Net income for non-controlling interest = (Revenue of Company S − Expenses of Company S − Amortization expenses)= ($600,000 −$400,000 − $31,000) × 30%= $50,700 (4)

Computation of amount of net income of allocated to controlling interest:

Net income for controlling interest= $469,000 − $50,700= $418,300 (5)

b.

To determine

Identify the amounts which would appear in a consolidated income statement for this year.

b.

Expert Solution

Explanation of Solution

Amounts which would appear in a consolidated income statement for this year:

Particulars	Amount
Consolidated revenues	$ 1,350,000 (6)
Consolidated expenses	$ (923,250) (7)
Consolidated net income	$ 426,750 (8)
Balance of non-controlling interest in Company S	$ (38,025) (9)
Balance of Controlling interest in Company S	$ 388,725 (10)

Table: (1)

Working note:

Computation of consolidated revenues:

Consolidated revenues = $900,000 + $600,00012 × 9= $1,350,000 (6)

Computation of consolidated expenses:

Consolidated expenses = $600,000 + $400,000 12 × 9+ (Amortization of building12× 9) + (Amortization of patent12 × 9)= $900,000 + ($330,000 − $300,00010 ×12 ×9) + ($140,0005 ×12 ×9)= $923,250 (7)

Computation of consolidated net income:

Consolidated net income = $1,350,000 − $923,250= $426,750 (8)

Computation of amount of net income of Company S allocated to non-controlling interest:

Net income for non-controlling interest = (Revenue of Company S − Expenses of Company S − Amortization expenses)= ($450,000 −$300,000 − $23,250) × 30%= $38,025 (9)

Computation of amount of net income of allocated to controlling interest:

Net income for controlling interest= $426,750 − $38,025= $388,725 (10)

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Can you help me with accounting questions

During its first year, Yutsang Enterprises showed a $22 per-unit profit under absorption costing but would have reported a total profit of $20,000 less under variable costing. Suppose production exceeded sales by 600 units and an average contribution margin of 58% was maintained. a. What is the fixed cost per unit? b. What is the sales price per unit? c. What is the variable cost per unit? d. What is the unit sales volume if total profit under absorption costing was $240,000?

Wood Manufacturing uses a job-order costing system and a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. Manufacturing overhead cost and direct labor hours were estimated at $120,000 and 50,000 hours, respectively, for the year. In August, Job #527 was completed at a cost of $6,200 in direct materials and $3,000 in direct labor. The labor rate is $7 per hour. By the end of the year, Wood had worked a total of 55,000 direct labor-hours and had incurred $130,500 in actual manufacturing overhead cost. If Job #527 contained 250 units, the unit product cost on the completed job cost sheet would be___. Answer

Answer 2

Question

Chapter 4, Problem 26P

a.

To determine

Identify the figures which would appear in a consolidated income statement for this year.

a.

Expert Solution

Explanation of Solution

Figures which would appear in a consolidated income statement for this year:

Particulars	Amount
Consolidated revenues	$ 1,500,000 (1)
Consolidated expenses	$(1,031,000) (2)
Consolidated net income	$ 469,000 (3)
Balance of non-controlling interest in Company S	$ (50,700) (4)
Balance of Controlling interest in Company S	$ 418,300 (5)

Table: (1)

Working note:

Computation of consolidated revenues:

Consolidated revenues = $900,000 + $600,000= $1,500,000 (1)

Computation of consolidated expenses:

Consolidated expenses = $600,000 + $400,000 + Amortization of building + Amortization of patent= $1,000,000 + $330,000 − $300,00010 + $140,0005= $1,031,000 (2)

Computation of consolidated net income:

Consolidated net income = $1,500,000 − $1,031,000= $469,000 (3)

Computation of amount of net income of Company S allocated to non-controlling interest:

Net income for non-controlling interest = (Revenue of Company S − Expenses of Company S − Amortization expenses)= ($600,000 −$400,000 − $31,000) × 30%= $50,700 (4)

Computation of amount of net income of allocated to controlling interest:

Net income for controlling interest= $469,000 − $50,700= $418,300 (5)

b.

To determine

Identify the amounts which would appear in a consolidated income statement for this year.

b.

Expert Solution

Explanation of Solution

Amounts which would appear in a consolidated income statement for this year:

Particulars	Amount
Consolidated revenues	$ 1,350,000 (6)
Consolidated expenses	$ (923,250) (7)
Consolidated net income	$ 426,750 (8)
Balance of non-controlling interest in Company S	$ (38,025) (9)
Balance of Controlling interest in Company S	$ 388,725 (10)

Table: (1)

Working note:

Computation of consolidated revenues:

Consolidated revenues = $900,000 + $600,00012 × 9= $1,350,000 (6)

Computation of consolidated expenses:

Consolidated expenses = $600,000 + $400,000 12 × 9+ (Amortization of building12× 9) + (Amortization of patent12 × 9)= $900,000 + ($330,000 − $300,00010 ×12 ×9) + ($140,0005 ×12 ×9)= $923,250 (7)

Computation of consolidated net income:

Consolidated net income = $1,350,000 − $923,250= $426,750 (8)

Computation of amount of net income of Company S allocated to non-controlling interest:

Net income for non-controlling interest = (Revenue of Company S − Expenses of Company S − Amortization expenses)= ($450,000 −$300,000 − $23,250) × 30%= $38,025 (9)

Computation of amount of net income of allocated to controlling interest:

Net income for controlling interest= $426,750 − $38,025= $388,725 (10)

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 4, Problem 26P

a.

To determine

Identify the figures which would appear in a consolidated income statement for this year.

a.

Expert Solution

Explanation of Solution

Figures which would appear in a consolidated income statement for this year:

Particulars	Amount
Consolidated revenues	$ 1,500,000 (1)
Consolidated expenses	$(1,031,000) (2)
Consolidated net income	$ 469,000 (3)
Balance of non-controlling interest in Company S	$ (50,700) (4)
Balance of Controlling interest in Company S	$ 418,300 (5)

Table: (1)

Working note:

Computation of consolidated revenues:

Consolidated revenues = $900,000 + $600,000= $1,500,000 (1)

Computation of consolidated expenses:

Consolidated expenses = $600,000 + $400,000 + Amortization of building + Amortization of patent= $1,000,000 + $330,000 − $300,00010 + $140,0005= $1,031,000 (2)

Computation of consolidated net income:

Consolidated net income = $1,500,000 − $1,031,000= $469,000 (3)

Computation of amount of net income of Company S allocated to non-controlling interest:

Net income for non-controlling interest = (Revenue of Company S − Expenses of Company S − Amortization expenses)= ($600,000 −$400,000 − $31,000) × 30%= $50,700 (4)

Computation of amount of net income of allocated to controlling interest:

Net income for controlling interest= $469,000 − $50,700= $418,300 (5)

b.

To determine

Identify the amounts which would appear in a consolidated income statement for this year.

b.

Expert Solution

Explanation of Solution

Amounts which would appear in a consolidated income statement for this year:

Particulars	Amount
Consolidated revenues	$ 1,350,000 (6)
Consolidated expenses	$ (923,250) (7)
Consolidated net income	$ 426,750 (8)
Balance of non-controlling interest in Company S	$ (38,025) (9)
Balance of Controlling interest in Company S	$ 388,725 (10)

Table: (1)

Working note:

Computation of consolidated revenues:

Consolidated revenues = $900,000 + $600,00012 × 9= $1,350,000 (6)

Computation of consolidated expenses:

Consolidated expenses = $600,000 + $400,000 12 × 9+ (Amortization of building12× 9) + (Amortization of patent12 × 9)= $900,000 + ($330,000 − $300,00010 ×12 ×9) + ($140,0005 ×12 ×9)= $923,250 (7)

Computation of consolidated net income:

Consolidated net income = $1,350,000 − $923,250= $426,750 (8)

Computation of amount of net income of Company S allocated to non-controlling interest:

Net income for non-controlling interest = (Revenue of Company S − Expenses of Company S − Amortization expenses)= ($450,000 −$300,000 − $23,250) × 30%= $38,025 (9)

Computation of amount of net income of allocated to controlling interest:

Net income for controlling interest= $426,750 − $38,025= $388,725 (10)

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 4, Problem 26P

a.

To determine

Identify the figures which would appear in a consolidated income statement for this year.

a.

Expert Solution

Explanation of Solution

Figures which would appear in a consolidated income statement for this year:

Particulars	Amount
Consolidated revenues	$ 1,500,000 (1)
Consolidated expenses	$(1,031,000) (2)
Consolidated net income	$ 469,000 (3)
Balance of non-controlling interest in Company S	$ (50,700) (4)
Balance of Controlling interest in Company S	$ 418,300 (5)

Table: (1)

Working note:

Computation of consolidated revenues:

Consolidated revenues = $900,000 + $600,000= $1,500,000 (1)

Computation of consolidated expenses:

Consolidated expenses = $600,000 + $400,000 + Amortization of building + Amortization of patent= $1,000,000 + $330,000 − $300,00010 + $140,0005= $1,031,000 (2)

Computation of consolidated net income:

Consolidated net income = $1,500,000 − $1,031,000= $469,000 (3)

Computation of amount of net income of Company S allocated to non-controlling interest:

Net income for non-controlling interest = (Revenue of Company S − Expenses of Company S − Amortization expenses)= ($600,000 −$400,000 − $31,000) × 30%= $50,700 (4)

Computation of amount of net income of allocated to controlling interest:

Net income for controlling interest= $469,000 − $50,700= $418,300 (5)

b.

To determine

Identify the amounts which would appear in a consolidated income statement for this year.

b.

Expert Solution

Explanation of Solution

Amounts which would appear in a consolidated income statement for this year:

Particulars	Amount
Consolidated revenues	$ 1,350,000 (6)
Consolidated expenses	$ (923,250) (7)
Consolidated net income	$ 426,750 (8)
Balance of non-controlling interest in Company S	$ (38,025) (9)
Balance of Controlling interest in Company S	$ 388,725 (10)

Table: (1)

Working note:

Computation of consolidated revenues:

Consolidated revenues = $900,000 + $600,00012 × 9= $1,350,000 (6)

Computation of consolidated expenses:

Consolidated expenses = $600,000 + $400,000 12 × 9+ (Amortization of building12× 9) + (Amortization of patent12 × 9)= $900,000 + ($330,000 − $300,00010 ×12 ×9) + ($140,0005 ×12 ×9)= $923,250 (7)

Computation of consolidated net income:

Consolidated net income = $1,350,000 − $923,250= $426,750 (8)

Computation of amount of net income of Company S allocated to non-controlling interest:

Net income for non-controlling interest = (Revenue of Company S − Expenses of Company S − Amortization expenses)= ($450,000 −$300,000 − $23,250) × 30%= $38,025 (9)

Computation of amount of net income of allocated to controlling interest:

Net income for controlling interest= $426,750 − $38,025= $388,725 (10)

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 4, Problem 26P

a.

To determine

Identify the figures which would appear in a consolidated income statement for this year.

a.

Expert Solution

Explanation of Solution

Figures which would appear in a consolidated income statement for this year:

Particulars	Amount
Consolidated revenues	$ 1,500,000 (1)
Consolidated expenses	$(1,031,000) (2)
Consolidated net income	$ 469,000 (3)
Balance of non-controlling interest in Company S	$ (50,700) (4)
Balance of Controlling interest in Company S	$ 418,300 (5)

Table: (1)

Working note:

Computation of consolidated revenues:

Consolidated revenues = $900,000 + $600,000= $1,500,000 (1)

Computation of consolidated expenses:

Consolidated expenses = $600,000 + $400,000 + Amortization of building + Amortization of patent= $1,000,000 + $330,000 − $300,00010 + $140,0005= $1,031,000 (2)

Computation of consolidated net income:

Consolidated net income = $1,500,000 − $1,031,000= $469,000 (3)

Computation of amount of net income of Company S allocated to non-controlling interest:

Net income for non-controlling interest = (Revenue of Company S − Expenses of Company S − Amortization expenses)= ($600,000 −$400,000 − $31,000) × 30%= $50,700 (4)

Computation of amount of net income of allocated to controlling interest:

Net income for controlling interest= $469,000 − $50,700= $418,300 (5)

b.

To determine

Identify the amounts which would appear in a consolidated income statement for this year.

b.

Expert Solution

Explanation of Solution

Amounts which would appear in a consolidated income statement for this year:

Particulars	Amount
Consolidated revenues	$ 1,350,000 (6)
Consolidated expenses	$ (923,250) (7)
Consolidated net income	$ 426,750 (8)
Balance of non-controlling interest in Company S	$ (38,025) (9)
Balance of Controlling interest in Company S	$ 388,725 (10)

Table: (1)

Working note:

Computation of consolidated revenues:

Consolidated revenues = $900,000 + $600,00012 × 9= $1,350,000 (6)

Computation of consolidated expenses:

Consolidated expenses = $600,000 + $400,000 12 × 9+ (Amortization of building12× 9) + (Amortization of patent12 × 9)= $900,000 + ($330,000 − $300,00010 ×12 ×9) + ($140,0005 ×12 ×9)= $923,250 (7)

Computation of consolidated net income:

Consolidated net income = $1,350,000 − $923,250= $426,750 (8)

Computation of amount of net income of Company S allocated to non-controlling interest:

Net income for non-controlling interest = (Revenue of Company S − Expenses of Company S − Amortization expenses)= ($450,000 −$300,000 − $23,250) × 30%= $38,025 (9)

Computation of amount of net income of allocated to controlling interest:

Net income for controlling interest= $426,750 − $38,025= $388,725 (10)

Answer 6

Chapter 4, Problem 26P

a.

To determine

Identify the figures which would appear in a consolidated income statement for this year.

a.

Expert Solution

Explanation of Solution

Figures which would appear in a consolidated income statement for this year:

Particulars	Amount
Consolidated revenues	$ 1,500,000 (1)
Consolidated expenses	$(1,031,000) (2)
Consolidated net income	$ 469,000 (3)
Balance of non-controlling interest in Company S	$ (50,700) (4)
Balance of Controlling interest in Company S	$ 418,300 (5)

Table: (1)

Working note:

Computation of consolidated revenues:

Consolidated revenues = $900,000 + $600,000= $1,500,000 (1)

Computation of consolidated expenses:

Consolidated expenses = $600,000 + $400,000 + Amortization of building + Amortization of patent= $1,000,000 + $330,000 − $300,00010 + $140,0005= $1,031,000 (2)

Computation of consolidated net income:

Consolidated net income = $1,500,000 − $1,031,000= $469,000 (3)

Computation of amount of net income of Company S allocated to non-controlling interest:

Net income for non-controlling interest = (Revenue of Company S − Expenses of Company S − Amortization expenses)= ($600,000 −$400,000 − $31,000) × 30%= $50,700 (4)

Computation of amount of net income of allocated to controlling interest:

Net income for controlling interest= $469,000 − $50,700= $418,300 (5)

Answer 7

Chapter 4, Problem 26P

a.

To determine

Identify the figures which would appear in a consolidated income statement for this year.

Answer 8

a.

Expert Solution

Explanation of Solution

Figures which would appear in a consolidated income statement for this year:

Particulars	Amount
Consolidated revenues	$ 1,500,000 (1)
Consolidated expenses	$(1,031,000) (2)
Consolidated net income	$ 469,000 (3)
Balance of non-controlling interest in Company S	$ (50,700) (4)
Balance of Controlling interest in Company S	$ 418,300 (5)

Table: (1)

Working note:

Computation of consolidated revenues:

Consolidated revenues = $900,000 + $600,000= $1,500,000 (1)

Computation of consolidated expenses:

Consolidated expenses = $600,000 + $400,000 + Amortization of building + Amortization of patent= $1,000,000 + $330,000 − $300,00010 + $140,0005= $1,031,000 (2)

Computation of consolidated net income:

Consolidated net income = $1,500,000 − $1,031,000= $469,000 (3)

Computation of amount of net income of Company S allocated to non-controlling interest:

Net income for non-controlling interest = (Revenue of Company S − Expenses of Company S − Amortization expenses)= ($600,000 −$400,000 − $31,000) × 30%= $50,700 (4)

Computation of amount of net income of allocated to controlling interest:

Net income for controlling interest= $469,000 − $50,700= $418,300 (5)

Answer 9

a.

Expert Solution

Answer 10

a.

Expert Solution

Answer 11

Expert Solution

Answer 12

b.

To determine

Identify the amounts which would appear in a consolidated income statement for this year.

b.

Expert Solution

Explanation of Solution

Amounts which would appear in a consolidated income statement for this year:

Particulars	Amount
Consolidated revenues	$ 1,350,000 (6)
Consolidated expenses	$ (923,250) (7)
Consolidated net income	$ 426,750 (8)
Balance of non-controlling interest in Company S	$ (38,025) (9)
Balance of Controlling interest in Company S	$ 388,725 (10)

Table: (1)

Working note:

Computation of consolidated revenues:

Consolidated revenues = $900,000 + $600,00012 × 9= $1,350,000 (6)

Computation of consolidated expenses:

Consolidated expenses = $600,000 + $400,000 12 × 9+ (Amortization of building12× 9) + (Amortization of patent12 × 9)= $900,000 + ($330,000 − $300,00010 ×12 ×9) + ($140,0005 ×12 ×9)= $923,250 (7)

Computation of consolidated net income:

Consolidated net income = $1,350,000 − $923,250= $426,750 (8)

Computation of amount of net income of Company S allocated to non-controlling interest:

Net income for non-controlling interest = (Revenue of Company S − Expenses of Company S − Amortization expenses)= ($450,000 −$300,000 − $23,250) × 30%= $38,025 (9)

Computation of amount of net income of allocated to controlling interest:

Net income for controlling interest= $426,750 − $38,025= $388,725 (10)

Answer 13

b.

To determine

Identify the amounts which would appear in a consolidated income statement for this year.

Answer 14

b.

Expert Solution

Explanation of Solution

Amounts which would appear in a consolidated income statement for this year:

Particulars	Amount
Consolidated revenues	$ 1,350,000 (6)
Consolidated expenses	$ (923,250) (7)
Consolidated net income	$ 426,750 (8)
Balance of non-controlling interest in Company S	$ (38,025) (9)
Balance of Controlling interest in Company S	$ 388,725 (10)

Table: (1)

Working note:

Computation of consolidated revenues:

Consolidated revenues = $900,000 + $600,00012 × 9= $1,350,000 (6)

Computation of consolidated expenses:

Consolidated expenses = $600,000 + $400,000 12 × 9+ (Amortization of building12× 9) + (Amortization of patent12 × 9)= $900,000 + ($330,000 − $300,00010 ×12 ×9) + ($140,0005 ×12 ×9)= $923,250 (7)

Computation of consolidated net income:

Consolidated net income = $1,350,000 − $923,250= $426,750 (8)

Computation of amount of net income of Company S allocated to non-controlling interest:

Net income for non-controlling interest = (Revenue of Company S − Expenses of Company S − Amortization expenses)= ($450,000 −$300,000 − $23,250) × 30%= $38,025 (9)