
1.
Introduction: Consolidated net income is the sum of net income of the parent company excluding any income from subsidiary companies recognized in its individual financial statements plus net income of its subsidiaries determined after excluding unrealized gain in inventories, income from intra-group transactions, etc.
To prepare: The consolidated net income and amount assigned to controlling interest for the year 20X4 and 20X5 when V company sold the land.
2.
Introduction: A controlling interest is an ownership interest in a company with enough voting shares to prevail in any shareholders' motion.Net Income- It is also called net profit and it is a calculation that measures the amount of total revenues that exceed total expenses.
To prepare: The consolidated net income and amount assigned to controlling interest for the year 20X4 and 20X5 when S company sold the land.

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Chapter 7 Solutions
Advanced Financial Accounting
- Financial Accounting: The Saw Mill has a return on assets of 7.1 percent, a total asset turnover rate of 1.9, and a debt-equity ratio of 1.8. What is the return on equity?arrow_forwardplease solve this question general accountingarrow_forwardUFinancial Accounting: The Saw Mill has a return on assets of 7.1 percent, a total asset turnover rate of 1.9, and a debt-equity ratio of 1.8. What is the return on equity?arrow_forward
- Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
