
Concept Introduction:
The intercompany transactions occur when the unit of legal entity is having transactions with another unit of the similar entity. This transaction can be divided into two categories such as direct and indirect intercompany transfer. The direct transfer occurs when there is transfer between the different units of the same entity and indirect transfer occurs when the unit of entity acquires debt or assets issued to unrelated entity through another unit of the same entity. This type of transfer will help the entity in improving the flow of finance and asset in an efficient manner.
Requirement 1
The income assigned to non-controlling interest in the year 20X6 in consolidated income statement.

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Chapter 7 Solutions
ADVANCED FINANCIAL ACCT.(LL) >CUSTOM<
- Journalize entries and prepare a bank reconciliation 1. Cash balance per bank, July 31, $8,004. 2. July bank service charge not recorded by the depositor $46. 3. Cash balance per books, July 31, $8,096. 4. Deposits in transit, July 31, $3,266. 5. $1,840 collected from a customer for Sheridan Company in July by the bank through electronic funds transfer. The collection has not been recorded by Sheridan Company. 6. Outstanding checks, July 31, $1,380.arrow_forwardSales reported on the income statement for Lansing Corp. were $315,420. The accounts receivable balance declined by $29,750 over the year. Determine the amount of cash received from customers.arrow_forwardCompute the company's gross profit percentage of this financial accounting questionarrow_forward
- OPD, who is claimed as a dependent by his parents, is 17. He received income of $3,400 from a trust fund and $700 from wages. He had $1,200 in itemized deductions. What is his taxable income? I need help with this financial accounting problem using accurate calculation methods.arrow_forwardNonearrow_forwardPlease give me answer with accounting questionarrow_forward
- College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
