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
ADV.FIN.ACCT. CONNECT+PROCTORIO PLUS
- correct answer please managerial accountingarrow_forwardGiven the following information how much raw material was transferred to work in progress on January 31? Inventory on January 1 is $350,000, raw materials purchased in January are $860,000, and raw materials inventory on January 31 is $240,000. A: $880,000 B: $970,000 C: $650,000 D: $780,000arrow_forwardOn October 1, 2022, Vyom Industries purchased a machine for $180,000. The estimated service life is 8 years with a $20,000 residual value. Vyom records partial-year depreciation based on the number of months in service. Depreciation for 2022, using the double-declining-balance method, would be _. Solve thisarrow_forward
- cesi Required information [The following information applies to the questions displayed below] On July 23 of the current year, Dakota Mining Company pays $8,595,840 for land estimated to contain 9,768,000 tons of recoverable ore. It installs and pays for machinery costing $1,074,480 on July 25. The company removes and sells 502,500 tons of ore during its first five months of operations ending on December 31. Depreciation of the machinery is in proportion to the mine's depletion as the machinery will be abandoned after the ore is mined. Required: Prepare entries to record the following. (a) The purchase of the land. (b) The cost and installation of machinery. (c) The first five months' depletion assuming the land has a net salvage value of zero after the ore is mined. (d) The first five months' depreciation on the machinery. Complete this question by entering your answers in the tabs below. Required A Required B Required C1 Required C2 Required D1 Required D2arrow_forwardDuring October, the first month of the fiscal year, sales totaled $750,000, and the cost of merchandise available for sale totaled $680,000. Estimate the cost of the merchandise inventory as of October 31, based on an estimated gross profit rate of 35%. Answerarrow_forwardgeneral accountingarrow_forward
- College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
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