How much is consolidated cost of goods sold

Assignment Help Accounting Basics
Reference no: EM132028430

Questions -

Q1. In 2012, parent reports Cost of Goods Sold of $4,000,000. Its 90% owned subsidiary reports Cost of Goods Sold of $1,000,000 in 2012. During 2011 the subsidiary had $60,000 of unrealized gains on intercompany sales to its parent. In 2012, the subsidiary had sold $200,000 of goods to its parent and had $30,000 of unrealized gains. How much is consolidated cost of goods sold in 2012.

Q2. Same facts as question 1. Assume in 2012 the subsidiary had net income of $150,000. What is the non-controlling interest in subsidiary net income in 2012?

Reference no: EM132028430

Questions Cloud

How much goodwill is allocated to the controlling interest : Harry purchases 80% of David by paying $50 a share for 40,000 of David. How much goodwill is allocated to the controlling interest
Understand the doctrines of equal protection : Can someone help me to understand the doctrines of equal protection and due process and the federal government's authority to regulate
Recommendation of the system chief of surgery : The chief executive officer (CEO) of the IDS is considering approving procurement of a surgical robotic unit for yo9ur center, at the recommendation
Required medical treatment and her hospital stay incurred : A person is hit by a car while crossing the street at a crosswalk. Her injuries required medical treatment and her hospital stay incurred $10,000 in medical
How much is consolidated cost of goods sold : During 2011 the subsidiary had $60,000 of unrealized gains on intercompany sales to its parent. How much is consolidated cost of goods sold in 2012
What are the different financing techniques : What are the different financing techniques that can be used to finance risks indicated on a Lognormal Distribution of losses graph?
How much is consolidation interest expense : On January 1, 2010 parent lends its 60% owned subsidiary $2,000,000 at 10% annual interest. How much is consolidation interest expense
Determine the amount of wages paid during the year : The balances of two wages accounts at Oct. 31, after adjustments at the end of the first year operations, are wages payable, $11,900, and wages expense
Bcbs of jew jersey reduced hospital : BCBS of Jew Jersey reduced hospital re-admissions by 26% using the PCMH model. What is a PCMH?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Abc company received a check from one of their customers

the following information was gathered from the books of abc company in order to prepare its bank reconciliation

  Sales method of accounting for its installment sales

Charter Corporation, which began business in 2013, appropriately uses the installment sales method of accounting for its installment sales. The following data were obtained for sales during 2013 and 2014

  Compare macys to nordstrom and give reasons

Discuss the various divisions and departments that would be found in a Macy's Department Store

  Cvp analysis profit equation lo 3 clydes marina has

cvp analysis profit equation lo 3 clydes marina has estimated that fixed costs per month are 300000 and variable cost

  Calculate the budgeted cost of sentinel communications job

Calculate the budgeted cost of the Sentinel Communications job. How much will Frontier bid for the job if it is to earn its target operating income of 10%.

  Discuss cash flows from investing activities

the amount that should be reported of cash under cash flows from investing activities is

  The balance in prepaid insurance is a one-year premium paid

The balance in prepaid insurance is a one-year premium paid on June

  Compute depreciation expense

Compute depreciation expense under each of the following methods. Crane is on a calendar-year basis ending December 31

  Top executive officers of leach co a merchandising firm are

top executive officers of leach co. a merchandising firm are preparing the next years budget. the controller has

  In 2010 jacks art gallery sold 200 original works of art

in 2010 jacks art gallery sold 200 original works of art for 1240520. the gallery acquired the works sold for 530000.

  Journal entry for property taxes and allowance

Prepare a journal entry for the taxes of Winston County's General Fund on July 1, 2005, the date on which the property taxes for the fiscal ending June 30, 2006, were billed to taxpayers.

  Current information for the austin company follows

Current information for the Austin Company follows

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd