Share of thelma net income

Assignment Help Accounting Basics
Reference no: EM13143261

Norek Corp. owned 70% of the voting common stock of Thelma Co. On January 2, 2006, Thelma sold a parcel of land to Norek. The land had a book value of $32,000 and was sold to Norek for $45,000. Thelma's reported net income for 2006 was $119,000. What is the noncontrolling interest's share of Thelma's net income?

a) $35,700

b) $31,800

c) $39,600

d) $26,100

Reference no: EM13143261

Questions Cloud

What is erp : WHAT IS ERP , WHAT IS THE ADVANTAGES AND DIS ADVANTAGES , WHEN IT STARTED ??
Explain transportation network : Transportation network, A power generator at a dam can send 300 megawatts to substation 1, can send 200 megawatts to substation 2, and can send 250 megawatts to substation 2
What proportion of plan participants would receive payments : Participants is approximately a normal distribution with a mean of 68 years and a standard deviation of 3.5 years. What proportion of the plan participants would receive payments beyond age 75?
How much potassium nitrate has to dissolve : How much potassium nitrate has to dissolve in water to absorb 118 kj of heat? Lattice E is -163.8kcal/mol and heat of hydration is -155.5 kcal/mol.
Share of thelma net income : Norek Corp. owned 70% of the voting common stock of Thelma Co. On January 2, 2006, Thelma sold a parcel of land to Norek. The land had a book value of $32,000 and was sold to Norek for $45,000. Thelma's reported net income for 2006 was $119,000. W..
How can analysis tools help finance or accounting arms : How can analysis tools help the finance or accounting arms of a company more so than operations managers? (For example, do computers really think?
Computing depreciation expense-units-of-activity method : The truck was assigned an estimated useful life of 100,000 miles and has a residual value of $10,000. The truck was driven 18,000 miles in 2008 and 22,000 miles in 2009. Compute depreciation expense using the units-of-activity method for the years..
What is the new temperature : The pressure of a sample of gas at 10.0 C increases from 700. mm Hg to 900. mm Hg. What is the new temperature?
What is the genus and species name for family stomiidae : What is the genus and species name for family Stomiidae, Family Paralepididae, Family Gadidae, Family Merluccidae, Family Macrouridae.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Explain for the board member why the district audit report

A new board member for the Fire Protection District (a special purpose government) was reviewing the audit report for the district and noted that, although the district received an unqualified opinion, the audit report was longer the one received ..

  Journal entry to replenish the account

A $142 petty cash fund has cash of $24 and receipts of $121. Which of the following would be the credit in the journal entry to replenish the account?

  Use of the carryback provision

There were no permanent or temporary differences during these three years. The corporate tax rate is 30% for 2006 and 2007, and 40% for 2008. Assuming that Neasha elects to use the carryback provision, what income (loss) is reported in 2007?

  Concept of perpetual inventory system

Trader sells 15 units for $25 each on December 15. Eight of the sold units are from the December 7 purchase and seven are from the December 14 purchase. Trader uses a perpetual inventory system. Determine the costs assigned to the December 31 endi..

  Suspended passive loss

Several years ago, Joy acquired a passive activity. Until 2004, the activity was profitable. Joy's at-risk amount at the beginning of 2004 was $300,000. The activity produced losses of $80,000 in 2004, $50,000 in 2005, and $70,000 in 2006; it prod..

  Perpetual inventory system

Crystal Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Crystal uses the perpetual inventory system).

  Explain how you structured the chart of accounts

Ollie Mace has recently been appointed controller of S. Dilley & Company, a family-owned manufacturing firm founded 28 years ago. The firm manufactures automotive parts. Its four major operating divisions are heat treating, extruding, small parts ..

  Statement concerning variable and fixed costs

Which of the following statements is correct concerning variable and fixed costs?

  What are the differences between these two methods

Why are companies required to prepare a statement of cash flows? Why is the statement of cash flows divided into three sections? What does each section tell you about the operations of a company?

  Fasb codification-comprehensive income

Describe how the authoritative literature addresses comprehensive income. Describe three classifications within net income and give an example of each. Describe three classificiations within other comprehensive income and give an example of each.

  Determine the correct amount of inventory

Hastings purchased $20,000 of goods that were shipped on December 27. FOB destination, that will be received by Hastings on January 3. Determine the correct amount of inventory that Hastings should report.

  Determine daniel income tax liability

Daniel is a calendar-year taxpayer whose wife died in August of 2011. His eight year old son lives with him. During 2011, Daniel had salary income of $67,000, $1600 of qualified dividend income, and received $50,000 from the life insurance policy ..

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