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my points: If there are unrealized intercompany inventory profits from the prior period that are realized in the current period, the profit should be added to consolidated net income. Then, the income would need to be assigned to the shareholders of the company that made the intercompany sale (Baker, Christensen & Cottrell, 2012). Now, if the income was a result of a downstream sale, the income that is assigned to the controlling interest needs to be increased by the amount of the profit realized. However, if it was a result of an upstream sale, the income assigned to the controlling as well as the non-controlling interest needs to be increase at the time that the profit was realized (Baker, Christensen & Cottrell, 2012). Yes, important to know if the sale was upstream or downstream for the reasons described above; in addition, in order to appropriately assign the consolidated net income to the correct shareholder (Baker, Christensen & Cottrell, 2012). Question: an example of one of your points. If the sale from the Subsidiary to the parent takes place, we will need to reflect any NCI net income and Parent net income. If the inter company inventory is sold in the same month, the sales were $100,000 and the COGS was $50,000. The 50,000 reflects the cost of the purchase material. The parent owns 80%. There was no sales to end customers in the month by the parent firm. What might be the calculation and analysis on the profit? What about the consolidation?
Goofy reclassified this investment as trading securities in December of 2011 when the market value had risen to $125,000. What effect on 2011 income should be reported by Goofy for the Crazy Co. shares?
What challenges does the city face based on a review of the Management, Discussion, and Analysis and identify the Bond Rating of the reporting entity?
barney toy company manufactures large and small stuffed animals. it has a long-term contract with a large chain of
Terri receives $30,000 cash and accounts receivable with a $20,000 basis and a $22,000 fair market value to the partnership. What gain or loss does Terri recognize, and what is her basis in the accounts receivable?
Battle Tank, Inc. had net sales in 2008 of $1,200,000. At December 31, 2008, before adjusting entries, the balances in selected accounts were.
stahl inc. produces three separate products from a common process costing 100000. each of the products can be sold at
Your write-up should be concise enough to allow me to see the answer without having to search but complete enough that I know you did the steps. Step One is important; if you skip ahead to Step Three it will show in your write-up.
Why are there differences between taxable and financial income? What are some examples of permanent and temporary differences? Why do these differences exist? How do they affect the financial statements?
Ming Company is considering two alternatives. Alternative A will have sales of $150,000 and costs of $100,000. Alternative B will have sales of $180,000 and costs of $120,000.
hancock corporation is in the process of preparing its financial statements for 2013. assume no entries for
Accounts of Pioneer Heating Corporation at the end of the first year of operations showed the following balances. In addition, prepaid operating expenses are 4000, and accrued sales commissions payable are $5900. Investment revenue receivable is ..
jones digital just purchased a soldering machine to be used in assembly of circuit boards. this machine costs 270000.
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