Determine the consolidated income

Assignment Help Accounting Basics
Reference no: EM132878702

Question - Moe Company purchased 80% of Curley Company stock for $500,000. At the time of the purchase, Curley Company had abook value was $400,000 with the excess being caused by equipment being undervalued by $60,000 and the rest from goodwill. The equipment has a four year life. Moe sold inventory last year to Curley for a profit of $10,000 which was in their inventory at the beginning of this year. Moe also sold inventory to Curley at a profit of $12,000 which is in the inventory of Curley at the end of the current year. The separate income reported by Moe was $150,000 and by Curley was $80,000.

Required - Determine the consolidated income, the controlling interest share, and the non-controlling interest share.

Reference no: EM132878702

Questions Cloud

What legal position is regarding the required devices : How can you advise your client Jane what her legal position is regarding the required devices? Jane had her home on the market for quite a few months
Rating document multiple types of evaluations : create a performance rating document for a nurse coordinator. Include in your rating document multiple types of evaluations, such as graphic rating scales, rank
What is the beta and cost of equity of titan stock : The bonds will mature in 15 years and are currently priced at $1,100 per bond. What is the beta and cost of equity of Titan's stock ?
American Federalism was born in ambiguity : "American Federalism was born in ambiguity, it institutionalizes ambiguity in its forms of government, and changes in it tend to be ambiguous too"
Determine the consolidated income : The separate income reported by Moe was $150,000 and by Curley was $80,000. Determine the consolidated income
The Emergence Of Homeland Security : What is the goal of terrorism? What threat does terrorism (domestic or international) actually pose to the US homeland today?
What is titan wacc : The bonds will mature in 15 years and currently priced at $1,100 per bond. What is Titan's WACC? Titan currently has 30,000 4% annual coupon bonds outstanding.
Pros and cons of five management development methods : 1. Describe the pros and cons of five management development methods.
Situational crisis communication theory : Discuss an ethical issue related to a particular crisis communication event about the Situational Crisis Communication Theory (SCCT).

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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