Find the consolidated income

Assignment Help Accounting Basics
Reference no: EM132823229

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.

Problem 1: Find the consolidated income, the controlling interest share, and the non-controlling interest share.

Reference no: EM132823229

Questions Cloud

Six major environmental forces : The annual holiday shopping season typically begins on the Friday after Thanksgiving, known by retailers and consumers alike as "Black Friday."
Describing the program you would want to create : Write a 700-1,050-word essay describing the program you would want to create. Address the following in your essay: Describe how you would do a needs assessment.
Discuss all relevant factors including more information : Discuss all relevant factors, including more information which you may request from Aman and further analysis you would like to do.
Would you have documented anything differently : In Topic 4, you created a treatment plan for your client. Create a SOAP note that would go in the client's chart following the visit. Post the SOAP note as.
Find the consolidated income : Find the consolidated income, the controlling interest share, and the non-controlling interest share. Moe Company purchased 80% of Curley Company stock
What are the strengths of the given type of research : Based on your readings and learning this week describe what research method you would use for investigating it. PLEASE NOTE: Although you as a researcher.
Determine the consolidated income : Assume further that the same separate profits were reported. Determine the consolidated income, the controlling share, and the non-controlling share.
Why is succession planning not used in all organizations : Why is Succession Planning not used in all organizations? List three Do's and three Don'ts in regards to best practices for Succession Planning
Summarize an individuals current period of development : Choose a person you know well and complete a developmental analysis of this person's current period of development. You can choose a person from.

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