Prepare the necessary consolidated

Assignment Help Accounting Basics
Reference no: EM13503247

Petersen owns 80% of Seavoss, acquired several years ago at a price equal to book value. Petersen and Seavoss sell merchandise to each other. For 2014, unconfirmed profits in inventories are as follows: Petersen: Beginning Inventory- $20,000 Ending Inventory- $25,000. Seavoss Beginning Inventory- $10,000 Ending Inventory- $8,000. Total upstream sales in 2014 were $400,000; downstream sales were $600,000. Seavoss' reported income for 2014 was 100,000

Required:
a) prepare the necessary consolidated working paper eliminations for 2014
b) Calculate Petersen's equity in Seavoss income for 2014, assuming the only intercompany eliminations are for merchandise sales.
c) Calculate noncontrolling interest in consolidated net income for 2014, assuming the only intercompany eliminations are for merchandise sales.

Reference no: EM13503247

Questions Cloud

Determine frequency does the motorcyclist hear : A motorcycle and a police car are moving in the same direction, with the motorcycle in the lead. What frequency does the motorcyclist hear in this case
Define a sign for the thermochemical process of melting nacl : What is a sign for the thermochemical process of melting NaCl. 2. 150 g sample of metal at 80oC added to 150 g of H2O at 20oC. The temperature rises to 23.3oC. what is aa specific heat of metal. Specific heat of water is 4.18 J/g.oC.
What is the final image distances relative to second lens : Two lenses, separated by a distance of 22.1 cm, are used in combination. The first lens has a focal length of +26.0 cm; the second has a focal length of -15.0 cm. What is the final image distances relative to the second lens
Define the bottle is opened and more liquid ethanol is added : The bottle is opened and more liquid ethanol is added. The bottle is quickly sealed again. Describe what will happen to the pressure in the bottle as a function of time.
Prepare the necessary consolidated : Prepare the necessary consolidated working paper eliminations for 2014
Estimate the final kinetic energy of the system : A student sits at rest on a piano stool that can rotate without friction. The moment of inertia of the student-stool system is 4.7 kg *m^2. Calculate the final kinetic energy of the system
Tax planning and fiscal policy : Tax Planning and Fiscal Policy
Determine how far away the cliff wall : You are standing on a canyon edge and you give a shout. After 4.9 s have passed, you hear your echo. Determine how far away the cliff wall is that your voice bounced off of
State blank solution used to calibrate the spectrophotometer : The blank solution used to calibrate the spectrophotometer is 10.0mL of 0.2M Fe(NO3)3 diluted to 25.0mL with 0.1M HNO3. Why is this solution preferred to simply using de-ionized water for the calibration

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determining budgeted cash payments

These amounts include $30,000 of monthly depreciation plant and equipment expense. Cash payments are paid such that 60% are paid in the month incurred and 40% are paid in the following month. What are the budgeted cash payments for August?

  Determining the average inventory

Expected annual usage of a particular raw material is 180,000 units, and the standard order size is 12,000 units. The invoice cost of each unit is $300, and the cost to place one purchase order is $80. The average inventory is?

  Amount of gain-straight line method

P Company continued to depreciate the equipment over its 9 year remaining life using the straight-line method. This equipment was sold to a third party on January 1, 2011 for $1,440,000. What amount of gain should P Company record on its books in ..

  Managerial significance of the accounting

Prepare the appropriate journal entries for fiscal 2007. Assume the marina operator is unsophisticated in business. Explain the managerial significance of the accounting above to this person.

  Retained earnings amount basics

ABC declared and paid a $5,000 dividend in June. The June beginning balance in ABC's Cash Account was $35,000 and the June ending balance in the Cash Account was $25,000. The Retained Earnings amount shown on ABC's June 30th Balance Sheet should b..

  Theoretic justification for considering all leases

Although only certain leases are currently accounted for as a sale or purchase, there is theoretic justification for considering all leases to be sales or purchases. The principal reason that supports this idea is that:

  Does other charges get added to purchase price

Company owned vehicle -Fixed asset being traded in for another vehicle. Does the Other Charges get added to the purchase price or classed out to fees?

  What is the tax on the interest income now assume that

the wendt corporation had 10.5 million of taxable income assume the firm received an additional 1 millon of interest

  Basics of benefit of budgeting

Which of the following is not a benefit of budgeting? A) It ensures that accounting records comply with generally accepted accounting principles. B) It provides benchmarks for evaluating subsequent performance.

  Compute the depreciation expense

Survival Industries, Inc. purchased a boat at a cost of $360,000-Compute the depreciation expense for 2014

  Amount of dividends received by the common stockholders

What is the amount of dividends received by the common stockholders in 2010?

  What were the cash balances at the beginning

Locate the balance sheet, income statement, and statement of cash flows of Home Depot, Inc., in Appendix A of your text. Review those statements and then respond to the following for the year ended January 31, 2010 (fiscal year 2009).

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