What amount of sales will be reported in consolidated income

Assignment Help Accounting Basics

Reference no: EM131881239

Problem

On January 1, 20X8, Parent Company acquired 90 percent ownership of Subsidiary Corporation, at underlying book value. The fair value of the noncontrolling interest at the date of acquisition was equal to 10 percent of the book value of Subsidiary Corporation. On Mar 17, 20X8, Subsidiary purchased inventory from Parent for $90,000. Subsidiary sold the entire inventory to an unaffiliated company for $120,000 on November 21, 20X8. Parent had produced the inventory sold to Subsidiary for $62,000. The companies had no other transactions during 20X8. Based on the information given, what amount of sales will be reported in the 20X8 consolidated income statement? Provide with steps please.

Reference no: EM131881239

Questions Cloud

Prepare the journal entries altman company must record : Prepare the journal entries Altman Company must record in its books at bond issuance, the first interest payment date, and at bond maturity.

Analyze the business model of zipcar : Zipcar was an answer for customers who want to rent a car for a few hours in their home city, rather than for a few days from a traditional rental agency.

What was the amount of credit sales during may : The May 31 Accounts Receivable balance was $13,000. What was the amount of credit sales during May

What is the duration of a four-year treasury bond : What is the duration of a four-year Treasury bond with a 4.5 percent semiannual coupon selling at par?

What amount of sales will be reported in consolidated income : Based on the information given, what amount of sales will be reported in the 20X8 consolidated income statement? Provide with steps please.

Each recommendation state your supporting rationale : Recommend specific risk coverages for your client and for each recommendation state your supporting rationale.

What is the present value of annuity : A 20-year annuity pays $1,450 per month, and payments are made at the end of each month. what is the present value of the annuity?

How might IS change a manager job : Is monitoring an employee's work on a computer a desirable or undesirable activity from a manager's perspective? From the employee's perspective?

What needs to be area and volume of the sedimentation tank : what needs to be the area and volume of the sedimentation tank - Estimate the percent of suspended sediments that will be removed

User Account

All Pages