Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. angela, inc., holds a 90 percent interest in corby

Angela, Inc., holds a 90 percent interest in Corby Company. During 2014, Corby sold inventory...

90.2K

Verified Solution

Question

Accounting

Angela, Inc., holds a 90 percent interest in Corby Company. During 2014, Corby sold inventory costing $148,000 to Angela for $185,000. Of this inventory, $55,200 worth was not sold to outsiders until 2015. During 2015, Corby sold inventory costing $144,200 to Angela for $206,000. A total of $69,800 of this inventory was not sold to outsiders until 2016. In 2015, Angela reported net income of $176,000 while Corby earned $92,500 after excess amortizations. What is the noncontrolling interest in the 2015 income of the subsidiary?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Geometry
1.2K views

4 Given CF CE CF ED F ECD Prove CDEF is a parallelogram Statements 1...

Chemistry
1.2K views

what intermolecular forces are present in each of the substances?

Psychology
1.2K views

What are your personal view on moral issue of adultery consider the various the moral argumentation...

Psychology
1.2K views

Locate 2 peer-reviewed articles from academic journals related to motivation concepts and applications in organizations and summarize...

Advance Math
1.2K views

Suppose that there are three Suppliers (Supplier A, Supplier B, Supplier C) and we are interested...

Physics
1.2K views

A particle is thrown with kinetic energy k straight up a rough inclined plane of...

Algebra
1.2K views

Previous Answer 2 6 0 0 Write the equation in standard form Then identify the...

Accounting
1.2K views

Requlred Informetion [The following information applies to the questions displayed below.] A manufactured product has...

Accounting
1.2K views

-Jack (age 52) and Jill (age 49) are a married couple. Jack is covered under...

Accounting
1.2K views

Magic Realm, Incorporoted, developed a new fantasy board game and sold 18,800 units last year...

Finance
1.2K views

Question 5 A company expects their revenues to decrease by $11,833 over the next 14...

Accounting
1.2K views

thumbs up for help Assume that projected revenue for 2018 is 1,192,098....