Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. hw exercise 6-2 computation of noncontrolling inte

HW Exercise 6-2 Computation of Noncontrolling Interest in Net Income: P Company owns 80% of...

90.2K

Verified Solution

Question

Accounting

image

HW Exercise 6-2 Computation of Noncontrolling Interest in Net Income: P Company owns 80% of the outstanding stock of Company. During 2020, s Company reported net income of $525,000 and declared no dividends. At the end of the year, S Company's inventory included $487,500 in unrealized profit on purchases from P Company. Intercompany Sales for 2020 totaled $2,700,000. Calculate the amount of noncontrolling interest to be deducted from consolidated income in arriving at 2020 controlling interest in consolidated net income

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

Q

The income statement, balance sheets, and additional informationfor Great Adventures, Inc., are provided below.GREAT...The...

Accounting
Q

As noted in the lecture one for the week, virtual physicians are becoming more common. Due...

Medical Sciences
Q

Q.7 MRI machine uses magnetic field to create detailed images of human soft organs. Can you elaborate...

Physics
Q

A 500 Kg bloack of ice at -25 degrees celsuis is placed in just enough liquid...

Physics
Q

2 Give two examples of changing temperature without adding heat 3 Kelvin Celsius or Fahrenheit...

Biology
Q

A velocity of a 25-g bullet is 250 m/s and enters a 3.0-kg block of...

Physics
Q

A ship is sailing east and sight as partially submerged rock at a bearing of...

Algebra
Q

Tavinona Company issued 1,000; $1,000 bonds for a bond issue of $1,000,000. The bonds were...

Accounting
Q

$156,000 per year. With this level of operating assets and fixed expenses, the company can...

Accounting
Q

Bramble Distribution markets CDs of the performing artist Unique. At the beginning of October, Bramble...

Accounting
Q

The accounting staff of Wyoming Outfitters, Inc., has assembled the following information for the current...

Accounting
Q

as the company accountant the managemnet of nickle company ask you to explain a. the...

Accounting