Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following are several figures reported for all

The following are several figures reported for Allister and Barone as of December 31, 2021:...

90.2K

Verified Solution

Question

Accounting

The following are several figures reported for Allister and Barone as of December 31, 2021: Allister Barone Inventory $ 430,000 $ 230,000 Sales 860,000 660,000 Investment income not given Cost of goods sold 430,000 330,000 Operating expenses 195,000 265,000 Allister acquired 70 percent of Barone in January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $64,000 that was unrecorded on its accounting records and had a five-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells inventory costing $123,000 to Allister for $166,000. Of this amount, 20 percent remains unsold in Allister's warehouse at year-end. Determine balances for the following items that would appear on Allister's consolidated financial statements for 2021

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

Mechanical Engineering
1.2K views

A very helpful site to learn about individual publicly traded companies is finance.yahoo.com. Go to...

Biology
1.2K views

Which of the following periods ended with the greatest mass extinction that the world has...

Biology
1.2K views

In deuterostome animals whereas in protostome animals the mouth originates from the blastopore it comes...

Biology
1.2K views

3 1 What is the genetic material in the chromosomes of an animal s cells...

Physics
1.2K views

neg d The collision between molecules is elastic 2 In the given V T diagram...

Physics
1.2K views

4 A wire of length 5 m is twisted through 30 at free end If...

Physics
1.2K views

Two charges of magnitude 5 nC and 2 nC one placed at points 2 cm...

Algebra
1.2K views

The equation of the given curve in solid blue is Type an equation using x...

Accounting
1.2K views

Dave Brown's cumulative earnings are $90,000, and his gross pay for the week is $6,400....

Finance
1.2K views

Amortized Loans John is looking for a new car. He has...

Finance
1.2K views

Question 1 (25 points): Superb Manufactures, Ltd. has got the following balance sheet: Cash Near-cash...

Finance
1.2K views

A firm has decided to alter its level strategy by using overtime to make up...