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Peer Company owns 80% of the common stock of Seacrest Company. Peer Company sells merchandiseN to Seacrest Company at 25% above its cost. During 2011 and 2012 such sales amounted to $265,000 and $475,000, respectively. The 2011 and 2012 ending inventories of Seacrest Company included goods purchased from Peer Company for $125,000 and $170,000, respectively. Peer Company reported net income from its independent operations (including intercompany profit on inventory sales to affiliates) of $450,000 in 2011 and $480,000 in 2012. Seacrest reported net income of $225,000 in 2011 and $275,000 in 2012 and did not declare dividends in either year. There were no intercompany sales prior to 2011. Required: A. Prepare in general journal form all entries necessary in the consolidated financial statements workpapers to eliminate the effects of the intercompany sales for each of the years 2011 and 2012. B. Calculate the amount of noncontrolling interest to be deducted from consolidated income in the consolidated income statements for 2011 and 2012. C. Calculate controlling interest in consolidated income for 2012.
from the e-activity examine the steps necessary to complete a sale and discuss how the sales order process is
What is the effective borrowing cost on the loan if the lender charges 3 points at origination and the loan goes to maturity and what is the effective borrowing cost on the loan if the lender charges 3 points at origination and the loan is prepaid ..
1 the first step of sara is to identify problems by getting to know the area. speculate how long it may take a new
What are the four (4) assumptions that underlie DVP analysis?
The present value of the note at 9% was $1,442,000 at January 1, 2010. What should be the balance of the Discount on Notes Payable account on the books of Leary at December 31, 2010 after adjusting entries are made, assuming that the effective-in..
At the end of the year, Roger's share of partnership liabilities increased by $20,000. Roger's basis in the partnership interest at the end of the year is:
Prepare the statement of cash flows for the year ended December 31, 20X6, using the direct method, and include a schedule of noncash investing and financing activities if necessary.
Worthington Company purchased a machine on January 1, 2008, for $3,600,000. At the date of acquisition, the machine had an estimated useful life of six years with no salvage.
What is the purpose of engagement planning? What critical information should the auditor consider during engagement planning? How will this information affect the scope of the audit?
Prepare an income statement and a supporting schedule of cost of goods manufactured for the year ended December 31, 2009.
In accounting for an immaterial amount of overapplied overhead, which of the following is part of the adjusting entry?
chen inc. purchases 1000 shares of its own previously issued 5 per common stock for 12000. assuming the shares are held
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