User Account

All Pages

Calculate controlling interest in consolidated net income

Assignment Help Accounting Basics
Reference no: EM132514145

Question - Patton Co. owns 90% of the outstanding stock of Sloan Co. On January 1, 2018 Patton sold equipment to Sloan for $420,000. The original cost of the equipment was $600,000 and had a book value of $300,000 on January 1, 2018. The estimated remaining useful life is 6 years from the date of the purchase. Patton uses the partial equity method to account for its investment in Sloan. Sloan Co. reported net income of$370,000 and Patton Co. reported net income of $1,040,000 from their independent operations for the year ended December 31, 2018. 10

A. Prepare in general journal for the workpaper entries necessary because of the intercompany sales in the consolidated statements workpaper for both 2018 and 2019.

B. Calculate the controlling interest in consolidated net income for 2018.

Reference no: EM132514145

Questions Cloud

How would you modify the release to compensate : What is one public response to Apple's news that you would anticipate? Do you think that your classmate successfully mitigated this response?
Position of women in patrilineal and matrilineal families : Describe the position of women in patrilineal and matrilineal families and the difference between a matrilineal society and a matriarchal society.
Global strategy and management : Motivation is a function of your ability and tools to achieve a certain task, your goals, needs, and interest in the task.
Formal and informal adoption : Most Americans address their family members using the Eskimo kinship system. Is this system adequate to a society with frequent divorce
Calculate controlling interest in consolidated net income : On January 1, 2018 Patton sold equipment to Sloan for $420,000. Calculate the controlling interest in consolidated net income for 2018
Identify the main sources of revenue for expenditures : Identify the main sources of revenue for and the largest expenditures made by federal, state, and local governments. The response must be typed, double spaced.
Determine the overhead cost per unit for each product : Daba Company manufactures two products, Using the activity-based costing approach, determine the overhead cost per unit for each product.
Mentioning the lds form of polygyny : Can you argue for or against these two positions? For Polygyny part of discussion, lets see if you can discuss it without referring to or mentioning the LDS for
Have you encountered closed operating valves : Have you encountered closed operating valves during the scene of an emergency or an inspection? What was done to resolve the situation?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd