User Account

All Pages

Determine balances for the costs of goods sold items

Assignment Help Financial Accounting
Reference no: EM132487646

Following are several figures reported for Allister and Barone as of December 31, 2018:

                           Allister                    Barone

Inventory          $470,000              $270,000

Sales            $940,000                    $740,000

Investment Income NOT GIVEN

Cost of Goods Sold   $470,000          $370,000

Operating Expenses   $215,000            $285,000

Point 1: Allister acquired 80 percent of Barone in January 2017. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $72,000 that was unrecorded on its accounting records and had a 4-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2018, Barone sells inventory costing $127,000 to Allister for $174,000. Of this amount, 10 percent remains unsold in Allister's warehouse at year-end.

Question 1: Determine balances for the following items that would appear on Allister's consolidated financial statements for 2018:

Inventory: ?

Sales: ?

Costs of Goods Sold: ?

Operating Expenses: ?

Net Income attributable to non-controlling interests: ?

Reference no: EM132487646

Questions Cloud

Ethical considerations necessary during supervision : Describe some of the ethical considerations necessary during supervision. What types of written documents are integral to this process?
Legal distinctions between white and black inhabitants : What effect did those distinctions have on Virginia's universe of obligation? Can laws influence the way people think about who belongs and who does not?
MBA501 Stakeholder Analysis Assignment : MBA501 Stakeholder Analysis Assignment Help and Solution, Kaplan Business School, Research BHP and develop a Stakeholder Analysis PowerPoint slide deck
Wake of natural disasters and acts of terror : In the wake of natural disasters and acts of terror, several tech companies are making an effort to improve traditional responses effort in humanitarian relief
Determine balances for the costs of goods sold items : Determine balances for the Costs of Goods Sold items that would appear on Allister's consolidated financial statements for 2018
Briefly present the claims of pluralist theory : Briefly present the claims of pluralist theory, power-elite theory, and Marxist theory regarding the operation of the U.S. political system.
Write the dfa simulator : Write the DFA Simulator that can run a DFA against an input string. Given a DFA and an input at string, the stimulator will return yes if the DFA accepts
Max weber conceptualization of society : Based on Max Weber's conceptualization of society and the individual, we can conclude that sociologists interested
What the effect of transaction on the accounting equation is : What The effect of transaction on the accounting equation is? In January she purchases for $540 some new furniture for her waiting room.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Which investment is an effective hedge

A company with a short term commercial paper liability at an interest rate of 3% must refinance this liability in 90 days, and wants to hedge against the possibility that interest rates will be higher at that time. If the interest rate on U.S. Treasu..

  What amount of gain or loss is recognized

Sam owns 100% of M Corporation’s single class of stock. Sam transfers land and a building having a $30,000 and $100,000 adjusted basis, respectively, to M Corporation in exchange for additional M Corporation common stock worth $200,000 and IBM stock ..

  Accrual accounting and adjusting entries

Accrual Accounting and Adjusting Entries. Prepare the necessary adjusting journal entries at December 31. For each of the adjusting entries, indicate which of the following type of entry was recorded: accrued expense, accrued revenue, deferred expens..

  What factors would you need to consider in making decision

After Year 3, the investors are interested in your company expanding internationally to possibly outsource labor or to reduce manufacturing costs. What factors would you need to consider in making this decision?

  Unfavorable spending and volume variances be affected

A department's three-variance overhead standard costing system reported volume variances and unfavorable spending. The activity level selected for allocating overhead to product was based on 80 percent of practical capacity

  Complete the depreciation schedule

On January 1, 2012, a company buys a truck for $42,000 cash. It has estimated residual value of $2,000, and an estimated life of 4 years, or 200,000 miles. Assume the company uses units-of-production depreciation. The truck drove 40,000 miles in 2012..

  Indicate the manner in which the above transaction should be

indicate the manner in which the above transaction should be reflected in the Current Liabilities section of Carson Company’s December 31, 2007 balance sheet.

  Compares budgeted and actual amounts

Crede Company budgeted selling expenses of $30,000 in January, $35,000 in February, and $40,000 in March. Actual selling expenses were $31,200 in January, $34,525 in February, and $46,000 in March. Prepare a selling expense report that compares budge..

  Questionlocate the 2009 financial statements for the walt

questionlocate the 2009 financial statements for the walt disney company on the internet. use those financial

  Fictitious vendors-theft and embezzlement

Fictitious Vendors, Theft, and Embezzlement. The following cases are designed like the ones in the chapter. Your assignment is to write the audit approach portion of the cases organized around these sections: Objective. Express the objective in terms..

  Calculate the adjusted gross income on tax return

Carmin Kovach is single and has two children from her previous marriage. Anika, 9, lives with Carmin. Julius, 11, lives with his father, Ray. Carmin pays alimony of $400 per month to Ray. Calculate Carmin’s adjusted gross income on her 2011 tax retur..

  Elements of the company''s financial statement

Show the effects of each of these transactions upon the following elements of the company's financial statement.

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