Solution-Determine resold one-third of inventory to outside

Determine resold one-third of inventory to outside entities

Reference no: EM132465780

Swamp Co., a 55%-owned subsidiary of Pond Inc., made the following entry to record a sale of merchandise to Pond:

Accounts Receivable 40,000

Sales Revenue 40,000

Question 1: Shalles Corporation, an 80%-owned subsidiary of Pani Corporation, sold inventory items to its parent at a $48,000 profit in 2014. Pani resold one-third of this inventory to outside entities. Shalles reported net income of $200,000 for 2014. Noncontrolling interest share of consolidated net income that will appear in the income statement for 2014 is

$30,400
$32,000
$33,600
$40,000

Reference no: EM132465780

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Determine resold one-third of inventory to outside entities

Reference no: EM132465780

Reference no: EM132465780

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