Non-controlling interest share of consolidated net income

Reference no: EM13146903

On January 1, 2009, Race Corp. acquired 80% of the voting common stock of Gallow Inc. During the year, Race sold to Gallow for $450,000 goods which cost $330,000. Gallow still owned 15% of the goods at year-end. Gallow's reported net income was $204,000 and Race's net income was $806,000. Race decided to use the equity method to account for this investment. What was the non-controlling interest's share of consolidated net income?

• $37,200

• $22,800

• $30,900

• $32,900

• $40,800

Reference no: EM13146903

Questions Cloud

How to destabilize the polymerase are possible explanations : An experiment was conducted to determine the hairpin loop region in termination. Two DNA templates were prepared and used in in vitro transcription assay. The samples were analyzed for release of the RNA polymerase.

Cost of executing a transactiion is much lower firms : the cost of executing a transactiion is much lower firms have the ability to gather useful information about buyers firms can reduce their reaction times to changing market conditions and increase their sales reach.

What was the molarity of the aqueous acid solution : By titration, 23.4 mL of aqueous H2SO4 neutralized 24.8 mL of 0.0495 M LiOH solution. What was the molarity of the aqueous acid solution?

Jnoes was knocked down by a car driven : In May 2013, Jnoes was knocked down by a car driven by Ruth. As a result of the accident Jones was not able to continue his work and had to undergo extensive medical care and physiotherapy. He sued Ruth for loss of earning capacity, non pecunia..

Non-controlling interest share of consolidated net income : Race decided to use the equity method to account for this investment. What was the non-controlling interest's share of consolidated net income?

What mass of dry oxygen was collected : A 460 mL sample of oxygen (O2) was collected by displacement of water at 24 ? C under a total barometric pressure of 1095 torr. What mass of dry oxygen was collected? The vapor pressure of water at 24 ? C is 22 torr

Discuss the validity and implications of statement : When questioned by the auditors, the CFO of ABC Inc. mentioned, "An asset is just an expense waiting to happen." Discuss the validity and implications of this statement.

The university of california : The University of California was concerned about the fact that most of the students accepted to the medical school were Caucasians. They felt that whites had a historical advantage over minorities because of differences in educational opportuni..

Depict the skeletal structure for major organic product : Draw the skeletal structure for major organic product produced when the arene given reacts with 2 equivalents each of Na and HOCH3.

User Account

All Pages