Prepare the necessary consolidated

Assignment Help Accounting Basics
Reference no: EM13503247

Petersen owns 80% of Seavoss, acquired several years ago at a price equal to book value. Petersen and Seavoss sell merchandise to each other. For 2014, unconfirmed profits in inventories are as follows: Petersen: Beginning Inventory- $20,000 Ending Inventory- $25,000. Seavoss Beginning Inventory- $10,000 Ending Inventory- $8,000. Total upstream sales in 2014 were $400,000; downstream sales were $600,000. Seavoss' reported income for 2014 was 100,000

Required:
a) prepare the necessary consolidated working paper eliminations for 2014
b) Calculate Petersen's equity in Seavoss income for 2014, assuming the only intercompany eliminations are for merchandise sales.
c) Calculate noncontrolling interest in consolidated net income for 2014, assuming the only intercompany eliminations are for merchandise sales.

Reference no: EM13503247

Questions Cloud

Determine frequency does the motorcyclist hear : A motorcycle and a police car are moving in the same direction, with the motorcycle in the lead. What frequency does the motorcyclist hear in this case
Define a sign for the thermochemical process of melting nacl : What is a sign for the thermochemical process of melting NaCl. 2. 150 g sample of metal at 80oC added to 150 g of H2O at 20oC. The temperature rises to 23.3oC. what is aa specific heat of metal. Specific heat of water is 4.18 J/g.oC.
What is the final image distances relative to second lens : Two lenses, separated by a distance of 22.1 cm, are used in combination. The first lens has a focal length of +26.0 cm; the second has a focal length of -15.0 cm. What is the final image distances relative to the second lens
Define the bottle is opened and more liquid ethanol is added : The bottle is opened and more liquid ethanol is added. The bottle is quickly sealed again. Describe what will happen to the pressure in the bottle as a function of time.
Prepare the necessary consolidated : Prepare the necessary consolidated working paper eliminations for 2014
Estimate the final kinetic energy of the system : A student sits at rest on a piano stool that can rotate without friction. The moment of inertia of the student-stool system is 4.7 kg *m^2. Calculate the final kinetic energy of the system
Tax planning and fiscal policy : Tax Planning and Fiscal Policy
Determine how far away the cliff wall : You are standing on a canyon edge and you give a shout. After 4.9 s have passed, you hear your echo. Determine how far away the cliff wall is that your voice bounced off of
State blank solution used to calibrate the spectrophotometer : The blank solution used to calibrate the spectrophotometer is 10.0mL of 0.2M Fe(NO3)3 diluted to 25.0mL with 0.1M HNO3. Why is this solution preferred to simply using de-ionized water for the calibration

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.

  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!

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