What was the noncontrolling interest in kent net income

Assignment Help Financial Accounting

Reference no: EM13133540

X-Beams Inc. owned 70% of the voting common stock of Kent Corp. During 2011, Kent made several sales of inventory to X-Beams. The total selling price was $180,000 and the cost was $100,000. At the end of the year, 20% of the goods were still in X-Beams' inventory. Kent's reported net income was $300,000. What was the noncontrolling interest in Kent's net income?

Reference no: EM13133540

Questions Cloud

Evaluate the company vulnerability to current : Evaluate the company’s vulnerability to current financial threats such as a recession, higher interest rates, and global competition.

List at least three qualitative attributes of snack food : List at least 3 qualitative attributes of the snack food about which they might want to ask consumers. Make sure at least one of them is nominal.

Obtuse arc length and area of sector : A windshield wiper is 3 feet long and the blade is 2 feet long. If the wiper can trace out an angle of 110 degrees, what area can the blade wipe?

What does the journal entry to record the sale include : Merchandise with a sales price of $460 is sold on account with term 2/10, n/30. What does the journal entry to record the sale include?

What was the noncontrolling interest in kent net income : At the end of the year, 20% of the goods were still in X-Beams' inventory. Kent's reported net income was $300,000. What was the noncontrolling interest in Kent's net income?

Discuss how the two basic requirements for accrual of a loss : The two basic requirements for the accrual of a loss contingency are supported by several basic concepts of accounting. Four of these concepts are periodicity (time periods), measurement, objectivity, and relevance.

Find nonconforming parts are produced during one-hour period : What is the probability that exactly 5 nonconforming parts are produced during a 1-hour period? What is the probability that at least 5 nonconforming parts are produced during a 1-hour period?

What is the ph : What is the pH when 100 mL of 0.1 M HCl is titrated with 50 mL of 0.2 M NaOH?

Compute depreciation expense on the machinery : Prepare the journal entry necessary to record the depreciation expense on the building in 2011. Compute depreciation expense on the machinery for 2011.

User Account

All Pages