Income statement information for 2011 for Pug Corporation and its 60 percent-owned subsidiary, Sev Corporation, is as
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Income statement information for 2011 for Pug Corporation and its 60 percent-owned subsidiary, Sev Corporation, is as follows:
Intercompany sales for 2011 are upstream (from Sev to Pug) and total $100,000. Pug's December 31, 2010, and December 31, 2011, inventories contain unrealized profits of $5,000 and $10,000, respectively.REQUIRED1. Compute noncontrolling interest share for 2011.2. Compute consolidated sales, cost of sales, and total consolidated income for2011.
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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1 Noncontrolling interest share Sevs reported net income 50000 Add Intercompany pr...View the full answer
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Advanced Accounting
ISBN: 9780132568968
11th Edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
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