Sorel is an 80%-owned subsidiary of Pattern Company. The two affiliates had the following separate income statements
Question:
Sorel is an 80%-owned subsidiary of Pattern Company. The two affiliates had the following separate income statements for 2015 and 2016.
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Sorel sells at the same gross profit percentage to all customers. During 2015, Sorel sold goods to Pattern for the first time in the amount of $120,000. $30,000 of these sales remained in Pattern's ending inventory. During 2016, sales to Pattern by Sorel were $150,000, of which $25,000 sales were still in Pattern's December 31, 2016, inventory.
Prepare consolidated income statements including the distribution of income to the controlling and non-controlling interests for 2015 and 2016.
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Pattern Company and Subsidiary Sorel Company Consolidated Income Statement For the Year Ende...View the full answer
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Related Book For 
Advanced Accounting
ISBN: 978-1305084858
12th edition
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng
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