Question
Following are several figures reported for Allister and Barone as of December 31, 2015: Allister Barone Inventory $ 450,000 $ 250,000 Sales 900,000 700,000 Investment
Following are several figures reported for Allister and Barone as of December 31, 2015: |
Allister | Barone | |||
Inventory | $ | 450,000 | $ | 250,000 |
Sales | 900,000 | 700,000 | ||
Investment income | not given | |||
Cost of goods sold | 450,000 | 350,000 | ||
Operating expenses | 205,000 | 275,000 | ||
|
Allister acquired 90 percent of Barone in January 2014. In allocating the newly acquired subsidiarys fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $68,000 that was unrecorded on its accounting records and had a five-year remaining life. Any remaining excess fair value over Barones book value was attributed to goodwill. During 2015, Barone sells inventory costing $125,000 to Allister for $170,000. Of this amount, 15 percent remains unsold in Allisters warehouse at year-end. |
Determine balances for the following items that would appear on Allisters consolidated financial statements for 2015: Invetory Sales COGS Operating Expenses Net Income attributable to Non controlling Interest |
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