Question
In contrast with single entity organizations, consolidated financial statements include which of the following in the calculation of cash flows from operating activities under the
In contrast with single entity organizations, consolidated financial statements include which of the following in the calculation of cash flows from operating activities under the indirect method?
A) The change in the balance sheet of the investee account.
B) Non-controlling interest dividends.
C) Non-controlling interest income expense.
D) Cash dividends from equity investees.
In contrast with single entity organizations, consolidated financial statements include which of the following in the calculation of cash flows from operating activities under the direct method?
A) The change in the balance sheet of the investee account.
B) Non-controlling interest dividends.
C) Non-controlling interest income expense.
D) Cash dividends from equity investees.
Swift Parrot Corporation acquired a 60% interest in Berries Corp. on January 1, 2015, when Berriess book values and fair values were equivalent. On January 1, 2015, Berries sold a building with a book value of $600,000 to Swift Parrot for $700,000. The building had a remaining life of 10 years, no salvage value, and was depreciated by the straight-line method. Berries reported net income of $2,000,000 for 2015. What was the non-controlling interest in net income for 2015?
A) $710,000.
B) $764,000.
C) $800,000.
D) $900,000.
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