Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Player Company acquired 60 percent ownership of Scout Company's voting shares on January 1, 20X2. During 20X5. Player purchased Inventory for $22.000 and sold the
Player Company acquired 60 percent ownership of Scout Company's voting shares on January 1, 20X2. During 20X5. Player purchased Inventory for $22.000 and sold the full amount to Scout Company for $32,000. On December 31, 20X5, Scout's ending Inventory included $6,400 of items purchased from Player. Also in 20X5, Scout purchased Inventory for $68,000 and sold the units to Player for $98.000. Player included $24.500 of its purchase from Scout In ending inventory on December 31, 20X5 Summary income statement data for the two companies revealed the following: Sales Income from Scout Scout Company $ 220,00 Cost of Goods Sold other Expenses Total Expenses Net Income Player Company $ 382,800 42,700 $ 425,500 $ 238,000 67.000 $(395,000) $ 120,500 $ 220, $107.000 21.00 $(13) 3 12.00 Required: Compute the amount to be reported as sales in the 20x5 consolidated Income statement. Congeles b compute the amount to be reported as cost of goods sold in the 20x5 consolidated Income statement (Do not round Intermediate calculations.) b. Compute the amount to be reported as cost of goods sold in the 20x5 consolidated Income statement (Do not round Intermediate calculations.) Conde COGS What amount of Income will be assigned to the noncontrolling shareholders in the 20x5 consolidated Income statement? (Do not round Intermediate calculations.) case to NGI d. What amount of income will be assigned to the controlling interest in the 20x5 consolidated Income statement? (Do not round Intermediate calculations.) m.callinnast
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started