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14. Gentry Inc. acquired 100% of Gaspard Farms on January 5, 2017 During 2017, Gentry sold Gaspard Fam s $625,000 ofgoods, which had cost S425 000 Gaspard Farms still owned 12% of the goods a th e end of the year. In 2018, Gentry sold goods with a cost of $800,000 to Gaspard Farms for S1,000,000 and Gaspard Farms still owned 10% of the goods at year-end. For 2018, the cost of goods sold totaled sold for S5,400,000 for Gentry, and $1,200,000 for Gaspard Farms. What was consolidated cost of goods 20187 A) $6,600,000 B) $6,604,000 C) $5,620,000. D) $5,596,000 E) $5,625,000 X-Beams Inc. owned 70% of the voting common stock of Kent Corp. During 2018, Kent made several sales of inventory to X-Beams. The total selling price was $180,000 and the cost was $100,000 At the end of the year, 20% of the goods were still in X-Beams' inventory, Kent's reported net income was 15. 300,000. intra-entity asset transfers, what was the net income attributable to the noncontrolling interest in Kent? A) $90,000. B) $85,200 C) $54,000. D) $94,800. E) $86,640. Assuming there are no excess amortizations associated with the consolidation, and no other 16. Included in the amounts for Skillet's sales were intra-entity gross profits related to Skillet's intra- entity transfer of merchandise to Pot for $140,000. There were no intra-entity transfers from Pot to w skillet. Intra-entity transfers had the same markup as sales to outsiders. Pot still had 40% of the intra- entity gross profit remaining in ending inventory at the end of 2018. What are consolidated sales and cost of goods sold for 2018 A$1,400,000 and S 952,000. B) $1,400,000 and $ 966,000 C) $1,540,000 and $1,078,000. D) $1,400,000 and S 974,400. E) $1,540,000 and $1,092,000. 17. Included in the amounts for Pot's sales were Pot's sales for merchandise to Skillet for $140,000. There were no sales from Skillet to Pot. Intra-entity transfers had the same markup as sales to outsiders. Skillet had resold all of the intra-entity transfers (purchases) from Pot to outside parties during 2018. What are consolidated sales and cost of goods sold for 2018? $1,400,000 and $952,000. ) $1,400,000 and $1,092,000 C) $1,540,000 and $952,000. D) $1,400,000 and $1,232,000. E) S1,540,000 and $1,092,000. 18, Dalton Corp. owned 70% of the outstanding common stock of Shrugs Inc. On January 1, 2016, Dalton acquired a building with a ten-year life for $420,000. No salvage value was anticipated and the building was to be depreciated on the straight-line basis. On January 1, 2018, Dalton sold this building to Shrugs for $392,000. At that time, the building had a remaining life of eight years but still no expected salvage value. For consolidation purposes, what is the Excess Depreciation (ED entry) for this building for 2018? A) Accumulated Depreciation 7,000 B) Accumulated Depreciation C) Depreciation Expense D) Depreciation Expense ,900 E) Accumulated Depreciation Depreciation expense Depreciation Expense Accumulated Depreciation Accumulated Depreciation Depreciation Expense 7,000 4,900 7,000 4,900 42,000 4,900 7,000 42,000 As of December 31, 2018, before preparing the consolidated worksheet, the financial statements appeared as follows: Pride Inc. Strong Corp Revenues $ 420,000 $280,000 (196,000) (112,000) Cost of goods sold Operating expenses (28,000) 4,000 Net income S 196.000 $154,000 Retained earnings, 1/1/18 Net income (above) Dividends paid Retained carnings, 12/31/18 S 420,000 $210,000 154,000 196,000 S 616.000 64,000 Cash and receivables Inventory Investment in Strong Corp Equipment (net) Total assets S 294,000 $126,000 154,000 364,000 616,000 420.000 S1.484,000 $700.000 Liabilities s 588,000 $196,000 140,000 616,000 364,000 $1484,000 700.000 Common stock Retained earnings, 12/31/18 (above) 280,000 Total liabilities and stockholders' equity During 2018, Pride bought inventory for $112,000 and sold it to Strong for $140,000. Only half of the inventory purchase price had been remitted to Pride by Strong at year-end. As of December 31, 2018, 60% of these goods remained in the company's possession. 19. What is the total of consolidated revenues? A) $700,000. B) $644,000. C) $588,000. D) $560,000. ) $840,000 20. What is the total of consolidated operating expenses? A) $42,000. B) $47,600. C) $53,200. D) $49,000. E) $35,000. 21. What is the total of consolidated cost of goods sold? A) $196,000. B) $212,800. C) $184,800. D) $203,000. E) $168,000. 26. What is the consolidated total of noncontrolling interest appearing in the balance sheet? A) $100,800 B) $ 97,440 C) $ 93,800. D) $140,400. E) none of the above 27. What is the consolidated total for equipment (net) at December 31, 2018? A) S 952,000. B) $1,058,400. C) $1,069,600. D) $1,064,000. E) $1,066,800. 28. What is the consolidated total for inventory at December 31,2018? A) $336,000. B) $280,000. C) $364,000. D) $347,200 E) $349,300. 29. In the consolidation worksheet for 2017, which of the following accounts would be debited to eliminate the intra-entity transfer of inventory? A) Retained earnings. B) Cost of goods sold. C) Inventory D) Investment in Strickland Company. E) Sales. 30. In the consolidation worksheet for 2017, which of the following accounts would be credited to eliminate the intra-entity transfer of inventory? A) Retained earnings. B) Cost of goods sold. C) Inventory
