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please show all work The year-end balance sheet and residual profit and loss sharing percentages for the Bane, Hill, and Ross partnership at December 31,
please show all work
The year-end balance sheet and residual profit and loss sharing percentages for the Bane, Hill, and Ross partnership at December 31, 2020, are as follows: Cash $ 30,000 Accounts payable $200,000 Loan to Bane 40,000 Loan from Hill 50,000 Other assets 480,000 Bane, capital (25%) 70,000 Hill, capital (25%) 80,000 Ross, capital (50%) 150.000 Total assets $550.000 Total liabilities and equity $550.000 The partners agree to liquidate the business and distribute cash when it becomes available. Required: Prepare a cash distribution plan for the Bane, Hill, and Ross partnership. On January 3, 2020, Parvin Company acquired 80 percent of Sarah Corporation for $350,000 in cash. At the acquisition date, the book values and fair values of Sarah's assets and liabilities were equal, and the fair value of the non-controlling interest was equal to 20 percent of the total book value of Sarah. The stockholders' equity accounts of the two companies at the acquisition date are: Common Stock ($5 par Value) Additional Paid-In Capital Retained Earnings Total Stockholders' Equity PARVIN $500,000 300,000 350,000 $1,150,000 SARAH $200,000 80,000 150,000 $430,000 Non-controlling interest was assigned income of $11,000 in Parvin's consolidated income statement for 2020. 1. Based on the preceding information, what amount will be assigned to the non-controlling interest on January 3, 2020, in the consolidated balance sheetStep by Step Solution
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