Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

plzzzz i need the anwer clear i need the answer in fwell screen During 2020 , the parent company (90%) sold merchandize to the subsidiary

plzzzz i need the anwer clear i need the answer in fwell screen image text in transcribed
During 2020 , the parent company (90%) sold merchandize to the subsidiary company at selling price $60,000, the cost of goods sold \$50,000. During 2021, Post Company sold the merchandise at \$70,000. Net income for Post Company for 2020 and 2021 respectively: $100,000;$80,000. There is no dividend. Instructions: 1. Calculate the Parent company from the subsidiary's net income. 2. Calculate the Minority interest from the subsidiary's net income. 3. Prepare the working paper in Journal entries format for 2020 and 2021

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing That Matters Case Studies Discussion Guide

Authors: Norman Marks

1st Edition

B089J5JCL2, 979-8650410546

More Books

Students also viewed these Accounting questions