FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

Vishnu 

The following are several figures reported for Poyer and Sutter as of December 31, 2024: Items Inventory Sales Investment income Cost of goods sold Operating expenses Poyer $ 400,000 800,000 400,000 180,000 Sutter $ 200,000 600,000 300,000 250,000 Poyer acquired 70 percent of Sutter in January 2023. In allocating the newly acquired subsidiary's fair value at the acquisition date, Poyer noted that Sutter had developed a unpatented technology worth $65,000 that was unrecorded on its accounting records and had a five-year remaining life. Any remaining excess fair value over Sutter's book value was attributed to an indefinite-lived trademark. During 2024, Sutter sells inventory costing $120,000 to Poyer for $160,000. Of this amount, 20 percent remains unsold in Poyer's warehouse at year-end. a. Inventory b. Sales c. Cost of goods sold d. Operating expenses e. Net income attributable to noncontrolling interest Required: Determine balances for the following items that would appear on Poyer's consolidated financial statements for 2024: Note: Input all amounts as positive values. $ $ Amounts $ $ 592,000 1,240,000 548,000 443,000
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Transcribed Image Text:The following are several figures reported for Poyer and Sutter as of December 31, 2024: Items Inventory Sales Investment income Cost of goods sold Operating expenses Poyer $ 400,000 800,000 400,000 180,000 Sutter $ 200,000 600,000 300,000 250,000 Poyer acquired 70 percent of Sutter in January 2023. In allocating the newly acquired subsidiary's fair value at the acquisition date, Poyer noted that Sutter had developed a unpatented technology worth $65,000 that was unrecorded on its accounting records and had a five-year remaining life. Any remaining excess fair value over Sutter's book value was attributed to an indefinite-lived trademark. During 2024, Sutter sells inventory costing $120,000 to Poyer for $160,000. Of this amount, 20 percent remains unsold in Poyer's warehouse at year-end. a. Inventory b. Sales c. Cost of goods sold d. Operating expenses e. Net income attributable to noncontrolling interest Required: Determine balances for the following items that would appear on Poyer's consolidated financial statements for 2024: Note: Input all amounts as positive values. $ $ Amounts $ $ 592,000 1,240,000 548,000 443,000
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Step 1: Introduction
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Step 2: a). Inventory
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Step 3: b). Sales
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Step 4: c) Cost of goods sold
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Step 5: D). Operating expenses
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Step 6: e). Non-controlling interest
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