Soft Bound Version for Advanced Accounting 13th Edition
13th Edition
ISBN: 9781260110579
Author: Hoyle
Publisher: McGraw Hill Education
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Chapter 5, Problem 16P
To determine
Determine balances for the following items that would appear on Company A’s consolidated financial statements for 2018:
- Inventory Sales
- Cost of Goods Sold
- Operating Expenses
- Net Income Attributable to Non-controlling Interest
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The following are several figures reported for Allister and Barone as of December 31, 2021:
Inventory
Sales
Investment income
Cost of goods sold
Operating expenses
Allister
Barone
$ 530,000 $ 330,000
860,000
1,060,000
not given
530,000
245,000
430,000
315,000
Allister acquired 90 percent of Barone in January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date,
Allister noted that Barone had developed a customer list worth $62,000 that was unrecorded on its accounting records and had a
four-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone
sells inventory costing $133,000 to Allister for $186,000. Of this amount, 10 percent remains unsold in Allister's warehouse at year-end.
Determine balances for the following items that would appear on Allister's consolidated financial statements for 2021:
The following are several figures reported for Allister and Barone as of December 31, 2021:
Inventory
Sales
Investment income
Cost of goods sold
Operating expenses
Allister
Barone
$ 610,000 $ 410,000
1,220,000
1,020,000
not given
610,000
285,000
510,000
355,000
Allister acquired 90 percent of Barone in January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date,
Allister noted that Barone had developed a customer list worth $78,000 that was unrecorded on its accounting records and had a six-
year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells
inventory costing $141,000 to Allister for $202,000. Of this amount, 20 percent remains unsold in Allister's warehouse at year-end.
Determine balances for the following items that would appear on Allister's consolidated financial statements for 2021:
Inventory
Sales
Cost of goods sold
Operating expenses
Net income attributable to…
The following are several figures reported for Allister and Barone as of December 31, 2021:
Inventory
Sales
Investment income
Cost of goods sold
Operating expenses
Allister
Barone
$ 540,000 $340,000
1,080,000 880,000
not given
540,000
250,000
440,000
320,000
Allister acquired 90 percent of Barone In January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date,
Allister noted that Barone had developed a customer list worth $64,000 that was unrecorded on its accounting records and had a five-
year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells
Inventory costing $134,000 to Allister for $188,000. Of this amount, 15 percent remains unsold in Allister's warehouse at year-end.
Determine balances for the following items that would appear on Allister's consolidated financial statements for 2021:
Inventory
Sales
Cost of goods sold
Operating expenses
Net income attributable to…
Chapter 5 Solutions
Soft Bound Version for Advanced Accounting 13th Edition
Ch. 5 - Prob. 1QCh. 5 - Prob. 2QCh. 5 - Prob. 3QCh. 5 - Prob. 4QCh. 5 - James, Inc., sells inventory to Matthews Company,...Ch. 5 - Prob. 6QCh. 5 - Prob. 7QCh. 5 - Prob. 8QCh. 5 - Prob. 9QCh. 5 - Prob. 10Q
Ch. 5 - Prob. 11QCh. 5 - Prob. 12QCh. 5 - Prob. 13QCh. 5 - Prob. 1PCh. 5 - Prob. 2PCh. 5 - Prob. 3PCh. 5 - Prob. 4PCh. 5 - Prob. 5PCh. 5 - Use the same information as in problem (5) except...Ch. 5 - Angela, Inc., holds a 90 percent interest in Corby...Ch. 5 - Prob. 8PCh. 5 - Thomson Corporation owns 70 percent of the...Ch. 5 - Prob. 10PCh. 5 - What is the total of consolidated cost of goods...Ch. 5 - Prob. 12PCh. 5 - Prob. 13PCh. 5 - Prob. 14PCh. 5 - What is the consolidated total for inventory at...Ch. 5 - Prob. 16PCh. 5 - Prob. 17PCh. 5 - Prob. 18PCh. 5 - Prob. 19PCh. 5 - Prob. 20PCh. 5 - Akron, Inc., owns all outstanding stock of Toledo...Ch. 5 - Prob. 22PCh. 5 - Prob. 23PCh. 5 - Prob. 24PCh. 5 - Prob. 25PCh. 5 - Prob. 26PCh. 5 - Prob. 27PCh. 5 - Prob. 28PCh. 5 - Prob. 29PCh. 5 - Following are financial statements for Moore...Ch. 5 - Prob. 31PCh. 5 - Prob. 32PCh. 5 - Prob. 33PCh. 5 - Prob. 34PCh. 5 - Prob. 35PCh. 5 - Prob. 36PCh. 5 - Prob. 1DYSCh. 5 - Hamilton Hawks Players Association and Mr....
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- following are several figures reported for Allister and Barone as of December 31, 2018: Allister Barone Inventory $ 400,000 $ 200,000 Sales 800,000 600,000 Investment income not given Cost of goods sold 400,000 300,000 Operating expenses 180,000 250,000 Allister acquired 70 percent of Barone in January 2017. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $65,000 that was unrecorded on its accounting records and had a 5-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2018, Barone sells inventory costing $120,000 to Allister for $160,000. Of this amount, 20 percent remains unsold in Allister's warehouse at year-end. Determine balances for the following items that would appear on Allister's consolidated financial statements for 2018: Inventory____$_____________________…arrow_forwardFollowing are several figures reported for Allister and Barone as of December 31, 2018: Allister Barone Inventory $ 410,000 $ 210,000 Sales 820,000 620,000 Investment income not given Cost of goods sold 410,000 310,000 Operating expenses 185,000 255,000 Allister acquired 80 percent of Barone in January 2017. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $60,000 that was unrecorded on its accounting records and had a 4-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2018, Barone sells inventory costing $121,000 to Allister for $162,000. Of this amount, 10 percent remains unsold in Allister's warehouse at year-end. Determine balances for the following items that would appear on Allister's consolidated financial statements for 2018:arrow_forwardThe following are several figures reported for Allister and Barone as of December 31, 2021: Allister Barone Inventory $ 570,000 $ 370,000 Sales 1,140,000 940,000 Investment income not given Cost of goods sold 570,000 470,000 Operating expenses 265,000 335,000 Allister acquired 90 percent of Barone in January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $70,000 that was unrecorded on its accounting records and had a five-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells inventory costing $137,000 to Allister for $194,000. Of this amount, 15 percent remains unsold in Allister's warehouse at year-end. Determine balances for the following items that would appear on Allister's consolidated financial statements for 2021:arrow_forward
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