Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Sep 2017 My Price 6.00

Sue Company’s common stock,

Upstream and downstream sales

Pat Corporation owns 70 percent of Sue Company’s common stock, acquired January 1, 2012. Patents from the investment are being amortized at a rate of $20,000 per year. Sue regularly sells merchandise to Pat at 150 percent of Sue’s cost. Pat’s December 31, 2012, and 2013 inventories include goods purchased intercompany of $112,500 and $33,000, respectively. The separate incomes (do not include investment income) of Pat and Sue for 2013 are summarized as follows:

 

Pat

Sue

Sales

$1,200,000

$800,000

Cost of sales

(600,000)

(500,000)

Other expenses

(400,000)

(100,000 )

Separate incomes

$ 200,000

$200,000

Total consolidated income should be allocated to controlling and noncontrolling interest shares in the amounts of:

a $344,550 and $61,950, respectively

b $358,550 and $60,000, respectively

c $346,500 and $60,000, respectively

d $346,500 and $67,950, respectively

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 02:09 PM My Price 6.00

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