Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
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Category > Accounting Posted 25 Sep 2017 My Price 7.00

Pug Corporation

Compute noncontrolling interest and consolidated cost of sales (upstream sales)

Income statement information for 2011 for Pug Corporation and its 60 percent-owned subsidiary, Sev Corporation, is as follows:

 

Pug

Sev

Sales

$900

$350

Cost of sales

400

250

Gross profit

500

100

Operating expenses

250

50

Sev’s net income

  

$ 50

Pug’s separate income

$250

  

Intercompany sales for 2011 are upstream (from Sev to Pug) and total $100,000. Pug’s December 31, 2010, and December 31, 2011, inventories contain unrealized profits of $5,000 and $10,000, respectively.

REQUIRED

1. Compute noncontrolling interest share for 2011.

2. Compute consolidated sales, cost of sales, and total consolidated income for 2011.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 02:09 PM My Price 7.00

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