Maurice Tutor

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Teaching Since: May 2017
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Sep 2017 My Price 6.00

owned subsidiary

Up and its 80 percent owned subsidiary (Down) reported the following figures for the year ending December 31, 2011. Down paid dividends of $30,000 during this period.

Up

Down

Sales . . . . . . . . .

($600,000)

($300,000)

Cost of goods sold

300,000

140,000

Operating expenses

174,000

60,000

Dividend income

24,000

–0–

Net income . .

($150,000)

($100,000)

In 2010, unrealized gains of $30,000 on upstream transfers of $90,000 were deferred into 2011.

In 2011, unrealized gains of $40,000 on upstream transfers of $110,000 were deferred into 2012.

a. What figures appear in a consolidated income statement?

b. What income tax expense should appear on the consolidated income statement if each company files a separate return? Assume that the tax rate is 30 percent.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 09:09 PM My Price 6.00

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