Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 28 Jan 2018 My Price 6.00

Norgaard Corporation

Intercompany Sale of Services

Norgaard Corporation purchased management consulting services from its 75 percent-owned subsidiary, Bline Inc. During 20X3, Norgaard paid Bline $123,200 for its services. For the year 20X4, Bline billed Norgaard $138,700 for such services and collected all but $6,600 by year-end. Bline’s labor cost and other associated costs for the employees providing services to Norgaard totaled $91,000 in 20X3 and $112,000 in 20X4. Norgaard reported $2,342,000 of income from its own separate operations for 20X4, and Bline reported net income of $631,000.

Required

a. Present all elimination entries related to the intercompany sale of services that would be needed in the consolidation worksheet used to prepare a complete set of consolidated financial statements for 20X4.

b. Compute consolidated net income for 20X4 and the amount of income assigned to the controlling interest.

 

 


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Maurice Tutor
(5)
Status NEW Posted 28 Jan 2018 10:01 PM My Price 6.00

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