Maurice Tutor

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Category > Management Posted 17 Feb 2018 My Price 6.00

Hollow Corporation

Intercompany Sales

Hollow Corporation acquired 70 percent of Surg Corporation’s voting stock on May 18, 20X1. The companies reported the following data with respect to intercompany sales in 20X4 and 20X5:

 

Purchased

Purchase

Sold

Sale

Unsold at

Y

Year

by

Price

to

Price

End of Year

Unaf

`20X4

Surg Corp.

$120,000

Hollow Corp.

$180,000

$ 45,000

20X5

20X5

Surg Corp.

90,000

Hollow Corp.

135,000

30,000

20X6

20X5

Hollow Corp.

140,000

Surg Corp.

280,000

110,000

20X6

Hollow reported operating income (excluding income from its investment in Surg) of $160,000 and $220,000 in 20X4 and 20X5, respectively. Surg reported net income of $90,000 and $85,000 in 20X4 and 20X5, respectively.

Required

a. Compute consolidated net income for 20X4.

b. Compute the inventory balance reported in the consolidated balance sheet at December 31, 20X5, for the transactions shown.

c. Compute the amount included in consolidated cost of goods sold for 20X5 relating to the transactions shown.

d. Compute the amount of income assigned to the controlling interest in the 20X5 consolidated income statement.

Answers

Maurice Tutor
(5)
Status NEW Posted 17 Feb 2018 10:02 PM My Price 6.00

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