Maurice Tutor

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About Maurice Tutor

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Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 2 Days Ago
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Education

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

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 22 Jul 2017 My Price 6.00

Upstream Sales

Noncontrolling Interest, Upstream Sales

Peabody Company owns 90% of the outstanding capital stock of Sloane Company. During 2011 and 2012 Sloane Company sold merchandise to Peabody Company at a markup of 25% of selling price. The selling price of the merchandise sold during the two years was $20,800 and $25,000, respectively. At the end of each year, Peabody Company had in its inventory one-fourth of the goods purchased that year from Sloane Company. Sloane Company reported net income of $30,000 in 2011 and $35,000 in 2012.

Required:

Determine the amount of the noncontrolling interest in consolidated income to be reported for 2011 and 2012.

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 06:07 PM My Price 6.00

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