Three advanced accounting questions

Anonymous
timer Asked: Mar 24th, 2017
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Question Description

Three advanced accounting questions

Tutor Answer

FrankRose23
School: University of Virginia

Hey...see attached. Was having network problems uploading

a)

Controlling interest AAP
Non controlling interest

b)

Profits and losses in intercompany transactions and balances.
Sale value of the equipment
Book value of the equipment on sale
Gain on sale
Equipment balance as at Dec 2013
Acquisition price
Accumulated depreciation
Balance as at Dec 2013

c)

Equity investment
Ending balance of equity investment (Dec 2013)
Less: Net income from subsidiary
Add: Dividends received
Equity investment beginning balance(Jan)

d)
Equity investment at the beginning:
Net income of the subsidiary:

e)

Opening balance of NCI (Jan 2016)
Add: net income of the subsidiary
Less: Dividend from subsidiary
NCI

f)

Consolidated net income
Consolidated net income
Add: excess depreciation charged by parent
Less: loyalty agreement amortization
Consolidated net income

g)

Consolidated entries
Equity income
NI attribut...

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Anonymous
Excellent job

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