Quiz-4 Adv Accounting I

Apr 30th, 2015
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The noncontrolling interest in consolidated income when the selling affiliate is an 80% owned subsidiary is calculated by multiplying the noncontrolling minority ownership percentage by the subsidiary’s reported net income

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Current Location ACC401018SC027-1132-001 Adv Accounting I Week 5 Review Test Submission: Quiz 4 Question 1 2 out of 2 pointsThe noncontrolling interest in consolidated income when the selling affiliate is an 80% owned subsidiary is calculated by multiplying the noncontrolling minority ownership percentage by the subsidiarys reported net incomeAnswer Selected Answer: less unrealized profit in ending inventory plus realized profit in beginning inventory.Correct Answer: less unrealized profit in ending inventory plus realized profit in beginning inventory.Question 2 2 out of 2 pointsA 90% owned subsidiary sold merchandise at a profit to its parent company near the end of 2010. Under the partial equity method, the workpaper entry in 2011 to recognize the intercompany profit in beginning inventory realized during 2011 includes a debit toAnswer Selected Answer: both Retained Earnings - P and Noncontrolling Interest.Correct Answer: both Retained Earnings - P and Noncontrolling Interest.Question 3 2 out of 2 pointsP Company owns an 80% interest in S Company. During 2011, S sells merchandise to P for $200,000 at a profit of $40,000. On December 31, 2011, 50% of this merchandise is included in Ps inventory. Income statements for P and S are summarized below: P S Sales$1,200,000$600,000Cost of Sales (600,000)(400,000)Operating Expenses

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