Question
In: Accounting
The following are several figures reported for Allister and Barone as of December 31, 2021: Allister...
The following are several figures reported for Allister and Barone as of December 31, 2021:
| Allister | Barone | |||
| Inventory | $ | 620,000 | $ | 420,000 |
| Sales | 1,240,000 | 1,040,000 | ||
| Investment income | not given | |||
| Cost of goods sold | 620,000 | 520,000 | ||
| Operating expenses | 290,000 | 360,000 | ||
Allister acquired 90 percent of Barone in January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $80,000 that was unrecorded on its accounting records and had a four-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells inventory costing $142,000 to Allister for $204,000. Of this amount, 10 percent remains unsold in Allister's warehouse at year-end.
Determine balances for the following items that would appear on Allister's consolidated financial statements for 2021:
Inventory
Sales
Cost of Goods Sold
Operating Expenses
Net Income Attributable to Noncontrolling Interest
Solutions
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ekkarill92 answered 2 years agoRelated Solutions
Following are several figures reported for Allister and Barone as of December 31, 2018: Allister Barone...
Following are several figures reported for Allister and Barone
as of December 31, 2018:
Allister
Barone
Inventory
$
650,000
$
450,000
Sales
1,300,000
1,100,000
Investment income
not given
Cost of goods sold
650,000
550,000
Operating expenses
305,000
375,000
Allister acquired 90 percent of Barone in January 2017. In
allocating the newly acquired subsidiary's fair value at the
acquisition date, Allister noted that Barone had developed a
customer list worth $86,000 that was unrecorded on its accounting
records and had a...
Following are several figures reported for Allister and Barone as of December 31, 2015: Allister Barone...
Following are several figures
reported for Allister and Barone as of December 31, 2015:
Allister
Barone
Inventory
$
550,000
$
350,000
Sales
1,100,000
900,000
Investment income
not given
Cost
of goods sold
550,000
450,000
Operating expenses
255,000
325,000
Allister acquired 90 percent of
Barone in January 2014. In allocating the newly acquired
subsidiary’s fair value at the acquisition date, Allister noted
that Barone had developed a customer list worth $66,000 that was
unrecorded on its accounting records and had...
Following are several figures reported for Allister and Barone as of December 31, 2018: Allister Barone...
Following are several figures reported for Allister and Barone
as of December 31, 2018:
Allister
Barone
Inventory
$
610,000
$
410,000
Sales
1,220,000
1,020,000
Investment income
not given
Cost of goods sold
610,000
510,000
Operating expenses
285,000
355,000
Allister acquired 90 percent of Barone in January 2017. In
allocating the newly acquired subsidiary's fair value at the
acquisition date, Allister noted that Barone had developed a
customer list worth $78,000 that was unrecorded on its accounting
records and had a...
Following are several figures reported for Allister and Barone as of December 31, 2018: Allister Barone...
Following are several figures reported for Allister and Barone
as of December 31, 2018: Allister Barone Inventory $ 520,000 $
320,000 Sales 1,040,000 840,000 Investment income not given Cost of
goods sold 520,000 420,000 Operating expenses 240,000 310,000
Allister acquired 80 percent of Barone in January 2017. In
allocating the newly acquired subsidiary's fair value at the
acquisition date, Allister noted that Barone had developed a
customer list worth $60,000 that was unrecorded on its accounting
records and had a...
Following are several figures reported for Allister and Barone as of December 31, 2018: Allister Barone...
Following are several figures reported for Allister and Barone as
of December 31, 2018:
Allister
Barone
Inventory
$
650,000
$
450,000
Sales
1,300,000
1,100,000
Investment income
not given
Cost of goods sold
650,000
550,000
Operating expenses
305,000
375,000
Allister acquired 90 percent of Barone in January 2017. In
allocating the newly acquired subsidiary's fair value at the
acquisition date, Allister noted that Barone had developed a
customer list worth $86,000 that was unrecorded on its accounting
records and had a...
A- Presented below are several figures reported for Plate Corporation and Saucer Industries as of December...
A- Presented below are several figures reported
for Plate Corporation and Saucer Industries as of December 31,
2014. Plate has owned 70% of Saucer for the past five years, and at
the time of purchase, the book value of Saucer's assets and
liabilities equaled the fair value. The cost of the 70% investment
was equal to 70% of the book value of Saucer's net assets. At the
time of purchase, the fair values and book values of Saucer's
assets and...
Corning-Howell reported taxable income in 2021 of $200 million. At December 31, 2021, the reported amount...
Corning-Howell reported taxable income in 2021 of $200 million.
At December 31, 2021, the reported amount of some assets and
liabilities in the financial statements differed from their tax
bases as indicated below:
Carrying Amount
Tax Basis
Assets
Current
Net accounts receivable
$
88
million
$
92
million
Prepaid insurance
100
million
0
Prepaid advertising
84
million
0
Noncurrent
Investments in equity securities (fair value)*
84
million
0
Buildings and equipment (net)
440
million
360
million
Liabilities
Current
Deferred...
Corning-Howell reported taxable income in 2021 of $140 million. At December 31, 2021, the reported amount...
Corning-Howell reported taxable income in 2021 of $140 million.
At December 31, 2021, the reported amount of some assets and
liabilities in the financial statements differed from their tax
bases as indicated below:
Carrying Amount
Tax Basis
Assets
Current
Net accounts receivable
$
28
million
$
32
million
Prepaid insurance
40
million
0
Prepaid advertising
24
million
0
Noncurrent
Investments in equity securities (fair value)*
24
million
0
Buildings and equipment (net)
380
million
300
million
Liabilities
Current
Deferred...
Yellow Enterprises reported the following ($ in thousands) as of December 31, 2021. All accounts have...
Yellow Enterprises reported the following ($ in thousands) as of
December 31, 2021. All accounts have normal balances.
Deficit (debit balance in retained earnings)
$
3,000
Common stock
2,000
Paid-in capital—share repurchase
1,000
Treasury stock (at cost)
400
Paid-in capital—excess of par
30,000
During 2022 ($ in thousands), net income was $9,000; 25% of the
treasury stock was resold for $450; cash dividends declared were
$600; cash dividends paid were $500.
What ($ in thousands) was shareholders' equity as of...
) York Company reported the following results for the year ended December 31, 2021, its first...
) York Company reported the following results for the
year ended December 31, 2021, its first year of
operations:
2021
Income (per books before income taxes) $ 1,800,000
Taxable
income
3,400,000
The disparity between book income and taxable income is
attributable to a temporary difference which will reverse in 2022.
What should York record as a net deferred tax asset or liability
for the year ended December 31, 2021, assuming that the enacted tax
rates in effect...
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