Question
In: Accounting
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 6-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2018, Barone sells inventory costing $141,000 to Allister for $202,000. Of this amount, 20 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 2018:
Inventory:
Sales:
COGS:
operating expenses:
NI attributable to noncontrolling interest
Solutions
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, 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...
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...
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- 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...
Chang Company reported the following for the year ended December 31, 2018:
Chang Company reported the following for the year ended December 31, 2018:
Gross sales revenue $750,000
Sales returns $ 30,000
Cost of goods sold $250,000
Selling and administrative expenses $100,000
Gain on disposal of the battery division; considered a discontinued operation $ 20,000
Loss from operations of the battery division $ 60,000
Interest expense $ 40,000
Gain on the sale of a fixed asset $ 10,000
Assume...
Stonemusic purchased several investments during 2018. At 31 December 2018, the company had the following investment...
Stonemusic purchased several investments during 2018. At 31
December 2018, the company had the following investment in ordinary
share below. The investment is considered as
available-for-sale:
100,000 Starship shares
Cost per share $12
Fair value per share $10
During 2019, the net income for Starship is $200,000. Starship
declared and paid cash dividends of $1.2 each share on 31 December
2019.
The fair value of the investments on 31 December 2019 is shown
as below:
Starship Company Fair Value
$15...
Superstar Limited purchased several investments during 2018. At 31 December 2018, the company had the following...
Superstar Limited
purchased several investments during 2018. At 31 December 2018, the
company had the following investments in ordinary share listed
below. All investments are considered as available-for-sale:
Cost per share
Fair value per share
100,000 Sunshine Company shares
$12
$10
120,000 Orlando Company shares
$18
$25
On 1 May 2019, the
company sold out half of Orlando shares at $28 each and paid $5,000
brokerage fee.
The company acquired
6% bonds from Fantastic Company on 1 October 2019 at...
Corning-Howell reported taxable income in 2018 of $140 million. At December 31, 2018, the reported amount...
Corning-Howell reported taxable income in 2018 of $140 million.
At December 31, 2018, 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
$
14
million
$
20
million
Prepaid insurance
32
million
0
Prepaid advertising
7
million
0
Noncurrent
Investments at fair value with
changes in OCI*
6
million
0
Buildings and equipment
(net)
380
million
290
million
Liabilities
Current...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Mobile and wireless devices are being increasingly used in the Business Administration and Management Industry. write...
- What are the options that might be considered in relation to introducing flexible work practices? What...
- Question 2 : Aggregate Scores: Write a program that opens 2 files, quiz.txt, and hw.txt. The...
- Define the term symbiosis specifically as it applies in a biological context. Compare and contrast parasitism,...
- A research team conducted a study showing that approximately 20% of all businessmen who wear ties...
- Research the internet for companies that have executed data science projects. Pick one company and describe...
- Explain two theories or frameworks for understanding how Western Europe emerged out of 1,000 years of...
ADVERTISEMENT