Following are several figures reported for Allister and Barone as of December 31

Question

Following are several figures reported for Allister and Barone as of December 31, 2015: Allister acquired 90 percent of Barone in January 2014. In allocating the newly acquired subsidiarys fair value at the acquisition date. Allister noted that Barone had developed a customer list worth $72,000 that was unrecorded on its accounting records and had a six-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2015. Barone sells inventory costing $138,000 to Allister for $196,000. 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 2015:

Explanation / Answer

Answer:

Amount $ Working Note Inventory                          848,400 Note 1 Sales                      2,080,800 Note 2 Cost of goods sold                      1,032,400 Note 3 Operating Expenses                          610,000 Note 4 Net income attributable to Noncontrolling Interest                            12,840 Note 5

Related Questions

Navigate

• Browse (All)
• Browse F
• Subjects

---