test practice 6 - 93 award 0 out of 0 points What amount...

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93. award: 0 out of 0 points What amount should have been reported for consolidated net income ? $1,285,000. $1,331,700. $1,349,000. $1,315,000. $1,314,900. references 94. award: 0 out of 0 points For West Corp. and consolidated subsidiaries, what total amount would have been reported for the noncontrollinginterest's share of subsidiaries' net income ? $165,300. $199,300. $191,000. $228,000. $153,000. references 95. award: 0 out of 0 points What amount of dividends did West Corp. receive from Compass Co.? $-0-. $25,200. $36,000. $42,000.
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$90,000. River Co. owned 80% of Boat Inc. The two companies filed a consolidated income tax return and River used the initial value method to account for the investment. The following information was available from the two companies' financial statements: Operating income included net unrealized gains , which are associated with transfers of inventories between the two companies, but it did not include dividends received from a subsidiary. The income tax rate was 30%. 96. award: 0 out of 0 points What is the amount of taxable income reported on the consolidated income tax return ? $720,000. $625,000. $621,000. $665,000. $655,000. references 97. award: 0 out of 0 points What was the amount of income tax expense that should have been assigned to Boat using the percentageallocation method ? $31,500 $32,750 $36,000 $32,660 $30,390 references
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award: 0 out of 0 points What was the amount of income tax expense that should have been assigned to Boat using the separate returnmethod ? $36,000 $31,500 $33,390 $32,750 $32,660 references 99. award: 0 out of 0 points What was the noncontrolling interest in Boat Inc . 's net income , assuming that the separate return method was used? $16,800 $14,450 $14,700 $17,450 $13,800 Prescott Corp. owned 90% of Bell Inc., while Bell owned 10% of the outstanding common shares of Prescott. No goodwill or other allocations were recognized in connection with either of these acquisitions. Prescott reported operating income of $266,000 for 2009 whereas Bell earned $98,000 during the same period. No investment income was included within either of these income totals. On a consolidated income statement , what is the noncontrollinginterest in Bell's net income ? $9,800. $13,692. $10,836. $12,460. $11,214. Prescott Corp. owned 90% of Bell Inc., while Bell owned 10% of the outstanding common shares of Prescott. No goodwill or other allocations were recognized in connection with either of these acquisitions. Prescott reported operating income of $266,000 for 2011 whereas Bell earned $98,000 during the same period. No investment income was included within either of these income totals. How would the 10% investment in Prescott owned by Bell be presented in the consolidated balance sheet? The 10% investment would be eliminated and no amount would be shown in the consolidated balance
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This note was uploaded on 11/26/2011 for the course ADVANCED A 4110 taught by Professor Fridel during the Spring '11 term at University of Minnesota Duluth.

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test practice 6 - 93 award 0 out of 0 points What amount...

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