Investment in keller 57000 correct noncontrolling

This preview shows 5 out of 8 pages.

Investment in Keller 57,000 Correct! Noncontrolling interest in Keller 38,000 Correct!
Image of page 5

Subscribe to view the full document.

Entry I Equity in Keller 84,000 Correct! Investment in Keller 84,000 Correct! Entry D Dividend Income 36,000 Correct! Dividends paid 36,000 Correct! Entry E Amortization Expense 5,000 Correct! Customer List 5,000 Correct! Entry P Liabilities 40,000 Correct! A/R 40,000 Correct! Entry TI Sales 200,000 Correct! COGS 200,000 Correct! Entry G COGS 12,000 Correct! Inventory 12,000 Correct! Noncontrolling interest in Keller's net income Keller reported net income $140,000 Excess fair value amortization (5,000) 2009 Intercompany gross profit realized in 2010 10,000 2010 Intercompany gross profit deferred (12,000) Keller realized income 2010 $133,000 Outside ownership percentage 40% Noncontrolling interest in Keller's net income $53,200 Correct!
Image of page 6
GIBSON AND KELLER Consolidation Worksheet Year Ending December 31, 2010 Non- Consolidation Entries controlling Consolidated Accounts Gibson Keller Debit Credit Interest Totals Sales $(800,000) $(500,000) [TI] 200,000 $(1,100,000) Correct! Cost of goods sold 500,000 300,000 [G] 12,000 [TI] 200,000 602,000 Correct! [*G] 10,000 Operating expenses 100,000 60,000 [E] 5,000 165,000 Correct! Income of Keller (84,000) - [ I ] 84,000 - Correct! Separate company net income (284,000) (140,000) Consolidated net income (333,000) Correct! To noncontrollinjg interest - - (53,200) 53,200 Correct!
Image of page 7

Subscribe to view the full document.

Image of page 8
You've reached the end of this preview.
  • Spring '10
  • George
  • Balance Sheet, Generally Accepted Accounting Principles

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern