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The Net Incomes for Parent and Sub Inc for the Year

Question 27

Multiple Choice

The Net Incomes for Parent and Sub Inc for the year ended July 31, 2012 were $120,000 and $60,000 respectively. If Parent Company purchased 80% of Sub Inc. for $180,000, the Liabilities section of Parent's Consolidated Balance Sheet on the date of acquisition (August 1, 2012) would total what amount under GAAP after January 1, 2011? A) $470,000 B) $474,000 C) $500,000 D) $519,000 The Net Incomes for Parent and Sub Inc for the year ended July 31, 2012 were $120,000 and $60,000 respectively. If Parent Company purchased 80% of Sub Inc. for $180,000, the Liabilities section of Parent's Consolidated Balance Sheet on the date of acquisition (August 1, 2012) would total what amount under GAAP after January 1, 2011? A) $470,000 B) $474,000 C) $500,000 D) $519,000 The Net Incomes for Parent and Sub Inc for the year ended July 31, 2012 were $120,000 and $60,000 respectively. If Parent Company purchased 80% of Sub Inc. for $180,000, the Liabilities section of Parent's Consolidated Balance Sheet on the date of acquisition (August 1, 2012) would total what amount under GAAP after January 1, 2011?


A) $470,000
B) $474,000
C) $500,000
D) $519,000

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