Multiple Choice
X-Beams Inc.owned 70% of the voting common stock of Kent Corp.During 2009,Kent made several sales of inventory to X-Beams.The total selling price was $180,000 and the cost was $100,000.At the end of the year,20% of the goods were still in X-Beams' inventory.Kent's reported net income was $300,000.What was the noncontrolling interest in Kent's net income?
A) $90,000.
B) $85,200.
C) $54,000.
D) $94,800.
E) $86,640.
Correct Answer:
Verified
Correct Answer:
Verified
Q7: For each of the following situations (1
Q9: Fraker,Inc.owns 90 percent of Richards,Inc.and bought $200,000
Q10: REFERENCE: Ref.05_10<br>Stark Company,a 90% owned subsidiary of
Q11: Which of the following statements is true
Q13: During 2009,Edwards Co.sold inventory to its parent
Q14: REFERENCE: Ref.05_11<br>Pepe,Incorporated acquired 60% of Devin Company
Q15: REFERENCE: Ref.05_08<br>On January 1,2009,Smeder Company,an 80% owned
Q17: REFERENCE: Ref.05_10<br>Stark Company,a 90% owned subsidiary of
Q51: Compute consolidated sales.<br>A) $10,000,000.<br>B) $10,126,000.<br>C) $10,140,000.<br>D) $10,200,000.<br>E)
Q117: On January 1, 2011, Musial Corp. sold