Haresh -Your answer is partially correct.Peabody Company owns 90% of the outstanding capital stock of Sloane Company. During 2014 and 2015 Sloane Company soldmerchandise to Peabody Company at a markup of 25% of selling price. The selling price of the merchandise sold during the two yearswas $40,000 and $27,200, respectively. At the end of each year, Peabody Company had in its inventory one-fourth of the goodspurchased that year from Sloane Company. Sloane Company reported net income of $28,500 in 2014 and $35,080 in 2015.Determine the amount of the noncontrolling interest in consolidated income to be reported for 2014 and 2015. (Round answers to Odecimal places, e.g. 5,125.)Noncontrolling interest in consolidated income2014260020153338

Calculations for year 2015 since 2014 answer is already correct: (But if you still need the…

Answered: - Your answer is partially correct.…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter3: Evaluation Of Financial Performance

Section: Chapter Questions

Problem 14P

See similar textbooks

Similar questions

Pinky Company has 80% holdings over Silk Company. During 2018, Pinky Company sold merchandise to Silk Company for P120,000 and in turn, purchased P90,000 from Silk Company. Both sales were made on account. Intercompany sales of merchandise during 2018 were made at the following gross profit rates: Downstream intercompany sale Upstream intercompany sale 25% based on sales 20% based on cost As of December 31, 2018, 30% of all intercompany sales remain in ending inventory of the buying affiliate. The beginning inventory of Pinky includes P2,500 worth of merchandise acquired from Silk on which Silk reported a profit of P1,000 while the beginning inventory of Silk also includes P3,000 of merchandise acquired from Pinky at 35% mark- up. Using cost method, the following results of operations for 2018 are as follows: Pinky Company 198,000 60,000 Silk Company 75,000 10,000 Net income Dividends declared and paid 33. How much of the consolidated net income for 2018 is attributable to the…
Tater and Pepper Corp. reported sales for 2018 of $24 million. Tater and Pepper listed $5.7 million of inventory on its balance sheet. How many days did Tater and Pepper's inventory stay on the premises? (Use 365 days a year. Round your answer to 2 declmal places.) Days' sales in inventory days How many times per year did Tater and Pepper's inventory turn over? (Round your answer to 2 declmal aces.) Inventory turnover times ences Mc Graw Hill PType here to search 59 F Mostly cloudy DELL
Pepper bought 70% of Salt on 1 July 2016. The following are the statements of profit or loss of Pepper and Salt for the year ended 31 March 2017. Pepper Salt GHS’000 GHS’000 Revenue 31,200 10,400 Cost of sales (17,800) (5,600) Gross profit 13,400 4,800 Operating expenses (8,500) (3,200) Profit from operations 4,900 1,600 Investment income 2,000 Profit before tax 6,900 1,600 Tax…
Tops N Bottoms Corporation reported sales for 2018 of $50 million. Tops N Bottoms listed $4 million of inventory on its balance sheet. Using a 365-day year, how many days did Tops N Bottoms' inventory stay on the premises? How many times per year did Tops N Bottoms' inventory turnover?
Tater and Pepper Corp. reported COGS for 2021 of $27 million. Tater and Pepper listed $6.0 million of inventory on its balance sheet. How many days did Tater and Pepper’s inventory stay on the premises? (Use 365 days a year. Round your answer to 2 decimal places.) How many times per year did Tater and Pepper’s inventory turn over? (Round your answer to 2 decimal places.)
The Tamaraw Corporation is trying to determine the effect of its inventory turnover ratio and DSO on its cash flow cycle. Tamaraw’s 2022 sales (all on credit) were P180,000 and it earned a net profit of 5% or P9,000. The cost of goods sold equals 85% of sales. Inventory was turned over 8x during the year, and the average collection period was 36 days. The corporation has fixed assets totaling P40,00. Tamaraw’s payable deferral period is 30 days. Calculate Tamaraw’s cash conversion cycle. Suppose Tamaraw’s manager believes that inventory turnover can be raised to 10, what is the new cash conversion cycle? Thank you so much!
The Tamaraw Corporation is trying to determine the effect of its inventory turnover ratio and DSO on its cash flow cycle. Tamaraw’s 2022 sales (all on credit) were P180,000 and it earned a net profit of 5% or P9,000. The cost of goods sold equals 85% of sales. Inventory was turned over 8x during the year, and the average collection period was 36 days. The corporation has fixed assets totaling P40,00. Tamaraw’s payable deferral period is 30 days. Calculate Tamaraw’s cash conversion cycle. Suppose Tamaraw’s manager believes that inventory turnover can be raised to 10, what is the new cash conversion cycle?
SABM Co. reported net income of P2,100,000 for 2020 . It incurred operating expenses other than interest expense , at 40% of cost of sales but only 20% of sales. Interest expense is 5% of sales. Purchases is 120% of cost of sales and ending inventory is twice the beginning inventory. If the company is subject to 30% income tax, how much is the company's sales for the year? Data taken from the records of XYZ Co. revealed the following for 2020: Inventory - January 1 :P2,000,000; Net purchases : P7,000,000; Inventory - December 31 : P2,800,000; Sales Returns and allowances: P750,000. Gross profit based on net sales is 20%. How much is the gross sales for 2020?
At the beginning of the year, ABC's Inventory balance was $91,000. During the year ABC bought $7,076,000 inventory. At the end of the year the firm's reported inventory was $115,000. What was the firm's cost of goods sold over the course of the year?
Quantum and Time company is engaged in merchandising business. During the year 2020, the company generated a net income of 45 million. In the process it incurred depreciation of 3 million & amortization of 2 million, while accounts receivables increased by 2 million, inventory decreased by 3 million and trade payables increased by 2 million. It reported total assets, total current liabilities, and total non-current liabilities of 200million, 50 million and 75 million respectively as on the balance sheet date. Calculate the CFROI of the company based on the given information.
Viper Construction’s days sales outstanding is 50 days (on a 365-day basis). The company’s accounts receivable equal $100 million and its balance sheet shows inventory equal to $125 million. What is the Viper Corporation's Inventory turnover ratio? *
Tater and Pepper Corporation reported sales of $36 million. Tater and Pepper listed $6.9 million of inventory on its balance sheet. Using a 365-day year, how many days did ater and Pepper's inventory stay on the premises? How many times per year did Tater and Pepper's inventory turn over? Note: Round your answers to 2 decimal places. Days' sales in inventory Inventory turnover days times

SEE MORE QUESTIONS

Recommended textbooks for you

EBK CONTEMPORARY FINANCIAL MANAGEMENT

Finance

ISBN:

9781337514835

Author:

MOYER

Publisher:

CENGAGE LEARNING - CONSIGNMENT

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

EBK CONTEMPORARY FINANCIAL MANAGEMENT

Finance

ISBN:

9781337514835

Author:

MOYER

Publisher:

CENGAGE LEARNING - CONSIGNMENT

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS