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Vinvika [58]
3 years ago
9

g on january 1 playa company acquires 90 percent ownership in seaside corporation for 180,000 the fair value of noncontrolling i

nterest what will be the amount of consolidated net assets that would be reported
Business
1 answer:
Nana76 [90]3 years ago
4 0

The question is incomplete, the complete question is:

On January 1, Playa Company acquires 90 percent ownership in Seaside Corporation for $180,000. The fair value of the noncontrolling interest at that time is determined to be $20,000. Seaside reports net assets with a book value of $200,000 and fair value of $200,000. Playa Company reports net assets with a book value of $480,000 and a fair value of $525,000 at that time, excluding its investment in Seaside. What will be the amount of consolidated net assets that would be reported immediately after the combination?

Answer:

$680,000

Explanation:

Since Playa Company owns 90% of Seaside Corporation, it is considered Seaside's parent company and it must include all of Seaside's assets when it presents its consolidated balance sheet.

Total net assets reported = $480,000 (Playa's net assets at book value) + $200,000 (Seaside's net assets) = $680,000

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Answer:

a.                         Joplin Industries Inc.

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Cost of goods manufactured       <u>$45,756,000</u>

Cost of goods sold                                                 <u>$50,143,200</u>

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b.                           Joplin Industries Inc.

                 Variable Costing Income Statement

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Sales                                                                        $81,000,000

Variable cost of goods sold                                   <u>$40,500,000</u>

Manufacturing Margin                                            $40,500,000

Selling and Administrative Expenses                    <u>$12,150,000</u>

Contribution Margin                                                $28,350,000

<u>Fixed cost</u>

Manufacturing cost                   $8,856,000

Selling and Admin Expenses   <u>$972,000</u>

Total Fixed cost                                                         <u>$9,828,000</u>

Operating Income                                                     <u>$18,522,000</u>

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