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Vikentia [17]
3 years ago
15

What is the impact on the non-controlling interest of a subsidiary when there are downstream transfers of inventory between the

parent and subsidiary companies? Select one: A. Any resulting gain or loss is reported (in total) in the current period income statement. B. A pro rata portion of deferred gain or loss is recognized in the income statement. C. Any cash received is reported in Accumulated Other Comprehensive Income. D. There is no impact on the non-controlling interest of a subsidiary.
Business
1 answer:
Deffense [45]3 years ago
6 0

Answer: D. There is no impact on non controlling interests of a subsidiary

Explanation: Non controlling interest is a owner's position on outstanding shares which is less than 50%, it is also known as minority shares. Non controlling interests lack voting right to take decisions.

Non controlling interests of a subsidiary does not have any impact on the patent company. Like in this case the non controlling interests of the subsidiary, when there are downstream transfers of inventory between the parent company there will be no impact on the non controlling interests.

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What is the major difference between corporations and other kinds businesses?
BartSMP [9]

Answer:

A corporation is a separate entity apart from that of the owners. A corporation is not responsible for its debts if it fails. A corporation is much larger than other kinds of businesses.

Explanation:

6 0
2 years ago
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Fitfabfun, trunk club, and naturebox represent a social media trend for the future. What change does this represent?
wel

This represents online and subscription-based personal shopping.

Fitfabfun, Trunk Club, and Naturebox offer their services on a subscription basis and as written this represents the trend of social media in the future and this represents online and subscription-based personal shopping.

The main qualifications of an online shopper are the physical strength to move and lift items during the shift and the ability to process orders with a high level of accuracy. Employers prefer applicants with customer service, hospitality, retail, or grocery experience.

An online personal shopper is a retailer who helps customers shop. Individual buyers who work in the fashion industry typically focus on selling clothing and accessories and often survey their customers before purchasing an item to better understand their personal styles and preferences.

Disclaimer: Learn more about online shopping  here

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7 0
1 year ago
Auditors-Are-Us LLC, audited the financial statements of LINKCO Industries, a private company, for the year ended December 31, 2
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4 0
3 years ago
Why is the cost of goods sold account part of a trading business only? The cost of goods sold account is part of a trading busin
ELEN [110]

COGS is sometimes referred to as cost of sales and refers to the production costs for products manufactured and sold or purchased and re-sold by the company. These costs are an expense of the business, and they reduce the revenue the company makes from selling its products.

For example, say your business assembles a completed widget from various inventory parts and sells it online for $15. The parts of the widget and the direct labor required to assemble them cost $10.

The $10 cost is deducted from the widget's sale price to determine the gross profit it generates, and the taxes on that profit. The IRS allows you to include a variety of costs in this calculation.  

Cost of goods sold is determined annually by showing changes in the company's balance of "goods" or inventory, from the beginning to the end of the company's fiscal (financial) year, and it is included in the company's income statement. The income statement information is included on the business tax return and used to calculate adjusted gross income as well as net income for tax purposes.

What's Included in Cost of Goods Sold

Cost of goods sold includes the direct cost of producing the product or the wholesale price of goods resold and the direct labor costs to produce the product. Specifically, it can include:

Cost of raw materials.

Cost of items purchased for resale.

Cost of parts used to construct a product.

COGS also includes other direct costs such as labor to produce the product, supplies used in manufacture or sale, shipping costs, costs of containers, freight in, and overhead costs directly related to the manufacture or production activity (like rent and utilities for the manufacturing facility).

Finally, COGS includes indirect costs such as distribution costs and sales force costs that are also directly related to the products the company sells.


8 0
3 years ago
Watson, Inc. applies overhead cost based on direct labor hours. In completing the 200 units in job #120, the company incurred $1
andriy [413]

Answer:

Total cost= $24,000

Explanation:

Giving the following information:

Watson, Inc. applies overhead costs based on direct labor hours. In completing the 200 units in job #120, the company incurred $12,000 in direct materials and 500 direct labor hours at $18 per hour. The predetermined overhead rate is $6 per direct labor hour.

Total cost= direct material + direct labor + manufacturing overhead

Total cost= 12,000 + 500*18 + 6*500= $24,000

3 0
3 years ago
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