Question

Kylie Co. owns 67% of Jayzee Inc. On their 12/31/2017 pre-consolidation trial balances, Kylie reports $739,972 Liabilities and Jayzee reports $1,601,119 Liabilities. Jayzee owes Kylie $207,709 on this date. What amount should be reported for Liabilities in Kylie's consolidated financial statements

Answer 1

Answer:

the amount that should be reported for Liabilities in Kylie's consolidated financial statements is $2,187,382

Explanation:

The computation of the  amount that should be reported for Liabilities in Kylie's consolidated financial statements is shown below:

= $793,972 + $1,601,119 - $207,709

= $2,187,382

Hence, the amount that should be reported for Liabilities in Kylie's consolidated financial statements is $2,187,382

The same should be considered