Answered: Falco owns 70% of Teller, In 2021,… | bartleby

CONCEPTS IN FED.TAX.,2020-W/ACCESS

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter7: Losses—deductions And Limitations

Section: Chapter Questions

Problem 27P

See similar textbooks

Related questions

Question

Help me please asap.

Don't use any AI.

It's strictly prohibited.

Falco owns 70% of Teller, In 2021, Teller sells inventory (cost $77,000) to Falco for $110,000. Of this inventory, $40,000 was not sold to third parties until 2022. During 2022,
Teller sells inventory (cost $72,000) to Falco for $120,000. Of this inventory, $50,000 was not sold to outsider until 2023. In 2022, Teller reports Net Income of $100,000. What
is the noncontrolling interest in subsidiary net income in 2022
O $92,000
O $64,400
O $27,600
O $32,400

Expert Solution

Step by step

Solved in 1 steps

SEE SOLUTION Check out a sample Q&A here

Blurred answer

Similar questions

9. Pez owns 30% of Rollo. In 2020, Pez sells inventory costing $100,000 to Rollo for $150,000. At December 31, 2020 $60,000 of this inventory was still held by Rollo and is sold in 2021. In 2021, Pez sells inventory costing $200,000 to Rollo for $250,000. At December 31, 2021 $60,000 of this inventory is still held by Rollo. In 2021, Rollo reports net income of $80,000. How much equity income is reported by Pez in 2021 ?
High owns 60% of Low. In 2019, Low sold inventory (cost $70,000) to High for $100,000. 40% of this inventory was not sold to third parties by High until 2020. In 2020, Low sold inventory (cost $72,000) to High for $120,000. Of this inventory, $50,000 was not sold to third parties by High until 2021. In 2020, Low reports $70,000 of net income. What is the noncontrolling interest in 2020 income of Low. $24,800 $37,200 $31,200 $46,800
High owns 60% of Low. In 2019, Low sold inventory (st $70,000) to High for $100,000. 40% of this inventory was not sold to third parties by High until 2020. In 2020, Low sold inventory (cost $72,000) to High for $120,000. Of this inventory, $50,000 was not sold to third parties by High until 2021. In 2020, Low reports $70,000 of net income. What is the noncontrolling interest in 2020 income of Low. $31,200 $24,800 $46,800 $37,200
high owns 60%of low sold inventory (cost 70,000) to high for 100,000. 40% of this inventory was not sold to third parties by high until 2020. In 2020,low sold inventory (cost 72,000) to high for 120,000 of this inventory , 50,000 was not sold to third parties by high untl 2021.In 2020, low reports70,000 of net income .what is the non controlling interest in 2020 income of Low.
The company completed the following transactions during 2020. • Jan 10 sold inventory to Natty Paul, $11,000, on account • May 15 wrote off as uncollectible the accounts of Terry Carter, $2,500 and Maggie Cube $400 • August 04 received 70% of the amount owed by Natty Paul and wrote off the remainder as uncollectible • October 26 received 30% of the funds owed from Maggie Cube as part payment of her account which had been written off earlier as uncollectible. • December 31, The Aging schedule showed an estimated $116,500 as uncollectible Requirements: 1. Prepare journal entries for each transaction (No narrations required) 2. Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account. 3. Prepare the balance sheet extract as at Dec 31, 2020, to show the net realizable value for the Accounts Receivable. 4. Assume credit sales for 2019 were $312,000 and that on December 31, 10% of credit sales are estimated…
Tane., owns 25 percent of JPW Company and applies the equity method. During the current year, Jubilee buys inventory costing $75,800 and then sells it to JPW for $124,000. At the end of the year, JPW still holds only $24,200 of merchandise. What amount of gross profit must Jubilee defer in reporting this investment using the equity method?
The company completed the following transactions during 2020. • Jan 10 sold inventory to Natty Paul, $11,000, on account • May 15 wrote off as uncollectible the accounts of Terry Carter, $2,500 and Maggie Cube $400 • August 04 received 70% of the amount owed by Natty Paul and wrote off the remainder as uncollectible • October 26 received 30% of the funds owed from Maggie Cube as part payment of her account which had been written off earlier as uncollectible. • December 31, The Aging schedule showed an estimated $116,500 as uncollectible Requirements: 1. Prepare journal entries for each transaction (No narrations required) 2. Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account. 3. Prepare the balance sheet extract as at Dec 31, 2020, to show the net realizable value for the Accounts Receivable. 4. Assume credit sales for 2019 were $312,000 and that on December 31, 10% of credit…
During 2019, Tom sold Sears stock for $14,200. The stock was purchased 4 years ago for $19,880. Tom also sold Ford Motor Company bonds for $49,700. The bonds were purchased 2 months ago for $42,245. Home Depot stock, purchased 2 years ago for $1,420, was sold by Tom for $2,130.Calculate Tom's net gain or loss, and indicate the nature of the gain or loss.
K purchased all 100 shares of N Corporation in 2008 for $50,000.N Corporation adopts a plan of liquidation on January 1, 2017.On May 1, 2017, N sells its only asset, land, for $10,000 cash and an installment note with a face amount and fair market value of $90,000.On January 8, 2018, N distributes the cash and note to K.On her 2017 tax return, K will report the following as gain or loss from the liquidation.(Assume no collections on the installment note during 2017) A)$0B)$5,000C)$50,000D)$100,000
On January 1, 2022, Don Buchanan purchases a business that he will carry on as a sole proprietor. The purchase price includes $60,000 for goodwill. The business has a fiscal period that ends on December 31 and, for 2022, Don claims the maximum CCA. On January 1, 2023, the business is sold in an arm's length transaction with $82,000 paid for the goodwill. The affect of the sale of the goodwill is to increase net income for 2022 by: a. $14,000. b. $13,500. c. $15,500. d. $11,000.
Penny owns 501 shares of Mack Co. They have an adjusted cost base of $15.6 per share. On March 31, 2020, Penny sold all of her shares for $13.21 per share. After she sold the shares, the price fell further and on April 15, 2020, Penny purchased 263 of the same class of shares of Mack Co. for $10.67 per share. She was still holding all of the shares at the end of 2020. What is the adjusted cost base of the Mack Co shares Penny holds at the end of 2020?
Papa Corporation owns 85% of Bambina Company. Papa sold Bambina goods for $180,000 over the last year. The goods cost Papa $120,000. The tax rate is 40%, and by the end of the year 1/3 of the goods are still in Bambina inventory. If Papa and Bambina file separate income tax returns, what deferred income tax is created?

SEE MORE QUESTIONS

Recommended textbooks for you

CONCEPTS IN FED.TAX., 2020-W/ACCESS

CONCEPTS IN FED.TAX., 2020-W/ACCESS

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L

CONCEPTS IN FED.TAX., 2020-W/ACCESS

CONCEPTS IN FED.TAX., 2020-W/ACCESS

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L

SEE MORE TEXTBOOKS