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Pepper Corporation owns 90% of the outstanding voting stock of Salt Company and Nike Corporation owns the remaining 10% of Salt’s voting stock.  On the consolidated financial statements of Pepper Corporation and Subsidiary, Nike is:   Select one: a.   An affiliate   b.   A non-controlling interest   c.   An associate   d.   An equity investee

Pepper Corporation owns 90% of the outstanding voting stock of Salt Company and Nike Corporation owns the remaining 10% of Salt’s voting stock.  On the consolidated financial statements of Pepper Corporation and Subsidiary, Nike is:   Select one: a.   An affiliate   b.   A non-controlling interest   c.   An associate   d.   An equity investee

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Pepper Corporation owns 90% of the outstanding voting stock of Salt Company and Nike Corporation owns the remaining 10% of Salt’s voting stock.  On the consolidated financial statements of Pepper Corporation and Subsidiary, Nike is:

 

Select one:
a.

 

An affiliate


 

b.

 

A non-controlling interest


 

c.

 

An associate


 

d.

 

An equity investee

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