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Total inventory accounting

1. What should be the toal amount of inventory reported in the consolidated balancce sheet as of Dec. 31, 20X?
a) 360,000 b) 374,000 c) 375,200 d) 380,000

2. What amound of cost of goods sole should be reported in the 20X6 consolidate income statement?
a) 288,000 b) 294,000 c) 296,000 d) 360,000

3. What amount of interest income did Blackwood Enterprises record from its investment in Grange Corp. bonds during 20X6?
a) 7,400 b) 7,720 c) 9,000 d) 10,600

4. What amount of interest expense should be reported in the 20X6 consolidated income statement?
a) 24,000 b) 296,700 c) 32,100 d) 34,500

5. What is the unamortized balance of the purchase differential as of January 1, 20X6?
a) 19,200 b) 29,700 c) 32,100 d) 34,500

6. What amount of depreciation and amortization should be reported in the 20X6 consolidated income statement?
a) 77,600 b) 80,000 c) 82.400 D) 83,450

7. What amount of gain or loss on bond retirement should be included in the 20X6 consolidated income statement?
a) 2,400 b) 3,000 c) 4,000 d) 6,400

8. What amounf of income shold be assigned to the noncontrolling interest in the 20X6 consolidated income statement?
a) 6,720 b) 7,200 c) 8,000 d) 8,400

9. What amount should be assigned to the noncontrolling interest in the consolidated balnce wsheet as of Dec. 31, 20X6?
a) 63,200 b) 63,320 c) 63,800 d) 65,000

10) What amount of goodwill, if any, shouyld be reported in the consolidated balance sheet as of Dec. 31, 20X6?
a) 0 b) 3,000 c) 10,500 d) 27,000

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Solution Summary

The accounting questions cover bond interest, income statements and inventories.

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