Kings has a 40% joint operation interest in Fisher. Based on the following information, what amount will be presented for "income from Fisher" on Kings' proportionately consolidated income statement? $$\begin{array} { | l | r | r | }
\hline & \text { Kings } & \text { Fisher } \
\hline \text { Revenue } & \$ 1,000 & \$ 2,000 \
\hline \text { Income from Fisher } & 160 & \
\hline \text { Expenses } & 450 & 1,600 \
\hline \text { Net income } & 710 & 400 \
\hline
\end{array}$$
A)$0
B)$160
C)$400
D)$710

Question

Kings has a 40% joint operation interest in Fisher. Based on the following information, what amount will be presented for "income from Fisher" on Kings' proportionately consolidated income statement? $$\begin{array} { | l | r | r | } 
\hline & \text { Kings } & \text { Fisher } \
\hline \text { Revenue } & \$ 1,000 & \$ 2,000 \
\hline \text { Income from Fisher } & 160 & \
\hline \text { Expenses } & 450 & 1,600 \
\hline \text { Net income } & 710 & 400 \
\hline
\end{array}$$
A)$0
B)$160
C)$400
D)$710

Quizplus · Accepted Answer

Kings' "income from Fisher" is already reflected in its net income and should not be double-counted in the proportionately consolidated income statement.

Kings Has a 40% Joint Operation Interest in Fisher A)$0 B)$160 C)$400 D)$710

Kings Has a 40% Joint Operation Interest in Fisher A)$0
B)$160
C)$400
D)$710