The following data pertains to questions
Parent and Sub Inc had the following balance sheets on July 31,2007: The Net Incomes for Parent and Sub Inc for the year ended July 31,2007 were $120,000 and $60,000 respectively.
-Assuming that Parent Company purchased 80% of Sub Inc.for $180,000,the Liabilities section (including Non-Controlling Interest)of Parent's Consolidated Balance Sheet on the date of acquisition would total what amount under current GAAP?
A)$400,000
B)$473,200
C)$499,200
D)$477,200

Question

The following data pertains to questions 
Parent and Sub Inc had the following balance sheets on July 31,2007:  The Net Incomes for Parent and Sub Inc for the year ended July 31,2007 were $120,000 and $60,000 respectively.
-Assuming that Parent Company purchased 80% of Sub Inc.for $180,000,the Liabilities section (including Non-Controlling Interest)of Parent's Consolidated Balance Sheet on the date of acquisition would total what amount under current GAAP?
A)$400,000 
B)$473,200 
C)$499,200 
D)$477,200

Quizplus · Accepted Answer

The Answer of The following data pertains to questions 
Parent and Sub Inc had the following balance sheets on July 31,2007:  The Net Incomes for Parent and Sub Inc for the year ended July 31,2007 were $120,000 and $60,000 respectively.
-Assuming that Parent Company purchased 80% of Sub Inc.for $180,000,the Liabilities section (including Non-Controlling Interest)of Parent's Consolidated Balance Sheet on the date of acquisition would total what amount under current GAAP?
A)$400,000 
B)$473,200 
C)$499,200 
D)$477,200

The Following Data Pertains to Questions