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What Effect (If Any) Would Y's Unrealized Profits on Its

Question 9
Multiple Choice

What effect (if any) would Y's unrealized profits on its sales to X have on the non-controlling interest account on the consolidated balance sheet? A) There would be no effect. B) There would be an increase to the non-controlling interest account for the amount of $30. C) There would be a decrease to the non-controlling interest account for the amount of $48. D)There would be an increase to the non-controlling interest account for the amount of $48.

Related questions
Q 10
What would be the journal entry to eliminate any unrealized profits from the consolidated financial statements during the year? A) B) C)
Q 11
Assuming that X Inc. used the equity method, what adjustment would have to be made to the investment in Y account to adjust for any unrealized profits on Y's sales to X? A) No adjustment would be required. B) The account would have to be reduced by $240. C) The account would have to be reduced by $192. D)The account would have to be reduced by $48.
Q 12
Assume that Y Inc. reported an after-tax net income of $20,000 in 2018, what would be Y's adjusted net income for the year? A) $202,400. B) $20,000. C) $19,840. D)$19,760.
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