Presented Below Is the Balance Sheet of Hal Company at January

question 76

Multiple Choice

Presented below is the balance sheet of Hal Company at January 1,2015: The balance sheet of Monty Company at January 1,2015 is below:
On January 1,2015,Monty Company acquired 100 percent of the outstanding common stock of Hal Company for $260 cash.The net income for the year ending December 31,2015 was $30 for Hal Company.The net income for the year ending December 31,2015 was $40 for Monty Company.There were no intercompany sales.What is the net income on the consolidated income statement for the year ended December 31,2015?

• A)$0
• B)$30
• C)$40
• D)$70

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Definitions:

Contra

Against or in opposition to a particular argument or claim.

Add

In the context of mathematics or logic, to perform the operation of addition, which is the process of combining two or more quantities.

UI

Stands for User Interface, which is the means by which user interacts with a machine, software or device.

Simp

A term colloquially used to describe someone who demonstrates excessive sympathy or attention towards another person, often with little regard for reciprocation.