Xing Corporation Owns 80 Percent of the Voting Common Shares

question 33

Multiple Choice

Xing Corporation owns 80 percent of the voting common shares of Adams Corporation.Noncontrolling interest was assigned $24,000 of income in the 2009 consolidated income statement.What amount of net income did Adams Corporation report for the year?

• A)$150,000
• B)$96,000
• C)$120,000
• D)$30,000

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Definitions:

Erect

A posture or position that is upright and vertical, or the state of being physically rigid due to the engorgement of blood vessels.

Maxilla

A pair of bones forming the upper jaw, central portion of the facial skeleton, and part of the roof of the mouth, holding the upper teeth.

Cranium

The skull, especially the part enclosing the brain.

Pectoral Girdle

Site of attachment of the upper limb to the trunk; consists of the scapula and the clavicle; also called shoulder girdle.