Connector Corporation Invested in an Unincorporated Joint Venture and Elected

question 49

Multiple Choice

Connector Corporation invested in an unincorporated joint venture and elected to use pro rata consolidation in preparing its financial statements.Connector reported income of $120,000 from its separate operations and net income of $150,000 for the year ended December 31,20X8.The joint venture reported assets of $150,000 and liabilities of $60,000 on January 1,20X8,and assets of $240,000 and liabilities of $75,000 on December 31,20X8.It made no distributions to owners during the year.Connector reports total assets (excluding its investment in the unincorporated joint venture) of $550,000 at December 31,20X8.
-Based on the preceding information,what amount of total assets will Connector report in its balance sheet on December 31,2008?

• A)$646,000
• B)$625,000
• C)$610,000
• D)$628,000

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