REFERENCE: Ref.07_11 Delta Corporation Owns 90 Percent of Sigma Company,and Sigma Owns

question 57

Multiple Choice

REFERENCE: Ref.07_11
Delta Corporation owns 90 percent of Sigma Company,and Sigma owns 90 percent of Pi,Inc. ,all of which are domestic corporations.Information for the three companies for the year ending December 31,2009 follows:

-What is the total noncontrolling interest in the subsidiaries' income for 2009?

• A)$55,240.
• B)$66,020.
• C)$67,280.
• D)$76,280.
• E)$76,480.

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Definitions:

Control Account

A general ledger account that summarizes the balances of a set of detailed subsidiary ledger accounts.

General Ledger

A complete record of all financial transactions over the life of a company, serving as the primary source of information used to create financial statements.

Due Date

A Due Date is the specific day by which a task, obligation, or payment is required to be completed or submitted.

Time Factor

An element affecting the valuation of financial instruments or transactions, often related to the duration until maturity or the timing of cash flows.