X-Beams Inc

question 12

Multiple Choice

X-Beams Inc.owned 70% of the voting common stock of Kent Corp.During 2009,Kent made several sales of inventory to X-Beams.The total selling price was $180,000 and the cost was $100,000.At the end of the year,20% of the goods were still in X-Beams' inventory.Kent's reported net income was $300,000.What was the noncontrolling interest in Kent's net income?

• A)$90,000.
• B)$85,200.
• C)$54,000.
• D)$94,800.
• E)$86,640.

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Definitions:

Oil Reserves

Quantities of crude oil that are discovered and confirmed by geologic and engineering information to be commercially recoverable under existing economic and operating conditions.

Extra Calories

Consumed energy that exceeds the amount a person needs to maintain their body weight, often leading to weight gain if not countered with increased physical activity.

Other Wants

Refers to desires that go beyond basic needs, often influenced by cultural, social, or individual preferences.

Service

An intangible commodity that involves providing labor or helpful activities to others without producing physical goods.