Gargiulo Company, a 90% owned subsidiary of Posito Corporation, sells inventory to Posito at a 25% profit on selling price. The following data are available pertaining to intra-entity purchases. Gargiulo was acquired on January 1, 2010.
Assume the equity method is used. The following data are available pertaining to Gargiulo's income and dividends.
Compute the non-controlling interest in Gargiulo's net income for 2011.
Definitions:
Federal Unemployment
Refers to the United States federal government program that provides unemployment benefits to eligible workers.
FICA-OASDI
Refers to the Social Security portion of the Federal Insurance Contributions Act tax, used to fund the Social Security program in the United States.
Calendar Year
The 12-month period a business chooses for its accounting year. Alternatively known as fiscal year and natural business year.
State Unemployment Tax Rate
The rate at which employers are taxed by their state government to fund unemployment insurance benefits for laid-off workers.
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