Petros Limited Is a Subsidiary of Butros Limited

question 12

Multiple Choice

Petros Limited is a subsidiary of Butros Limited. When Butros acquired its 60% interest, the retained earnings of Petros Limited were $20 000. At the beginning of the current period Petros Limited's retained earnings had increased to $50 000. Petros earned profit of $10 000 during the current period. The share of the NCI in the closing retained earnings of Petros Limited at reporting date is:

• A) $20 000
• B) $24 000
• C) $32 000
• D) $36 000

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Definitions:

Scoliosis

A medical condition characterized by an abnormal lateral curvature of the spine, which can vary in severity.

Foramen Magnum

The large hole in the occipital bone that allows the brain to connect to the spinal cord.

Occipital Bone

The trapezoidal-shaped bone at the lower back part of the skull, forming the back and base of the cranium and containing the foramen magnum.

Parietal Bone

One of two bones forming the sides and roof of the cranium.