Stafford Company owns 100 percent of the stock of Tazewell Company.The separate income statements for the two companies for the year ended December 31,2013,are as follows:
Stafford Company sold merchandise to Tazewell Company for $240,000,which in turn was sold by Tazewell Company to its customers.Tazewell Company paid rentals of $36,000 to Stafford Company on a long-term lease.Using the partially completed form that follows,prepare a consolidated income statement for the year ended December 31,2013.

Question

Stafford Company owns 100 percent of the stock of Tazewell Company.The separate income statements for the two companies for the year ended December 31,2013,are as follows:
  Stafford Company sold merchandise to Tazewell Company for $240,000,which in turn was sold by Tazewell Company to its customers.Tazewell Company paid rentals of $36,000 to Stafford Company on a long-term lease.Using the partially completed form that follows,prepare a consolidated income statement for the year ended December 31,2013.

Quizplus · Accepted Answer

The Answer of Stafford Company owns 100 percent of the stock of Tazewell Company.The separate income statements for the two companies for the year ended December 31,2013,are as follows:
  Stafford Company sold merchandise to Tazewell Company for $240,000,which in turn was sold by Tazewell Company to its customers.Tazewell Company paid rentals of $36,000 to Stafford Company on a long-term lease.Using the partially completed form that follows,prepare a consolidated income statement for the year ended December 31,2013.

Stafford Company Owns 100 Percent of the Stock of Tazewell