Question

Starts has a​ 60% joint operation interest in Fish. Based on the following​ information, what amount...

Starts has a​ 60% joint operation interest in Fish. Based on the following​ information, what amount will be presented for current liabilities on​ Starts' proportionately consolidated balance​ sheet?

Start's current Liability(350), Fish's ( 200 )

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Answer #1

Start has 60% joint operation interest in Fish. For the preparation of consolidated statements, Start should consider the financial statements of Fish and should take the values of Fish's Financial Statements in proportion to its interest in Fish.

Start's Current Liability = 350

Fish's Current Liability = 200

Amount of Current Liability to be presented in Start's Consolidated Balance Sheet

= Start's Current Liability + 60% of Fish's Current Liability

= 350 + 60% of 200

= 350 + 120

= 470

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