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Pro Golf Warehouse, Inc. (PGW), sells gold equipment throughout the United States. PGW also sells golf equipment in Canada through its subsidiary, Canadian Gold Warehouse (CGW), which is organized as a Canadian corporation. In addition, PGW has an American Subsidiary, Tennis Supplies, Inc. (TSI). PGW includes income (loss) from both subsidiaries on its audited financial statements, which show net income of $97 million in 2010. CGW, which is not consolidated by PGW for U.S. tax purposes, had net income of $31 million TSI, which is consolidated for U.S. tax purposes, had a loss of $16 million. How is the information reported on Schedule M-3?

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Accounting Basics, Accounting

Category:- Accounting Basics
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