Answered: all owns 70% of Short. In 2020, Tall…

all owns 70% of Short. In 2020, Tall reports third party Purchases of $800,000 and Purchases from Short of $200,000. Short reports Purchases of $500,000, which includes $100,000 of Purchase

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The unrealized profits in the year-end 2019 and 2020 inventories were: A. 65,000 and 81,250 respectively B. 30,400 and 13,000 respectively C. 13,000 and 16,250 respectively D. 520,000 and 65,000 respectively
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