Claire Corporation owns 80% of Jerald, Inc. ordinary stock. During 2020, Claire sold Jerald for P150,000 of inventory on the same terms as sales made to third parties. Jerald sold 60% of the inventory purchased from Claire in 2020. The following information pertains to Claire and Jerald's sales for 2020: Claire Jerald Sales P1,000,000 P700,000 Cost of Sales 400,000 350,000 What amount should Claire report as sales in its 2020 consolidated income statement

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A: The cost of goods sold represents the cost incurred in selling the goods and services to the…

Q: P CO owns a 90% interest in S Co, purchased at a time when the book values of S recorded assets and…

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Q: ABC owns 80% interest of DEF Company and at December 31, 2021, ABC's investment in DEF under the…

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A: SOLUTION- INTER COMPANY TRANSACTION ARE TRANSACTIONS INCUR BETWEEN THE PARENT AND SUBSIDIARY COMPANY…

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Q: On 1 July 2014. Ark Ltd acquired a 30% interest in Sign Ltd for $54,929,000. During the year ended…

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Q: P Corporation owns 90% of the common stock of S Company. During 2013, S Company made intercompany…

A: Answers  P Corporation owns 90% of the common stock of S Company.  Inter company Sales with Markup…

Q: What is the double entry when: During 20x0, Subsea Co will sell inventory which it bought for…

A: An unrealised inter-company profit exists only when there is a sale of goods by one company in the…

Q: P CO owns a 90% interest in S Co, purchased at a time when the book values of S recorded assets and…

A: Intercompany Sales means sale between parent company and subsidiary company. Parent company is the…

Q: Scarlet Company owns 80% of Tamara Corp.’s common stock. During October 2019 Tamara sold merchandise…

A: Profit from the sale of inventory between consolidating entities is included within the net income…

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Q: Acker Inc. bought 40% of Howell Co. on January 1, 2020 for $576,000. The equity method of accounting…

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A: The question is multiple choice question and related to Consolidated Financial Statements.

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Q: ansa Co. acquired 60% interest in Arya on January 1, 2025 for $46,800 when Arya's net assets had a…

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A: Intercompany sales means sales between two companies, in which one company is parent company and…

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Q: Regency owns 5% of Marriott. On October 1, 2020 Regency acquires an additional 25% of Marriott…

A: Income: Income means return on the invested capital.

Q: PC has P50,000 and P80,000 comprehensive income from its operations on 20X1 and 20X2, respectively.…

A:

Q: Baelfire Corporation owns an 80% interest in Sheriff Corporation acquired several years ago. Sheriff…

A: Baelfire corporation owns interest in Sheriff corporation = 80% Sheriff regularly sells merchandise…

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A: Cost of goods sold (COGS) is a section on an income statement that shows the expenses a company…

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Q: In 2020, parent reports Cost of Goods Sold of $4,000,000.  Its 90% owned subsidiary reports Cost of…

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Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.