During 2015, X company (the 90%-owned subsidiary) sold merchandise to Y Company (the subsidiary) at a selling price of $40,000, the cost of goods sold was $60,000. In 2016, Y Company sold the merchandise at $70,000. Net income for Y Company for 2015 and 2016 respectively: $120,000; $140,000. There is no

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Q: On January 1, 2015, Peanut Company acquired 80% of the common stock of Salt Company for $200,000. On…

A: Particulars  Amount DR. Amount CR. Inventory 180000   Other Current Assets 476000…

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: 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: P Corporation acquired an 80% interest in S Corporation on January 1, 2014, when the book values of…

A: Unrealized loss on inventory sold to S = (Cost of merchandise sold - sales value of merchandise…

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

A: S sold merchandise to P for $40,000, but the cost to S was $32,000.Therefore, the profit on inter…

Q: 1. It is assumed that the land was sold by Bright Company to Avrill Company and PT Saman still owns…

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Q: P Co acquired an 80% interest in S Co on1/1/2014, when the book values of S assets and liabilities…

A: Unrealized loss on inventory sold to S = (Cost of merchandise sold - sales value of merchandise…

Q: During 20x9, PP Corporation recorded sales of inventory costing P500,0000 to SS Company, its wholly…

A: Cost of sales is the amount at which the inventory was purchased by the entity. This amount is being…

Q: Company S is 80% owned by Company P. Near the end of 2015, Company S sold merchandise with a cost of…

A: Introduction:   Consolidation is a process in which financial statements of subsidiary is merged…

Q: On January 1, 2012, Aspen Company acquired 80 percent of Birch Company's outstanding voting stock…

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Q: During 2020, a parent 'sold' inventory priced at $10500 to its subsidiary. The parent's cost of…

A: Inventories are the items that are kept by the business with an intention of further manufacturing…

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

A: In case of intercompany sales, unrealised profits needs to be allocated between controlling interest…

Q: 10,000 Sales   820,000   620,000 Investment income   not given     Cost of goods sold   410,000…

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

A: Cost of goods sold: The direct expense incurred by the company in producing the products that the…

Q: mni.3 answer must be in table format or i will give down vote

A: Step 1: Step 2:Inventory$752,800Sales$1,544,000Cost of goods sold$691,200Operating expenses…

Q: These items previously cost Jessica Ltd $12 000. Amelie Ltd subsequently sold half the items to…

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Q: Complete the worksheet for consolidated financial statements for the year ended December 31, 2016.…

A: