During 2020, a parent 'sold' inventory priced at $10500 to its subsidiary. The parent's cost of these goods was $5000. During the year, the subsidiary sold 70% of that inventory to outside customers for $20000. What amount should be reported in the 2020 consolidated income statement for SALES? BE SURE TO TYPE A SIMPLE NUMBER WITH NO COMMAS OR DOLLAR SIGNS. FOR EXAMPLE, TYPE 1000 INSTEAD OF $1,000. Your Answer:

During 2020, a parent 'sold' inventory priced at $10500 to its subsidiary. The parent's cost of these goods was $5000. During the year, the subsidiary sold 70% of that inventory to outside customers for $20000. What amount should be reported in the 2020 consolidated income statement for SALES? BE SURE TO TYPE A SIMPLE NUMBER WITH NO COMMAS OR DOLLAR SIGNS. FOR EXAMPLE, TYPE 1000 INSTEAD OF $1,000. Your Answer:

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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How much is the cumulative effect of this change that should be reported in the income statement for the year ended December 31, 2021?
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3. How much is the cumulative effect of this change that should be reported in the income statement for the year ended December 31, 2021?