Answered: Free reports sales of $150,000 of which…

Business

Accounting

Free reports sales of $150,000 of which $50,000 are intercompany. How much is Consolidated Sales ?

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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Question

16. Davis owns 70% of Free. In 2020 Davis reports Sales of $200,000 which include

third party sales of $160,000 and intercompany sales of $40,000. Cost of Goods Sold for

Davis are $80,000. Free reports sales of $150,000 of which $50,000 are intercompany.

How much is Consolidated Sales ?

Thank you

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