P Corporation owns 80 percent of S Inc.’s common stock. During 2020, P sold Inventory to S for $250,000 on the same terms as sales  made to third parties. S sold all of the inventory purchased from P in 2020  The following information pertains to S and P sales for 2020                                        P                                                  s Sales                           $1,000,000                                     $ 700,000 Cost of Sales                 (400,000)                                      (350,000) Gross Profit                   $ 600,000                                     $ 350,000 What amount should P report as cost of sales in its 2021 consolidated income statement Select one: a. $680,000 b. $430,000 c. $750,000 d. $500,000

Q: 38. PP Corp owns 80% of SS Inc.'s common stock. During 2019, PP sold SS P250,000 of inventory on the…

A: As per the norms of the Bartleby, in case of multiple independent questions been asked, the expert…

Q: Addams, Inc. appropriately used

A: Gross Profit is the difference between sales price and cost of goods sold.

Q: Demopoulos Company acquired $145,800 of Marimar Co., 8% bonds on May 1 at their face amount.…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: 4. Pate Corp. owns 80% of Strange Inc.’s common stock. During 20X1, Pate sold inventory to Strange…

A: Cost of sales refers to the amount paid for the purchase of inventory of goods that should be sold…

Q: 1. The following information is provided in the 2018 annual report to shareholders of The BizStore:…

A: The balance sheet represents the financial position of the company that includes assets,…

Q: Secam is a 80% owned subsidairy of Pal corporation, acquired at book value severa ago. Compartive…

A: 1. Truck A/c  $1800000          To Secam a/c. $1800000    Secam  $1798500          To Cash $1798500

Q: The following comparative information is available for Blossom Company for 2025. LIFO FIFO Sales…

A: 1. LIFO (Last-In, First-Out)Step 1: Calculate the Gross ProfitGiven:Sales Revenue: $89,000Cost of…

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: Pint Co. owns 90% of the outstanding shares of Glass Inc. During 2022, Pint sold merchandise costing…

A: In financial accounting, Consolidation refers to the financial statement consolidation process in…

Q: Mart Wholesale Inc.     Consolidated Income Statement   For Fiscal Year Ended June 30 ($…

A: NOA stands for Net Operating assets which is determined through deducting the operating liabilities…

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

A: Unrealized profit, December 31, 2020 = [($20,000 / $75,000) x $15,000] x 40% = $1,600

Q: Trayer Corporation has income from continuing operations of $254,000 for the year ended December 31,…

A: Income from continuing operations: It is the after tax income generated by a company from its…

Q: The following information is related to Dickinson Company for 2020. Retained earnings balance,…

A: Multi-step income statement and retained earnings statement are financial statements.

Q: Parent Co. owns 80% of Subsidiary Co. During 2021, Parent Co. sold goods with a 40% gross profit to…

A: Following is the answer to the given question

Q: Silver Corporation owns 80 percent of Billy Company's stock. At the end of 20X8, Silver and Billy…

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

Q: Excerpts from the annual report of XYZ Corporation follow: 2020 Cost of goods sold Inventory Net…

A: Accounting is essential to operating a company since it allows businesses to track income and…

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 Company owns 70% of S Company's common stock. During 2020, S sold $800,000 of merchandise to P…

A: Given, Share of P company in S company = 70%

Q: Fromage purchased 80% of the equity shares in Frais on 1 January 20X1. During the year ended 31…

A: ADJUSTMENTS FOR INTERGROUP TRANSACTION WITH SUBSIDIARY Adjustments For Intergroup Transaction With…