Selected information from the separate and consolidated balance sheets and income statements of Power Inc. and its subsidiary. Spin Company, as of December 31, 20X8, and for the year then ended is as follows: Power Spin Consolidated Balance Sheet Accounts. Accounts Receivable Inventory Investment in Spin Patents NCI in NA of Spin Stockholder's Equity Income Statement Accounts Revenues COGS Gross Profit Income from Spin Amortization of Patents $ $ $ $ $ $ $ $ 26,000 $ 30,000 $ 53,000 154,000 $ 200,000 $ 150,000 $ 50,000 $ 7,400 19,000 $ 25,000 $ $ 50,000 $ 39,000 52,000 20,000 14,000 154,000 140,000 $ 308,000 110,000 $ 231,000 30,000 $ 77,000 2,000 40,000 $ Net Income $ 33,000 $ 15,000 $ At December 31, 20X8, what was the amount of Spin's payable to Power for intercompany sales?
Selected information from the separate and consolidated balance sheets and income statements of Power Inc. and its subsidiary. Spin Company, as of December 31, 20X8, and for the year then ended is as follows: Power Spin Consolidated Balance Sheet Accounts. Accounts Receivable Inventory Investment in Spin Patents NCI in NA of Spin Stockholder's Equity Income Statement Accounts Revenues COGS Gross Profit Income from Spin Amortization of Patents $ $ $ $ $ $ $ $ 26,000 $ 30,000 $ 53,000 154,000 $ 200,000 $ 150,000 $ 50,000 $ 7,400 19,000 $ 25,000 $ $ 50,000 $ 39,000 52,000 20,000 14,000 154,000 140,000 $ 308,000 110,000 $ 231,000 30,000 $ 77,000 2,000 40,000 $ Net Income $ 33,000 $ 15,000 $ At December 31, 20X8, what was the amount of Spin's payable to Power for intercompany sales?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Selected information from the separate and consolidated balance sheets and income statements of Power Inc. and its subsidiary.
Spin Company, as of December 31, 20X8, and for the year then ended is as follows:
Power
Spin
Consolidated
Balance Sheet Accounts
Accounts Receivable
Inventory
Investment in Spin
Patents
NCI in NA of Spin
Stockholder's Equity
Income Statement Accounts
Revenues
COGS
Gross Profit
Income from Spin
Amortization of Patents
$
$
$
$
$
$
$
$
26,000
$
30,000 $
53,000
154,000
$
50,000
7,400
55
$
19,000
$
25,000 $
$
$
555
200,000 $ 140,000 $
150,000
$
110,000
30,000 $
$
50,000 $
$
39,000
52,000
20,000
14,000
154,000
308,000
231,000
77,000
2,000
40,000
Net Income:
$
33,000
$
15,000
$
At December 31, 20X8, what was the amount of Spin's payable to Power for intercompany sales?
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