Webb Co. acquired 100% of Rand Inc. on January 5, 2018. During 2018, Webb sold goods to Rand for $2,400,000 that cost Webb $1,800,000. Rand still owned 40% of the goods at the end of the year. Cost of goods sold was $10,800,000 for Webb and $6,400,000 for Rand. What was consolidated cost of goods sold? a. $17,200,000. b. $15,040,000. c. $14,800,000. d. $15,400,000. e. $14,560,000.
Q: In the context of accounting conservatism, explain how accountants should handle uncertain events…
A: Definitions Related to the Question1. Accounting Conservatism Principle:This principle states that…
Q: Help me give answer
A: Explanation of Stock Dividend:A stock dividend is a distribution of additional shares of a company's…
Q: Maintenance Cost
A: 1-year prepaid expense contract = $12,000 The period from March 1 to March 31 represents one month…
Q: Solve with explanation accounting
A: Step 1: Define Promissory NotePromissory Note is a written promise to pay issued by the debtor to…
Q: Can you solve these accounting problem?
A: Explanation: On December 31, Year 1, the payment of annual installment of $14,238 will be made. This…
Q: Just like with most tools, ratio analysis has benefits and limitations. Please discuss at least one…
A: Ratio analysis is a powerful financial tool used to evaluate a company's performance by comparing…
Q: Please give me answer general accounting
A: Step 1: Define Material Price VarianceThe price of material variance is computed by the elimination…
Q: Please solve this accounting question don't use ai
A: Initial Investment = $1,500Net Present Value (NPV) = $400Internal Rate of Return (IRR) = 9%Present…
Q: I need answer of this question solution general accounting
A: Step 1: Define Gross profitAn income earned by the business entity that is computed by deducting the…
Q: Accounting question
A: Step 1: Define Predetermined Overhead RateThe predetermined overhead rate is an allocation rate…
Q: Hello tutor provide answer this accounting question not use ai
A: Step 1:Standard rate is the rate which a company assumed to be incur on production.Standard cost…
Q: Tutor solve this problem
A: Explanation of Lump Sum Purchase: A lump sum purchase occurs when multiple assets are bought…
Q: Need answer with this accounting question
A: Step 1: Define Fixed Manufacturing OverheadUnder absorption costing, we consider the fixed…
Q: Pearl Corporation is a diversified company that operates in five different industries: A, B, C, D,…
A:
Q: Hi expert provide this accounting questions solution
A: Step 1: Define Asset turnover ratioAsset turnover ratio is a financial ratio which shows how…
Q: What a change in accounting?
A: I am answering using requirements of both IFRS and US GAAP. The answer does not change, but the…
Q: Financial Accounting
A: Step 1: Define Payout RatioThe firm's payout ratio determines the amount of dividend to be paid each…
Q: Mitchel Corporation manufactures a single product. Please provide correct answer the accounting…
A: Step 1: Define Variable CostingIn managerial accounting, the variable costing method is a…
Q: Provide this question solution general accounting
A: Step 1: Define Cost of Goods SoldWhen a company generates its revenues through sales, the amount…
Q: Please solve this question general accounting
A: Step 1: Define Operating LeverageOperating leverage is one of the financial ratios that is used to…
Q: Provide this question solution general accounting
A: Step 1: Determine the months for the interest to grow for each cash flow Since, the cash flows…
Q: Please give me answer Accounting
A: Step 1: Define Activity-based CostingThe activity-based costing (ABC) methodology allows for more…
Q: Accounting question please solve
A: Step 1: Definition of Asset DisposalAsset disposal involves replacing a fixed asset when it is no…
Q: Question 5 Marks
A: Explanation: In the given case, we are required to calculate the no. of units unaccounted for as per…
Q: Can you answer this accounting question?
A: Step 1: Define Balance SheetA balance sheet equation comprises the accounting elements called…
Q: Answer
A: To calculate the degree of operating leverage for Frank Corp, we can use the following…
Q: I need answer of this question accounting
A: Step 1: Define Gross MarginGross margin or gross profit is the difference between sales and direct…
Q: Question 5.4 accounting
A: Explanation of Beginning Supplies Inventory:Beginning supplies inventory represents the value of…
Q: Account Question
A: Explanation of FIFO (First-In, First-Out):FIFO stands for First-In, First-Out, which is a method of…
Q: I need answer this accounting question
A: Step 1: Define Promissory NoteA promissory note is a financial instrument issued by companies to the…
Q: Sophie chan owns...accounting question please solve
A: Step 1: Define SharesThe capital of the company is divided into smaller units, which are known as…
Q: Please provide this question solution general accounting
A: Step 1: Calculate the total selling price:Selling price per motorcycle = $1,600Total selling price =…
Q: Prepare the investing section of Chivay, Inc.'s cash flow statement based on the following…
A: Step 1:Cash Flow Statement:-Cash Flow Statement is the statement prepared at the end of accounting…
Q: Financial Accounting
A: Step 1: Define Profitability IndexThe profitability index is the ratio of the present cash flows…
Q: Accounting
A: Step 1: Define Work-in-Process InventoryInventory refers to the stock that remains in the warehouse…
Q: James mcculloch purchased a...Accounting question
A: Step 1: Define Coupon BondsA coupon bond is a debt security to acquire new borrowing from the…
Q: Verna makes all sales on..accounting questions
A: Step 1: Define Accounts ReceivableIn the context of accounting, some goods may be sold in cash and…
Q: Swifty Corporation expects to purchase $140,000 of materials in July.... Please provide correct…
A: Step 1: Define Cash DisbursementCash disbursements are the amount being spent whenever a company…
Q: Find the Dominica's share Price
A: Price-Earnings (P/E) Ratio Formula:= Share Price / Earnings per share (EPS) Step 1: Identify the…
Q: Provide correct answer
A: Explanation of Warranty Provisions:Warranty provisions are liabilities recorded by companies to…
Q: Get correct answer accounting
A: Step 1: Determine the total sales value of each productStep 2: Allocate the lump-sum acquisition…
Q: None
A: Here's how We would proceed with the tax preparation for Vicky's Schedule D based on the…
Q: I want to correct answer general accounting
A: Detailed explanation:Overhead application rate = factory overhead applied / direct labor Overhead…
Q: How should a company account for the cost of acquiring new franchising rights?
A: Explanation of Franchising Rights: Franchising rights represent the legal authorization to operate a…
Q: Provide this question solution general accounting
A: To determine the amount of cash received from customers, we need to adjust the sales figure reported…
Q: You have the following information for Sheridan Inc. for the month ended October 31, 2022. Sheridan…
A: Step 1: Units sold = 94 + 59 + 110 Units sold = 263 Ending inventory = Available units for sale -…
Q: Problem 16-31 (Algo) [LO 16-5, 16-9] In 2000, Ms. Ennis, a head of household, contributed $43,000 in…
A: Solution:Part (a): 1. Determine the Gain on Seta Stock:Gain = Selling Price - Cost BasisGain =…
Q: Please provide this question solution general accounting
A: Requirement 1:The standard cost per unit is determined by dividing the total estimated cost of…
Q: Calculate the final payment amount
A: Explanation of Trade Discount: A trade discount is a reduction in the list price of goods or…
Q: When should a company record the amortization of bond issuance costs under financial accounting…
A: Explanation of Bond Issuance Costs: Bond issuance costs are the expenses directly associated with…
Hi expert please provide this accounting question solution


Step by step
Solved in 2 steps

- Nautilus Co. acquired 100% of XYZ Corp. on January 2, 2020. During 2020, Nautilus sold goods to XYZ Corp for $700,000 that cost Nautilus $500,000. XYZ Corp still owned 40% of the goods at the end of the year. Cost of goods sold was $1,000,000 for Nautilus and $990,000 for XYZ Corp. What was consolidated cost of goods sold?P Company owns 70% of S Company's common stock. During 2020, S sold $800,000 of merchandise to P With a profit margin of 25% of the cost. At December 31, 2016, one-fourth (1/4) of the merchandise remained in P's inventory.. The amount of unrealized inter-company profit that should be eliminated on the work-paper is Select one: O 28000 O 40000 200000 30000Pepper bought 70% of Salt on 1 July 2016. The following are the statements of profit or loss of Pepper and Salt for the year ended 31 March 2017. Pepper Salt GHS’000 GHS’000 Revenue 31,200 10,400 Cost of sales (17,800) (5,600) Gross profit 13,400 4,800 Operating expenses (8,500) (3,200) Profit from operations 4,900 1,600 Investment income 2,000 Profit before tax 6,900 1,600 Tax…
- P CO owns a 90% interest in S Co, purchased at a time when the book values of S recorded assets and liabilities were equal to fair values. During 2014, S sold merchandise to P cost 32,000 for $40,000 . At December 31, 2014, 75% of this merchandise is still in P inventory. Separate incomes for P&S are summarized as follows: p s Sales $900,000 $200,000 Cost of sales 400,000 100,000 Gross profit 500,000 100,000 Operating expenses 200,000 80,000 Separate income $300,000 $ 20,000 What is total amount of unrealized income from intercompany sales?…On January 1, 2015, P Company acquired a 90% interest in S Company. During 2016, S Company sold merchandise to P Company at 25% above cost in the amount (selling price) of $203,700. At the end of the year, P Company had in its inventory one-third of the amount of goods purchased from S Company.On January 1, 2016, P Company sold equipment that had a book value of $83,600 to S Company for $118,100. The equipment had an estimated remaining life of four years.S Company reported net income of $116,100, and P Company reported net income of $293,000 from their independent operations (including sales to affiliates) for the year ended December 31, 2016.Calculate controlling interest in consolidated net income for the year ended December 31, 2016.Weisman Company, a 100% owned subsidiary of Martindale Corporation, sells inventory to Martindale at a 20% profit on selling price. The following data are available pertaining to inter-company purchases by Martindale: 4. 5. a. b. Weisman's profit numbers were $125,000, $142,000 and $265,000 for 2020, 2021, and 2022, respectively. Martindale received dividends from Weisman of $25,000 for 2020 and 2021, and $30,000 for 2022. C. d. 3. Assume Weisman uses the equity method to account for its investment in Martindale. What is the balance in the pre-consolidation Income (loss) from subsidiary account for 2021? $136,000 a. b. Inter-company sales $18,000 $19,400 $21,500 C. d. 2020: 2021: 2022: a. b. C. d. $140,800 $141,600 $142,800 Assume Weisman uses the equity method to account for its investment in Martindale. What is the balance in pre-consolidation Income (loss) from subsidiary for 2022? Unsold at year end (based on selling price) 2020: 2021: 2022: $235,000 $264,600 $265,400 $268,600…
- P CO owns a 90% interest in S Co, purchased at a time when the book values of S recorded assets and Iliabilities were equal to fair values. During 2014, P sold merchandise to S cost 40,000 for $32,000. At December 31, 2014, 75% of this merchandise sold to third party. Separate incomes for P&S are summarized as follows: Sales $900,000 $200,000 Cost of sales 400,000 100,000 Gross profit 500,000 100,000 Operating expenses 200,000 80,000 Separate income $300,000 $ 20,000 What is amount of income from s reported in P income statement ? Select one: a. 19,800 b. 18,000 c. 20,000 d. 16,200Palm Company owns 100% of Soso Company. During year X1, Soso sold merchandise costing $50,000 to Palm for $80,000. As of 12/31/X1, 40% of the merchandise remained in Palm's inventory. Assuming that Soso reported a $100,000 net income an paid $20,000 of dividends in year X1, how much investment income should should Palm recognize in year X1?Haresh
- Paige, Inc. owns 80% of Sigler, Inc. During 2011, Paige sold goods with a 40% gross profit to Sigler. Sigler sold all of these goods in 2011. For the 2011 consolidated financial statements, how should the summation of Paige and Sigler income statement items be adjusted? a. Sales and cost of goods sold should be reduced by the intercompany sales. b. Sales and cost of goods sold should be reduced by 80% of the intercompany sales. c. Net income should be reduced by 80% of the gross profit on intercompany sales. d. No adjustment is necessary.Fromage purchased 80% of the equity shares in Frais on 1 January 20X1. During the year ended 31 December 20X1, Fromage sold inventory to Frais at a sales price of £50,000. None of the goods remained in Frais' inventory. Fromage applied a margin of 20%. Extracts from the statement of profit or loss for the two entities are shown below: Fromage Frais £000 £000 Revenue 1,000 750 Cost of sales (650) (250) What would be the revenue and cost of sales figures reported in the consolidated statement of profit or loss for the year ended 31 December 20X1? Answer to the nearest £000 a. Revenue 1700 Cost of sales 850 O b. Revenue 1750 Cost of sales 910 O c. Revenue 1700 Cost of sales 860 d. None of these options are correct Revenue 1550 Cost of sales 80016. 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