y to an unaffiliated company for P86,000 on November 10,20x9. BB produced the inventory sold to KK for P47,000. The companies had no other transaction during 20x9. What amount of sales will be reported in the 20x9 consolidated income statement?

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: (a) Jessica Ltd sold inventory during the current period to its wholly-owned subsidiary, Amelie Ltd,…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

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: Discuss whether the entries suggested by Li Chen are correct, explaining on a line-by-line basis the…

A: Hello, since your question has multiple parts we will solve the first question for you. If you want…

Q: TT Company owns 100 percent of the capital stock of both BB Corporation and CC Corporation. BB…

A: Income statement is prepared by the business organizations so as to know how much amount of gross…

Q: Sharpe electronics corp holds a 75% stake in worldwide electronics corp. On Oct 29, 20x4, from a…

A: Realized Income can be defined as that portion of income that is completely under the control of a…

Q: Poom Manufacturing used cash to acquire 75 percent of the voting stock of Satellite Industries on…

A: Step 1:a) Prepare the journal entries recorded on Poom's books during 20X5 to reflect its ownership…

Q: On January 1, 20X1, Peace, Inc., acquired 70 percent of Silver's outstanding voting stock. At that…

A: Consolidation is an activity in which financial statements of a parent and its subsidiary should be…

Q: What amount of consolidated net income will be assigned to the controlling interest for 20x2?   A.…

A: Consolidated sales $140,000Cost of goods sold (60,000)Consolidated net income $ 80,000Income to…

Q: (a) Jessica Ltd sold inventory during the current period to its wholly owned subsidiary, Amelie Ltd,…

A: a. The entries suggested are incorrect. These should be as follows:

Q: What amount of sales will be reported in the 20x2 consolidated income statement?

A: Consolidated revenue is the amount of sale of goods to the customers.

Q: P Inc. owns a 60% interest in S Corp.  During 2020 S sold inventory costing $160,000 to P for…

A:

Q: (a) Jessica Ltd sold inventory during the current period to its wholly owned subsidiary, Amelie Ltd,…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Bisharp Corporation owns 80% of Rufflet, Inc. common stock. During 20A, Bisharp sold to Rufflet…

A: Income Statement It is a statement that shows all the expenses and incomes of reoccurring nature…

Q: Oriole Corporation acquired two inventory items at a lump-sum cost of $123000. The acquisition…

A: Gross profit is an excess amount of revenue over cost of gods sold it can be calculated by following…

Q: Pilfer Company acquired 90 percent ownership of Scrooge Corporation in 20X7, at underlying book…

A: Inter-company transaction: Intercompany transactions can include the buying and selling of goods or…

Q: fifth of this goods inventory. The following information pertains to PP and SS's sales for 20x9:…

A: P100,000 should be added to the Cost of Sales in PP Company.

Q: What is the consolidated sales for the year 20x6?

A: The total sales made by the two companies i.e., the parent and subsidiary are to be combined and the…

Q: Determine the consolidation worksheet entries in the following year, assuming the inventory has been…

A: Definition: A consolidated financial statement represents the financial details of a parent company…

Q: Pisa Company owns 75

A: A holding company is, by definition, "a business entity that exists to own other companies." A…

Q: a) Jessica Ltd sold inventory during the current period to its wholly owned subsidiary, Amelie Ltd,…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: BB Inc., acquired a 60 percent interest in HH Company several years ago. During 20x7, HH sold…

A: The cost of goods sold as reported on the consolidated financial statements of the Borrower and its…

Q: Lorn Corporation purchased inventory from Dresser Corporation for P120,000 on September 20, 20x2,…

A: (A). P60,000 is the correct option.

Q: Part B Boromir Ltd owns 100% of Samwise Ltd, which in turn owns 100% of Saruman Ltd.   During the…

A: Intercompany transaction required to be adjusted in consolidated financial statements. Not adjusting…

Q: Lorn Corporation purchased inventory from Dresser Corporation for P 120,000 on September 20, 20x2,…

A: A parent company is said to be the company that holds enough stock of another firm to have control…