During 20X1, Company P sold $40,000 of goods to subsidiary Company S at a profit of $10,000.
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During 20X1, Company P sold $40,000 of goods to subsidiary Company S at a profit of
$10,000. One-fourth of the goods remain unsold at year-end. If there were no adjustments made on the consolidated worksheet, what would be incorrect on the consolidated income statement and balance sheet?
AppendixLO1
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Related Book For
Advanced Accounting
ISBN: 9780470087367
9th Edition
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng
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