FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

Parent owns 80% of Sub's common stock. During 2011, Parent sold Sub $750,000 of inventory on the same terms as sales made to third parties.

Parent owns 80% of Sub's common stock. During 2011, Parent sold Sub $750,000 of inventory on the same terms as sales made to third parties. Sub sold 100% of the inventory purchased from Parent in 2011. The following information pertains to Sub's and parent's sales for 2011:

Step by Step Solution

There are 3 Steps involved in it

Step: 1

In consolidation effects of all intercompany transacti... blur-text-image
Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Financial Accounting
Advanced Financial Accounting

Authors: Thomas Beechy, Umashanker Trivedi, Kenneth MacAulay

6th edition

013703038X, 978-0137030385

More Books

Students explore these related Accounting questions

Question

The following information was extracted from the accounting records of Roosevelt Manufacturing Company: 80,000 Direct materials purchased Direct materials used 76,000 10, 000 Direct manufacturing...

Answered: 3 weeks ago

Question

Nita Company began operations in 2020. The following information pertains to its operations in the first three years: 2020 2021 2022 Assets purchased during year $100,000 0 0 Pre-tax accounting...

Answered: 3 weeks ago

Question

Parent Corporation acquired an 80 percent interest in SubCorporation On January 2, 2011, for $2,800,000. On this date the capital stock and retained earnings of the two companies were as follows (in...

Answered: 3 weeks ago

Question

Given the following class, which statement is correct? A. The class does not contain any security issues. B. The class contains exactly one security issue. C. The class contains exactly two security...

Answered: 3 weeks ago

Question

Zheng contracted to write a technical manual for a client. Upon completion of the manual, he agreed to accept $220.00 at the end of each month for 3 years. If the payments are deferred for 15 months,...

Answered: 3 weeks ago

Question

Suppose a simple random sample of size n is drawn from a large population with mean and standard deviation . The sampling distribution of x has mean x = and standard deviation x =_________.

Answered: 3 weeks ago

Question

=+a) Compute the EV for each alternative product (decision).

Answered: 3 weeks ago

Question

Prison Watch Company offers legal consulting advice to prison inmates. Prison Watch Company prepared the end-of-period spreadsheet (work sheet) at the top of the following page at June 30, 2010, the...

Answered: 3 weeks ago

Question

Discuss and define the Concept of Audit Reports. Thank u.

Answered: 3 weeks ago

Question

Janice Morgan, age 24, is single and has no dependents. She is a freelance writer. In January 2021, Janice opened her own office located at 2751 Waldham Road, Pleasant Hill, NM 88135. She called her...

Answered: 3 weeks ago

Question

A risk's probability and impact values are both high - what should you do next? Question options: 1 Depends on the organisation 2 Shortlist this risk for quantitative analysis to determine it's...

Answered: 3 weeks ago

Question

King, Ryan and Kenjie are owners in their individual business, after they reunite and discussing about their individual business they are thinking of combining it into one partnership on March 1,...

Answered: 3 weeks ago

Question

CoursHeroTranscribedText Problem 216: The partial derivatives are = r (ar + brs + cs) e s + s r and = as (dr + ers + fs) e s + sr where a = b = C= d = e = f =

Answered: 3 weeks ago

Question

Identify and list the functional components (aperture, receiver, storage, distribution, mechanism, and control mechanism) for each of these SECSspictured. SECS description Aperture Receiver Storage...

Answered: 3 weeks ago

Question

A. Show the solution for each. Compute in details the Variable Manufacturing Overhead Variances - Spending and Efficiency. B. Show the solution for each. Compute in details the Fixed Manufacturing...

Answered: 3 weeks ago

Question

The related data: The following transactions of Marian Company for the month of June are as follows: 1. Purchase merchandise on account of 200,000 with freight of 20,000 of goods to supplier. 150,000...

Answered: 3 weeks ago

Question

Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $26,150 with terms 2/10, n/30. The cost of the goods sold was $15,690. If an amount box does not...

Answered: 3 weeks ago

Question

How can you tell from the vertex form y = a(x - h) 2 + k whether a quadratic function has no real zeros?

Answered: 3 weeks ago

Question

At the date of acquisition, how is the amount of non-controlling interest measured under the entity method and the parent-company extension method, respectively?

Answered: 3 weeks ago

Question

In general, how would fair values be determined for liabilities?

Answered: 3 weeks ago

Question

You have recently received an accounting designation and, to celebrate, you are out for dinner with a long- time friend, Sandy. Sandy feels that the key to success is networking, because getting to...

Answered: 3 weeks ago

Question

Imagining the future, how do you think you might change? How might you stay the same?

Answered: 3 weeks ago

Question

What kinds of mistakes do you think parents of the past made? What mistakes do you think todays parents might be making?

Answered: 3 weeks ago

Question

What do you think about the idea that, genetically speaking, we are all nearly identical twins?

Answered: 3 weeks ago

Previous Question Next Question