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000 ofgoods, which had cost $125,000. Gaspard Farms still owned 12% of the goods at the In 2018, Gentry sold goods with a cost of $800,000 to Gaspard Farms for $1,000,000, Farms still owned 10% of the goods at year-end For 2018, the cost of goods sold totaled Gentry Inc. acquired 100% ofGagard Farms on January 5, 2017. During 2017, Gentry sold Gaspar Farms $625, end of the year and Gaspard $5,400,000 for 2018?Gentry, and $1,200,000 for Gaspard Farms. What was consolidated cost of goods sold for A) $6,600,000 B) $6,604,000 C) 55,620,000 D) $5,596,000, E) $5,625,000. 15. X-B eamsInc owned 70% ofthe voting common stock of Kent Corp. During 2018, Kent made of inventory to X-Beams. The the year, 20% ofthe goods were still in X-Beams inventory. Kent's reported net income was total selling price was S180,000 and the cost was $100,000. g there are no excess amortizations associated with the consolidation, and no other asset transfers, what was the net income attributable to the noncontrolling interest in Kent? S300,000. Assumin intra-entity A) $90,000 B) $85,200. C) $54,000, D) $94,800. E) $86,640. intra- 16. Included in the amounts for Skillet's sales were intra-entity gross profits related to Skillet's entity transfer of merchandise to Pot for $140,000. There were no intra-entity transfers from Pot to Skillet. Intra-entity transfers had the same markup as sales to outsiders. Pot still had 40% of the intra- entity gross profitremaining in ending inventory at the end of 2018. What are consolidated sales and cost ofgoods sold for 2018? A $1,400,000 and S 952,000 B) $1,400,000 and $ 966,000. C) $1,540,000 and $1,078,000. D) $1,400,000 and S 974,400. E) S1,540,000 and $1,092,000. 17. Included in the amounts for Pot's sales were Pot's sales for merchandise to Skillet for S140,000. There were no sales from Skillet to Pot. Intra-entity transfers had the same markup as sales to outsiders Skillet had resold all of the intra-entity transfers (purchases) from Pot to outside parties during 2018. What are consolidated sales and cost of goods sold for 2018 $1,400,000 and $952,000. ) $1,400,000 and $1,092,000. C) S1,540,000 and $952,000 D) $1,400,000 and $1,232,000. E) $1,540,000 and $1,092,000. 18, Dalton Corp. owned 70% of the outstanding common stock of Shrugs Inc. On January 1, 2016, Dalton acquired a building with a ten-year life for $420,000. No salvage value was anticipated and the building was to be depreciated on the straight-line basis. On January 1, 2018, Dalton sold this building to Shrugs for $392,000. At that time, the building had a remaining life of eight years but still no expected salvage value. For consolidation purposes, what is the Excess Depreciation (ED entry) for this building for 2018? A) Accumulated Depreciation 7,000 Depreciation expense B) Accumulated Depreciation 7,000 Depreciation Expense 4,900 C) Depreciation Expense 7,000 D) Depreciation Expense 4,900 E) Accumulated Depreciation 42,000 4,900 Accumulated Depreciation 7,000 Accumulated Depreciation. 4,900 42,000 Depreciation Expense As of December 31, 2018, before preparing the consolidated worksheet, the as follows financial statements appeared Pride. Inc. Strong Corp s 420,000 $280,000 196,000) (12,000) (28,000) 14.000) 196.000 $154,000 Revenues Cost of goods sold Operating expenses Net income Retained carnings, 1/1/18 Net income (above) Dividends paid Retained earnings, 12/31/18 s 420,000 196,000 $210,000 154,000 81602 $364000 Cash and receivables Inventory Investment in Strong Corp Equipment (net) Total assets s 294,000 210,000 364,000 $126,000 154,000 0 616,000420,000 s 588,000 $196,000 140,000 Liabilities 280,000 Common stock Retained earnings, 12/31/18 (above) Total liabilities and stockholders' equity 616.000 364.000 .484.000 S700.000 During 2018, Pride bought inventory for $112,000 and sold it to Strong for $140,000.Only half of the inventory purchase price had been remitted to Pride by Strong at year-end. As of December 31,2018, 60% of these goods remained in the company's possession. 19. What is the total of consolidated revenues? A) $700,000. B) $644,000. C) $588,000. D) $560,000. E) $840,000