{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-29T01:44:27-04:00", "answer_date": "2024-06-29 01:44:27", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4441937", "url": "\/study-help\/questions\/prob-514aicpa-perez-inc-owns-80-of-senior-inc-during-4441937", "question_creation_date_js": "2024-06-29T01:44:27-04:00", "question_creation_date": "Jun 29, 2024 01:44 AM", "meta_title": "[Solved] PROB 5-14(AICPA) Perez, Inc. owns 80% of | SolutionInn", "meta_description": "Answer of - PROB 5-14(AICPA) Perez, Inc. owns 80% of Senior. Inc. During 2009, Perez sold goods with a 40% gross prot to Senior. S | SolutionInn", "meta_keywords": "prob,5-14,aicpa,perez,inc,owns,80%,senior,2009,sold,goods,40%", "question_title_h1": "PROB 5-14(AICPA) Perez, Inc. owns 80% of Senior. Inc. During 2009, Perez sold goods with a 40% gross prot to Senior. Senior sold all of", "question_title": "PROB 5-14(AICPA) Perez, Inc. owns 80% of Senior. Inc. During 2009, Perez", "question_title_for_js_snippet": "PROB 5 14(AICPA) Perez, Inc owns 80 of Senior Inc During 2009, Perez sold goods with a 40 gross prot to Senior Senior sold all of these goods in 2009 For 2009 consolidated financial statements, how should the summation of Perez and Senior income statement items be adjusted Sales and cost of goods sold should he reduced by the intercompany sales Sales cost of goods sold should be reduced by 80 of the intercompany sales Net income should be reduced by 80 of the gross prot on intercompany sales No adjustment is necessary P'PP'F", "question_description": "
\"image<\/div><\/div><\/div> PROB 5-14(AICPA) Perez, Inc. owns 80% of Senior. Inc. During 2009, Perez sold goods with a 40% gross prot to Senior. Senior sold all of these goods in 2009. For 2009 consolidated financial statements, how should the summation of Perez and Senior income statement items be adjusted? Sales and cost of goods sold should he reduced by the intercompany sales Sales & cost of goods sold should be reduced by 80% of the intercompany sales. Net income should be reduced by 80% of the gross prot on intercompany sales. No adjustment is necessary. P'PP'F", "transcribed_text": "", "related_book": { "title": "Cost Management Measuring Monitoring And Motivating Performance", "isbn": "1118168879, 9781118168875", "edition": "2nd Canadian Edition", "authors": "Leslie G. Eldenburg, Susan Wolcott, Liang Hsuan Chen, Gail Cook", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/635f99b5717e0_1157.jpg", "uri": "\/textbooks\/cost-management-measuring-monitoring-and-motivating-performance-2nd-canadian-edition-1157", "see_more_uri": "" }, "free_related_book": { "isbn": "1643863754", "uri": "\/textbooks\/macroeconomics-principles-and-practice-1st-edition-9781643863757-9781643863894", "name": "Macroeconomics Principles And Practice", "edition": "1st\u00a0Edition" }, "question_posted": "2024-06-29 01:44:27", "see_more_questions_link": "\/study-help\/questions\/business-human-resource-management-2020-May-22", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/determine-the-moments-of-inertia-ix-and-iy-of-the-10", "description": "Determine the moments of inertia I x and I y of the area shown with respect to centroidal axes respectively parallel and perpendicular to side AB. 13 in. 1.0 in. 0.5 in 3.5 in. 0.5 in. -3.6 in", "stars": 3 }, { "url": "\/study-help\/business-statistics-in-practice\/8-for-the-decision-tree-of-exercise-4-1983520", "description": "=+8. 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