Inter company sales of $400 have occurred in Attila group at a mark up on cost...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Inter company sales of $400 have occurred in Attila group at a mark up on cost of 25%. At the year end 1/4 of these goods had been sold on. Attila has an 80% interest in Hun. 1. Calculate the PURP. II. Show the accounting treatment if the parent company is the seller. III. Show the accounting treatment if the subsidiary company is the seller. IV. Do parts I - III if the goods had been sold at a margin of 30%. Inter company sales of $400 have occurred in Attila group at a mark up on cost of 25%. At the year end 1/4 of these goods had been sold on. Attila has an 80% interest in Hun. 1. Calculate the PURP. II. Show the accounting treatment if the parent company is the seller. III. Show the accounting treatment if the subsidiary company is the seller. IV. Do parts I - III if the goods had been sold at a margin of 30%.
Expert Answer:
Answer rating: 100% (QA)
i Huns PURP Attilas PURP x Attilas interest in Hun Attilas PURP 400 x 25 100 Huns PURP 100 x 80 80 i... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Consider the following situations that involve multiple objectives: a. Suppose you want to go out for dinner. What are your fundamental objectives? Create a fundamental-objectives hierarchy. b....
-
Consider the following situations for Shocker: a. On November 28, 2015, Shocker receives a $4,500 payment from a customer for services to be rendered evenly over the next three months. Unearned...
-
Consider the following situations for College Park Welding Services. a. Depreciation for the current year includes Equipment, $ 2,400. b. Each Monday, College Park pays employees for the previous...
-
4. Jerry intends to use the money from his loan (and his personal savings if necessary) to make an investment in his friend Elaines business. In return, Elaine has predicted the following returns on...
-
Describe the hierarchy of elements within the Codification.
-
Describe how the developed trust analysis pattern would be stable over time.
-
The following accounts and December 31, 2006, balances of New York Optical Corporation are arranged in no particular order. Requirements 1. Prepare the company's classified balance sheet in account...
-
Use your answer from E4-13. Requirement 1. Journalize Telegraphic Links adjusting and closing entries at November 30, 2012.
-
Discuss at least three questions you would ask in the information interview with a senior leader of a real estate company (CondosHQ). Why do you consider these questions to be key for building your...
-
It is early April 2021 and you, CPA, work in a mid-sized accounting firm in Regina, Saskatchewan. While you normally work on audits, you have requested to participate in the personal tax pool this...
-
A positive integer Nis selected so as to be 100
-
What advice would you give a Japanese, an Australian, and an Italian manager just transferred to the United States?
-
Will TAFTA increase competition from other producers? The United States and the EU have agreed to negotiate a new Transatlantic Free Trade Agreement (TAFTA). Advocates have lauded the initiative as...
-
Identify the four components of an international strategy.
-
How do motivation and leadership affect corporate culture?
-
Will TAFTA provide new market opportunities for some of the products you identified? Why or why not? The United States and the EU have agreed to negotiate a new Transatlantic Free Trade Agreement...
-
The following is the trial balance of Zultan Trading on 31 December 2019. Trial balance as at 31 December 2019 Dr (RM) Cr (RM) Building 50,000 Inventory 17,000 Returns 400 Bank 1,980 Rental received...
-
Do animals have rights? If so, what are they? What duties do human beings have toward animals? Does KFC protect animal welfare at an acceptable level?
-
On January 16, 1974, petitioner and respondent signed a contract whereby the petitioner agreed to employ the respondent as his agent for a period of three years. The contract is a standard form used...
-
In this criminal case, defendant Falkowski was indicted on charges related to the cultivation and distribution of marijuana. The day following the criminal indictment, the government filed civil...
-
During a criminal trial for extortion, a psychiatrist testified regarding defendant. His testimony and opinion were based primarily on information and reports from other doctors. Defendant was...
-
A homogeneous disk of weight \(W\) and radius \(r\) is supported by two identical cylindrical steel shafts of length \(l\), as shown in Figure 2.70. From solid mechanics, for each shaft the relation...
-
A simple pendulum of initial length \(l_{0}\) and initial angle \(\theta_{0}\) is released from rest. If the length is a function of time according to \(l=l_{0}+\varepsilon t\), find the position...
-
When a manned craft is sent into space it is necessary to know the mass properties of the system, including the moment of inertia of astronauts on the flight, in order to accurately calculate its...
Study smarter with the SolutionInn App