Walsh Company sells inventory to its subsidiary, Fisher Company, at a profit during 2020. With respect to
Fantastic news! We've Found the answer you've been seeking!
Question:
Walsh Company sells inventory to its subsidiary, Fisher Company, at a profit during 2020. With respect to one-third of the inventory sold to Fisher, Walsh accounts for it using the equity method of accounting..
In the consolidation worksheet for 2020, which of the following accounts would be debited to eliminate unrecognized intra-entity gross profit with regard to the 2020 intra-entity transfers?
Cost of goods sold.
Sales.
Investment in Fisher Company.
Retained earnings.
Inventory.
Expert Answer:
Answer rating: 100% (QA)
Cost of goods sold Explanation Equity method in accounting ... View the full answer
Posted Date:
Students also viewed these general management questions
-
Which of the following purchases would be considered capital investments? a. Land for the new administrative offices will cost $250,000. b. Salary costs for the upcoming year are projected to be...
-
Which of the following purchases would be considered capital investments? a. The plant manager wants to purchase twelve new forklifts for use in materials management for a total of $660,000. b. The...
-
Which of the following events would be recognized and recorded in Abril Companys accounting records on the date indicated? Jan. 15 Abril offers to purchase a tract of land for $280,000. There is a...
-
The accounting records for The Skate Shed, Inc., reflected the following amounts at the end of January 2018: Prepare The Skate Shed?s multistep income statement for the fiscal year ended January 31,...
-
Each observation in a random sample of 100 bicycle accidents resulting in death was classified according to the day of the week on which the accident occurred. Data consistent with information given...
-
Duggan Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $325,000 for the year, and machine usage is estimated at 125,000 hours....
-
A particle of mass \(m\) and charge \(q\) moves in a circle of radius \(r\) in a uniform magnetic field of magnitude \(B\). Show that \((a)\) the particle's momentum is given by \(B q r\) and \((b)\)...
-
Sigma Company is authorized to issue 100,000 shares of common stock. The company sold 5,000 shares at $12 per share. Prepare journal entries to record the sale of stock for cash under each of the...
-
8. A dielectric slab of dielectric constants k is slowly inserted inside the parallel plate capacitor having plate area A and separation between plates d as shown in figure. If dimensions of...
-
Selected information from the Iowa Instruments accounting records for April follows: Additional information for April follows: The labor wage rate was $30 per hour. During the month, sales revenue...
-
ReceivingPounds 70 350 335 000 215 000 120 000 FormingMachine hours 150 500 35 000 27 000 8 000 AssemblingNumber of parts 412 300 217 000 165 000 52 000 TestingNumber of tests 51 000 25 500 15 500 10...
-
What will be the change in filtration time (in a normal filter) if the solids is compressible with s = 0.6, when the pressure is 1 bar to 10 bar.
-
If 120 kcals/sec of heat is applied to water for evaporation, what will be the rate of evaporation of water?
-
Estimate the electrodialysis power for a load of 10000 ohms, when the solution normality is 2, flow rate 10 m3/s, removal and current efficiencies of 65 and 75%, respectively, and number of cells is...
-
Air at 70C is heating solids at 30C by convection. The area of heat transfer is 10 cm2 and the heat transfer coefficient is 2 kJ/cm2/K/s. What is the rate of heat transfer? What are the techniques...
-
Derive the equation for the exit concentration of the solute as function of time for a continuous stirred adsorption unit when the solute is injected in the feed at time = 0 (the adsorption follows a...
-
QUESTION 8 In a study of the U.S. workforce population, a research company interviews 5,000 persons on a street corner in New York. If they decide to increase the sample size to 10,000, they would: O...
-
Identify Thank You mission, strategy and core competencies. Identify strategy changes that have taken place at Thank You since its founding in 2008. Your answer must in text references and must be...
-
At December 31, 2025, the fair value of non-trading securities is 41,300 and the cost is 39,800. At January 1, 2025, there was a credit balance of 900 in the Fair Value Adjustment Non-Trading...
-
On January 1, 2025, Lennon Enterprises acquires 100% of Ono Ltd. for 220,000 in cash. The condensed statements of financial position of the two companies immediately following the acquisition are as...
-
Which of the following will not be reported in the statement of cash flows? a. The net change in plant assets during the year. b. Cash payments for plant assets during the year. c. Cash receipts from...
Study smarter with the SolutionInn App