On January 1 , 2 0 2 3 Parent held merchandise acquired from Subsidiary for $ 4

Fantastic news! We've Found the answer you've been seeking!

Question:

On January

1, 2023

Parent held merchandise acquired from Subsidiary for $

40, 000 .

During

2013

Subsidiary sold merchandise to Parent for $

120, 000,

of which Parent holds $

20, 000

on December

31, 2013 .

Subsidiarys gross profit on sales is

40 %

for both years. On December

31, 2023

Parent still owes Subsidiary $

5, 000

for merchandise. Make all of the entries pertaining to intercompany sales and inventories.

Related Book For answer-question

Advanced Accounting

ISBN: 978-0538480284

11th edition

Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng

See More Books

Posted Date: May 08, 2024 07:21 AM

See More Questions

On January 1, 20XI, Parent Company acquired 80% of the common stock of Subsidiary Company for $750,000. On this date, Subsidiary had total owners equity of $540,000 Any excess of cost over book value...
January 1, 20x3, parent held merchandise acquired from subsidiary for $50,000 during 20x3, subsidiary sold merchandise to Parent for $120,000, of which Parent holds $30,000 on December 31, 20X3....
On January 1 , 2 0 2 3 Subsidiary held merchandise acquired from Parent for $ 1 0 , 0 0 0 . During 2 0 1 3 Parent sold merchandise to Subsidiary for $ 3 0 , 0 0 0 , of which Subsidiary holds $ 6 , 0...
Identify and then briefly explain the eight general audit procedures used to gather evidence. Next, please provide an example for each of the eight procedures?
During the early years of the new millennium, many economists described the past few decades as the period of the Great Moderation. For example,
Is the stock price based more on long-term or short-term expectations? Answer this by finding the percentage of Temp Force current stock price based on dividends expected more than three years in the...
Once a litigation matter is appealed, what are the four types of decisions that an appellate court may make? Explain each type.
Hardesty Company uses budgets in controlling costs. The May 2012 budget report for the company's Packaging Department is as follows. The monthly budget amounts in the report were based on an expected...
Assuming that the ELN offers a Fixed Coupon or Yield of 12.00% act/360, what is the future value in USD of this Fixed Coupon plus the Notional? Show your result to the nearest cent. ii) Note that the...
Design a program that simulates basic functions of a Bitcoin Exchange. The exchange should offer options to buy and sell bitcoins using the currency deposited by the account holder. User accounts...
Pearl Products Limited of Shenzhen, China, manufactures and distributes toys throughout South East Asia. Three cubic centimeters ( cc ) of solvent H 3 0 0 are required to manufacture each unit of...
Camp Rainbow offers overnight summer camp programs for children ages 1 0 to 1 4 every summer during June and July. Each camp session is one week and can accommodate up to 2 0 0 children. The camp is...
2.4 Draw the truth table of a 2-input XOR gate. (2) QUESTION 3. [30] 3.1 (a) Convert following SOP (Sum of Products) Boolean expression to a truth table: (5) X(ABC) ABC+ A B+ABC (b) Write the Boolean...
19. The riskless rate is 4.7%. There are five risky assets. Their expected returns are 11.3%, 7.8%, 9.2%, 13.6%, and 10.5%. Their standard deviations are 16.6%, 24.3%, 19.7%, 22.9%, and 18.3%. All of...
Without considering the following capital gains and losses, Carley, who is single, has taxable income of $325,000 and a marginal tax rate of 35%. During the year, she sold stock held for nine months...
1. The figure The Market for Gas Stations shows curves facing a typical gas station in a large town. The market is characterized by many firms, differentiated products, easy entry, and easy exit. If...
Define deferred revenue. Why is it a liability?
During 2020, Valley Sales Inc. earned revenues of $\$ 500,000$ on account. Valley Sales collected $\$ 410,000$ from customers during the year. Expenses totalled $\$ 420,000$, and the related...
Marquis Inc. made sales of $\$ 700$ million during 2020. Of this amount, Marquis Inc. collected cash for all but $\$ 30$ million. The company's cost of goods sold was $\$ 300$ million, and all...
Great Sporting Goods Inc. began 2020 owing notes payable of $\$ 4.0$ million. During 2020 , the company borrowed $\$ 2.6$ million on notes payable and paid off $\$ 2.5$ million of notes payable...

On January 1 , 2 0 2 3 Parent held merchandise acquired from Subsidiary for $ 4

Question:

Expert Answer:

Okay lets work through the entries pertaining to the intercompany sales and inventories 1 On January ... View the full answer

Advanced Accounting

Students also viewed these accounting questions