Question: hello can you please help me answer / understand. thank you Pruitt Corporation owns 90% of the common stock of Sedbrook Company. The stock was

hello can you please help me answer / understand. thank you

Corporation owns 90% of the common stock of Sedbrook Company. The stock

was purchased for $628,290 on January 1,2012. when Sedbrook Company's retained earnings

were $95,100. Preclosing trial balances for the two companies at December 31,2016

, are presented here: The Jansary 1,2016, inventory of Sedbrook Company includes

Pruitt Corporation owns 90% of the common stock of Sedbrook Company. The stock was purchased for $628,290 on January 1,2012. when Sedbrook Company's retained earnings were $95,100. Preclosing trial balances for the two companies at December 31,2016 , are presented here: The Jansary 1,2016, inventory of Sedbrook Company includes $24,900 of profit recorded by Prvitt Corporation on 2015 sales. During 2016, Pruitt Corporation made intercompary sales of 5249.300 with a markup of 20% on cost. The ending inventory of Sedbrook Company includes goods purchased in 2016 from Pruitt for $60.000 Pruitt Corporation owns 90% of the common stock of Sedbrook Company. The stock was purchased for $628,290 on January 1,2012. when Sedbrook Company's retained earnings were $95,100. Preclosing trial balances for the two companies at December 31,2016 , are presented here: The Jansary 1,2016, inventory of Sedbrook Company includes $24,900 of profit recorded by Prvitt Corporation on 2015 sales. During 2016, Pruitt Corporation made intercompary sales of 5249.300 with a markup of 20% on cost. The ending inventory of Sedbrook Company includes goods purchased in 2016 from Pruitt for $60.000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

"6-16 Complete equity with downstream sales. Pruitt corporation owns 90% of the common stock of Sedbrook company. The stock was purchased for $540,000 on January 1, 2009, when Sedbrook Company's...

6-16 Complete equity with downstream sales. Pruitt corporation owns 90% of the common stock of Sedbrook company. The stock was purchased for $540,000 on January 1, 2009, when Sedbrook Company's...

"6-16 Complete equity with downstream sales. Pruitt corporation owns 90% of the common stock of Sedbrook company. The stock was purchased for $540,000 on January 1, 2009, when Sedbrook Company's...

PROBLEM 6-16 Complete Equity with Downstream Sales LO 6 (Note: This is the same problem as Problem 6-11, but assuming the use of the complete equity method.) Pruitt Corporation owns 90% of the common...

kindly solve the following question Question 6 Also think about how the adjustment will change if this was an UPSTREAM sale. Hint: You would need to debit NCI when doing the beginning inventory...

Question 6 Also think about how the adjustment will change if this was an UPSTREAM sale. Hint: You would need to debit NCI when doing the beginning inventory adjustment. PROBLEM 6-5 Intercompany...

kindly solve the following question Question 6 Also think about how the adjustment will change if this was an UPSTREAM sale. Hint: You would need to debit NCI when doing the beginning inventory...

. Cost of Goods Sold: Retained Earnings Statement Balance Sheet Pruitt Corporation owns 90% of the common stock of Sedbrook Company. The stock was purchased for $631,260 on January 1, 2012, when...

Pruitt Corporation owns 90% of the common stock of Sedbrook Company. The stock was purchased for $628,290 on January 1, 2012, when Sedbrook Companys retained earnings were $95,100. Preclosing trial...

Pruitt Corporation owns 9 0 % of the common stock of Sedbrook Company. The stock was purchased for $ 5 4 4 , 5 9 0 on January 1 , 2 0 1 2 , when Sedbrook Company's retained earnings were $ 1 0 0 , 1...

You have been hired as a project manager to develop a new Web site in the next six months for a store that sells music and books online. Describe how project management tools, such as a Gantt chart...

Suppose Anxn is a matrix such that A Jordan form of A is = Irxr O 0 0 8] A and the rank of A is r. Show that the

17 Li has 5 improper fraction cards. He puts them in order, starting with the smallest. There are marks on two of his cards. What fractions could be under the marks? Give two examples for each card....

Which project management tool uses the analogy "skateboard - bicycle - motorcycle - car"? Group of answer choices Scrum Waterfall Fate - Gate Star - gate

1. How can the assignment of a champion facilitate the introduction of the new HRIS? Is Jack Newman the best person to act as champion? Jack Newman had recently been appointed regional direc-tor of...

3.4 Define HRIS and describe its main components.

1. Where are the IT clusters in Canada today? What are some common attributes of these clusters?