Selected accounts from the year-to-date financial statements for Ivanova Company and its wholly owned subsidiary, Halifax...
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Selected accounts from the year-to-date financial statements for Ivanova Company and its wholly owned subsidiary, Halifax Ltd., were as follows: Cash Sales Beginning inventory Purchases Ending inventory Cost of goods sold Gross margin Cash Sales Beginning inventory Purchases Ending inventory Cost of goods sold Gross margin Additional Information • The above statements do not include any intercompany transactions • The following two transactions occurred on consecutive days: • Ivanova sells $200 of inventory to Halifax for $250, which provides a markup of 20% of selling price. • Halifax sells these goods to an outsider for $300, which provides a markup of 20% of cost. Ivanova $ 750 2,570 420 1,890 254 Required: (a) Determine the account balances for the three financial statements after transaction 1 is recorded. (Input all amounts as positive values. Omit $ sign in your response.) Cash Sales 2,056 514 Beginning inventory Purchases Ending inventory Cost of goods sold Gross margin Halifax $ 810 1,440 390 960 270 1,080 360 $ Consolidated $ 1,560 4,010 Ivanova $ Ivanova 810 2,850 524 3,136 874 (b) Determine the account balances for the three financial statements after transaction 2 is recorded. (Input all amounts as positive values. Omit $ sign in your response.) $ Halifax Consolidated Halifax Consolidated Selected accounts from the year-to-date financial statements for Ivanova Company and its wholly owned subsidiary, Halifax Ltd., were as follows: Cash Sales Beginning inventory Purchases Ending inventory Cost of goods sold Gross margin Cash Sales Beginning inventory Purchases Ending inventory Cost of goods sold Gross margin Additional Information • The above statements do not include any intercompany transactions • The following two transactions occurred on consecutive days: • Ivanova sells $200 of inventory to Halifax for $250, which provides a markup of 20% of selling price. • Halifax sells these goods to an outsider for $300, which provides a markup of 20% of cost. Ivanova $ 750 2,570 420 1,890 254 Required: (a) Determine the account balances for the three financial statements after transaction 1 is recorded. (Input all amounts as positive values. Omit $ sign in your response.) Cash Sales 2,056 514 Beginning inventory Purchases Ending inventory Cost of goods sold Gross margin Halifax $ 810 1,440 390 960 270 1,080 360 $ Consolidated $ 1,560 4,010 Ivanova $ Ivanova 810 2,850 524 3,136 874 (b) Determine the account balances for the three financial statements after transaction 2 is recorded. (Input all amounts as positive values. Omit $ sign in your response.) $ Halifax Consolidated Halifax Consolidated Selected accounts from the year-to-date financial statements for Ivanova Company and its wholly owned subsidiary, Halifax Ltd., were as follows: Cash Sales Beginning inventory Purchases Ending inventory Cost of goods sold Gross margin Cash Sales Beginning inventory Purchases Ending inventory Cost of goods sold Gross margin Additional Information • The above statements do not include any intercompany transactions • The following two transactions occurred on consecutive days: • Ivanova sells $200 of inventory to Halifax for $250, which provides a markup of 20% of selling price. • Halifax sells these goods to an outsider for $300, which provides a markup of 20% of cost. Ivanova $ 750 2,570 420 1,890 254 Required: (a) Determine the account balances for the three financial statements after transaction 1 is recorded. (Input all amounts as positive values. Omit $ sign in your response.) Cash Sales 2,056 514 Beginning inventory Purchases Ending inventory Cost of goods sold Gross margin Halifax $ 810 1,440 390 960 270 1,080 360 $ Consolidated $ 1,560 4,010 Ivanova $ Ivanova 810 2,850 524 3,136 874 (b) Determine the account balances for the three financial statements after transaction 2 is recorded. (Input all amounts as positive values. Omit $ sign in your response.) $ Halifax Consolidated Halifax Consolidated Selected accounts from the year-to-date financial statements for Ivanova Company and its wholly owned subsidiary, Halifax Ltd., were as follows: Cash Sales Beginning inventory Purchases Ending inventory Cost of goods sold Gross margin Cash Sales Beginning inventory Purchases Ending inventory Cost of goods sold Gross margin Additional Information • The above statements do not include any intercompany transactions • The following two transactions occurred on consecutive days: • Ivanova sells $200 of inventory to Halifax for $250, which provides a markup of 20% of selling price. • Halifax sells these goods to an outsider for $300, which provides a markup of 20% of cost. Ivanova $ 750 2,570 420 1,890 254 Required: (a) Determine the account balances for the three financial statements after transaction 1 is recorded. (Input all amounts as positive values. Omit $ sign in your response.) Cash Sales 2,056 514 Beginning inventory Purchases Ending inventory Cost of goods sold Gross margin Halifax $ 810 1,440 390 960 270 1,080 360 $ Consolidated $ 1,560 4,010 Ivanova $ Ivanova 810 2,850 524 3,136 874 (b) Determine the account balances for the three financial statements after transaction 2 is recorded. (Input all amounts as positive values. Omit $ sign in your response.) $ Halifax Consolidated Halifax Consolidated
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a Account balances after transaction 1 Ivanova Hali... View the full answer
Related Book For
Advanced Financial Accounting
ISBN: 978-0137030385
6th edition
Authors: Thomas Beechy, Umashanker Trivedi, Kenneth MacAulay
Posted Date:
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