Wendy Day Kite Company owns 100% of the outstanding stock of Strong String Company. At the end

Question:

Wendy Day Kite Company owns 100% of the outstanding stock of Strong String Company. At the end of the year, Wendy Day has total inventory of $14,000 and Strong String has total inventory of $8,000. Determine the amount of inventory that would be reported in Wendy Day's consolidated (assuming no transactions involving inventory occurred between the two companies).
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...