User Account

All Pages

Determine consolidated cost of sales

Assignment Help Accounting Basics
Reference no: EM132601057

Question - Parent Company owns 90% of Subsidiary Company. For the current year, Parent and Subsidiary each report sales of P1,000,000 and P900,000 each, respectively. Also in the current year, Subsidiary sold goods to Parent P200,000. 40% of the goods purchased by the Subsidiary still remain unsold by the end of the year. Parent and Subsidiary have gross profit rates of 20% and 10% respectively and also report ending inventory of P85,000 and P90,000, each respectively. Determine consolidated cost of sales.

Reference no: EM132601057

Questions Cloud

Determine the non-controlling interest net income : The gain is included in the net income reported by the Parent. Determine the non-controlling interest net income
Technological change increases structural unemployment : If technological change increases structural unemployment, why do most governments and economists encourage such change?
Create implementation plan : Create an implementation plan. Create a risk management plan including contingency plans for the identified risks.
Show nominal imperfections can have real effects : Give two examples that show nominal imperfections can have real effects.
Determine consolidated cost of sales : Parent and Subsidiary each report sales of P1,000,000 and P900,000 each, respectively. Determine consolidated cost of sales
How an audit firm can minimize potential for paying : Far East Factory is a company operating, Discuss on how an audit firm can minimize its potential for paying damages in cases involving torts.
Impact economic growth in the country : The country of Lenova is planning to cut down its immigration by 50%.
Contemporary public health issue : Although the United States is among the wealthiest nations in the world, it is far from being the healthiest.
Journalize above entries for YBM Corp : June 10 Found $200 worth of inventory purchased on June 3 to be damaged. Returned the inventory. Journalize above entries for YBM Corp

Reviews

Write a Review

Accounting Basics Questions & Answers

  What are the four things that must be done to remove the

what are the four things that must be done to remove the bonds from the books in an early retirement?no words

  Evaluate those actions from your own ethical standpoint

Evaluate those actions from your own ethical standpoint. Use these questions to inspire your analysis

  How much impairment loss should be recorded

A company bought machinery on January 1, 2010, for $200,000. How much impairment loss should be recorded

  What option the business should choose

What option the business should choose and Are there any other factors that need to be considered while making a credit sales decision?

  Prepare the journal entries on the books of windsor

Prepare the journal entries on the books of Windsor Leasing to reflect the payments received under the lease and to recognize income for the years 2017 and 2018

  How can a data dictionary be useful to database

How can a data dictionary be useful to database administrators and DBMS software engineers?

  Estimated total cost and expected activity

Matt Company uses activity-based costing. The company has two products: A and B. The annual production and sales of Product A is 8,000 units and of Product B is 6,000 units. There are three activity cost pools, with estimated total cost and expect..

  Describe the impact of the product or brands life cycle

Describe the impact of the product or brand's life cycle on the role of marketing mix variables (product, price, promotion, and place/distribution).

  Prepare the journal entries required for the three years

Brianna Ltd. estimates that it will be required to pay $45,000 in three years' time to settle a warranty obligation. Prepare the journal entries required

  Analysis of stockholders equity star corporation issued

analysis of stockholders equity star corporation issued both common and preferred stock during 19x6. the stockholders

  Estimated value of uncollectibles

Journalize the adjusting entry for bad debts on December 31, 2008, assuming that the unadjusted balance in the allowance for doubtful accounts at that time is a debit of $1,000 and an aging schedule indicates that the estimated value of uncollecti..

  What is the definition of a liability

XYZ is marketing a new product at the end of 2015. The product will sell for $4 per unit and costs $3 per unit to manufacture. As a marketing incentive.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd