Determine the consolidated inventory at year-end

Assignment Help Financial Accounting
Reference no: EM132950852

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.

Question 1) Determine the consolidated inventory at year-end

Question 2) Determine consolidated cost of sales.

Question 3) Determine consolidated sales

Reference no: EM132950852

Questions Cloud

What was this firms market-to-book ratio : This firms most recent balance sheet is below. Based on the balance sheet above and the data below, what was this firms market-to-book ratio
Determine valuation of land in consolidated balance sheet : Subsidiary sold land to Parent reporting a gain on sale of P10,000. Determine the valuation of Land in the consolidated balance sheet
Determine consolidated inventory at year-end for parent co : Determine the consolidated inventory at year-end. Parent sold goods to Subsidiary costing P80,000 for P100,000. 40% of the goods purchased by the Subsidiary.
What is systems thinking : What is Systems Thinking is and why it is important also What are the basic phases of the System Life Cycle and what is Life Cycle Costing is and why it is impo
Determine the consolidated inventory at year-end : Determine the consolidated inventory at year-end. Parent Company owns 90% of Subsidiary Company. For the current year, Parent and Subsidiary each report
Why is environmental disclosure relevant to various users : Why is environmental disclosure relevant to various users of financial statements? What are the specific environmental items you would like to see companies
Calculate the effective annual yield : Immediately after the 17th coupon payment, the issuing corporation redeems the bond. Calculate the effective annual yield you actually achieved on this 17-year
How much will he pay the manufacturer for the order : Mack is given terms of 3/15 n/30, and he pays by day 15. How much will he pay the manufacturer for the order of 110 bikes if his price per bike is $594.93?
What should mack pay for each bike : If the manufacturer's list price is $663, what should Mack pay for each bike if he orders 110 bikes at a time, assembles the bikes, and displays and advertises

Reviews

Write a Review

Financial Accounting Questions & Answers

  Resigned from his position with equity life

Sam was about to sell a $1 million life in­surance policy to a prospective customer when he resigned from his position with Equity Life. Before resigning from the company, he had expended substantial amounts of company money and had utilized Equity’s..

  Complexity of economic transaction activity

Will be dependent in part on the client's complexity of economic transaction activity. The overall probability that audit team will give inappropriate opinion on the financial statement

  Should the lease arrangement he classified as an operating

You are a corporate accountant for Lessee and have been asked to prepare an accounting issues memo to address the following issue: Should the lease arrangement

  Determine the adjustments needed

Determine the adjustments needed and enter adjustment amount under Tax Adjustments.- Determine the accrual to cash adjustments for accounts receivable and accounts payable.

  How much is presented as part of the current liabilities

Tokwa Co, How much is presented as part of the current liabilities in relation to the loan in Tokwa's 2020 year-end financial statements?

  Calculate the amount of each of the last two payments

The investment costs each investor $1,104,315. With an effective annual rate of 10%, calculate the amount of each of the last two payments

  What is kellys deductible theft loss in the current year

On December 17 of the current year, Kelly's business office safe is burglarized. The theft is discovered a few days after the burglary. $3,000 cash from the cash registers is stolen. A diamond necklace and a ring that Kelly frequently wore are also s..

  Record cost of the structural repairs that are paid in cash

Martinez Company owns a building that appears on its prior year-end balance sheet at its original $572,000 cost less $429,000 accumulated depreciation. The building is depreciated on a straight-line basis assuming a 20-year life and no salvage value...

  How can this information benefit the organization

Explain why the unit cost for each model is different across the three methods of overhead application. How can this information benefit the organization?

  Calculate the break -even point for the year 2007

Calculate the break -even point for the year 2007 and calculate the break -even point under each alternative course of action above.

  Explains the relationship between finance and accounting

Write a paper of 500 words that explains relationship between finance and accounting, and how they operate to determine financial viability within organization.

  Maintenance department and personnel department

Tommy and Baxter company has two service departments, Maintenance Department and Personnel Department, and two producing departments, A and B. The Maintenance Department costs of $240,000 are allocated on the basis of standard service hours used. Usi..

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!

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