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Question - Parent Company owns 75% of Subsidiary Company. For the current year, Parent and Subsidiary each report sales of P800,000 and P700,000 each, respectively. Also in the current year, Parent sold goods to Subsidiary costing P80,000 for P100,000. 40% of the goods purchased by the Subsidiary still remain unsold by the end of the year. Parent and Subsidiary also report ending inventory of P75,000 and P60,000, each respectively.
Required -
1) Determine the consolidated sales.
2) Determine the consolidated inventory at year-end.
What is the total effect of the errors on the balance of Arnold's retained earnings at December 31, 2018
hancock manufacturing allocates overhead to production on the basis of direct labor costs. at the beginning of the year
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Focusing on the firm's cash flows from operating activities. What can the investors determine by reviewing this section of the cash flow statement?
Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods.
Prepare the correcting journal entries for the following: The bank column of the cash receipts journal was over added by $30
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Ace Widget Company is a process manufacturer. The company budgeted 11,500 direct labor hours but had actual. What is the total manufacturing cost per unit?
M. Nickles Company issued $700,000 of bonds for $684,780. Interest is paid semiannually. Prepare the necessary journal entry to record the issuance of the bonds
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