Eliminated in the consolidation process

Assignment Help Financial Accounting

Reference no: EM131212309

James Corporation owns 80 percent of Carl Corporation’s common stock. During October, Carl sold merchandise to James for $222,500. At December 31, 60 percent of this merchandise remains in James’s inventory. Gross profit percentages were 10 percent for James and 20 percent for Carl. The amount of unrealized intra-entity profit in ending inventory at December 31 that should be eliminated in the consolidation process is

Reference no: EM131212309

Questions Cloud

How much is the direct labor efficiency variance : The following information describes a company’s usage of direct labor in a recent period: Actual direct labor hours used 32,500 Actual rate per hour $18.00 Standard rate per hour $16.50 Standard hours for units produced 32,000 How much is the direct ..

Describe five different methods of cancer prevention : Describe five different methods of cancer prevention. Explain three potential risks of genetic engineering technology. Why are viruses the perfect carriers of healthy genes in the field of gene therapy?

Why do you think that these outflows are deferred : As per CAFR, in addition to assets, the statement of net position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net ..

Determining the differential equation : Which of the following functions is/are solutions to the differential equation (y')^2 - 1 + y^2? Note: There may be more than one solution.

Eliminated in the consolidation process : James Corporation owns 80 percent of Carl Corporation’s common stock. During October, Carl sold merchandise to James for $222,500. At December 31, 60 percent of this merchandise remains in James’s inventory. Gross profit percentages were 10 percent f..

Number of r-combination of a : Suppose than 2

Improve life expectancy : You are seeking medical advice for an experimental treatment that may improve your life expectancy. The doctor informs you the probability of success after the treatment is 60% to live 20 more years and the probability of failure is 40%.

Four types of temporary differences : There are four types of temporary differences. Indicate a minimum of two types and for each: (1) indicate the cause of the difference, (2) give an example, and (3) indicate whether it will create a taxable or deductible amount in the future.

Have any amendments to the regulations been issued : Have any amendments to the regulations been issued since the latest update to the C.F.R. database on Lexis/Westlaw? How did you make this determination?

User Account

All Pages