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Question - P Company owns 80% of S company. S company sells merchandise to P company at 35% above cost. During 2020 such sales amounted to $600,000. At the end of each year, P company had sold 1/3 of inventory purchased from S company to third parties.
REQUIRED - Make the journal entries for P and S. In addition, the work paper entries necessary to eliminate the effects of the inter-company sales for 2020.
What effect will reclassifying the investments have on the current ratio? Is Ross's true financial position stronger as a result of reclassifying investments
Suppose today is the year of 2005, a company namely Alexis offers a 10- year bond with a coupon rate of 10% per annum. What is the price of the bond
Prepare Kohl's journal entries for the initial transaction, recognition of interest each year, and the collection of $57,437 at maturity
the marbury stein shop sells steins from all parts of the world. the owner of the shop clint marbury is thinking of
On January 1, 2011, a company pays $77,000 to purchase office furniture with a zero salvage value. The furniture's useful life is somewhere between 7 and 10.
At the time of issuing the securities, the market requires a rate of return of 8 per cent. Determine the Fair Value of the Debentures
Oliver Inc. acquired the following assets in January 2017: Prepare the journal entry to record depreciation expense for the equipment in 2020
which of the following lists the components of the master budget in correct chronological order?a. direct labor budget
The inventory is budgeted at $201,600, and its desired ending inventory is budgeted at $215,040. What is the company's budgeted cost of goods sold?
a corporation issued 800000 of 6 5-year bonds on january 1 when the market rate of interest was 8. interest is paid
Prepare summary journal entries to record the transactions for a company in its first month of operations. Raw materials purchased on account, $118,000
venus crates manufactures custom crates for a variety of uses. the following data have been recorded for job 551 which
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