User Account

All Pages

Make the journal entries for P and S

Assignment Help Accounting Basics
Reference no: EM133096717

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.

Reference no: EM133096717

Questions Cloud

Was the analysis statistical or non-statistical : How narrowly is the research problem defined? In your opinion, is it too narrow or too broad? Explain. Was the analysis statistical or non-statistical?
Conflict or team failure and two types of ambiguity : Reflect or think about an instance in which you have witnessed or experienced role conflict or team failure and the two types of ambiguity.
Calculate level of output will the two methods produce : If the selling price per deck of cards will be the same under each method, calculate level of output will the two methods produce the same net operating income
What is the maximum amount it should be willing to invest : If the company requires a rate of return of ten percent per year, what is the maximum amount it should be willing to invest in this project
Make the journal entries for P and S : P Company owns 80% of S company. S company sells merchandise to P company at 35% above cost. Make the journal entries for P and S
At what amount should the inventory be shown on the Hub : At what amount should the inventory be shown on the Hub balance sheet after translation assuming that Hub's functional currency is the C$
Define concept of critical thinking : Define the concept of "critical thinking". Discuss the process of becoming an effective critical thinker.
Should Kido accept this special order : A company in another state has offered to purchase 1,000 widgets from Kido Company at a cost of $90 each. Should Kido accept this special order
Describe different types of sexual orientations : Describe the different types of sexual orientations. Is it possible to have more than one sexual orientation?

Reviews

Write a Review

Accounting Basics Questions & Answers

  What effect will reclassifying the investments

What effect will reclassifying the investments have on the current ratio? Is Ross's true financial position stronger as a result of reclassifying investments

  What is the price of the bond

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 journal entries for the initial transaction

Prepare Kohl's journal entries for the initial transaction, recognition of interest each year, and the collection of $57,437 at maturity

  Assume that the venture is undertaken and an order is

the marbury stein shop sells steins from all parts of the world. the owner of the shop clint marbury is thinking of

  What does the term depreciation mean in accounting

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.

  Determine the fair value of the debentures

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

  Prepare the journal entry to record depreciation expense

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 master

which of the following lists the components of the master budget in correct chronological order?a. direct labor budget

  What is the company budgeted cost of goods sold

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

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

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

venus crates manufactures custom crates for a variety of uses. the following data have been recorded for job 551 which

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