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Question - Work-paper Entries-Sales of Services
P Company owns 80% of the outstanding stock of S Company. The 2020 sales of S Company included revenue of $390,000 consisting of consulting services billed to P Company at cost plus 30%. P Company was billed the full $390,000; of this amount, $260,000 was charged to selling expenses and $130,000 was charged to administrative expense.
Required: Prepare in general journal form the workpaper entry necessary to eliminate the effects of intercompany sales of services in the consolidated financial statements workpaper for the year ended December 31, 2020.
Assume that the partners share profits and losses 4:3:2:1, respectively. Pineda retires and is paid $350,000 based on the terms of the original partnership.
kerry corp purchased a used bottling machine from bobs bottling inc. on jan 1 2012 for 2100000. bob accounted for the
Determine the equivalent units of production with respect to (a) direct labor and (b) direct materials. Compute both the direct labor cost and the direct materials cost per equivalent unit.
during its first year of operations eastern data links corporation entered into the following transactions relating to
a loader cost 326000 with a set of tires costing 26000. the loader can be sold after 6 years 2800 hours operated per
The Scampini Supplies Company recently purchased a new delivery truck. The new truck cost $22,500, and it is expected to generate net after-tax operating cash.
margo receives a gift of real estate with an adjusted basis of 175000.00 and a fair market value of 100000.00. the
What is the purpose in recasting the income statement for analysis - Describe the recasting process. What is the aim of the recasting process in analysis
Why does a company need unearned revenue account and why is it considered a liability? Also, how and when do we recognize
explain the rationale for recognizing costs as expenses at the time of product sale. what is the rationale underlying
Beta Mining owns a copper mine. The firm is going through a difficult period as the price of copper has tumbled in recent years. The annual revenue from the mine depends on the price of copper at the end of the year as shown in the table below.
what is the difference between business risk and financial risk? if company a has a higher business risk than company b
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