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Questions -
Q1. PP Corp. owned 80% of KK Corp.'s common stock. During October 20x9, KK sold merchandise to PP for P140,000. At December 31, 20x9, 50% of this merchandise remained in Prince's inventory. For 20x9, gross profit percentages were 30% of sales for PP and 40% of sales for KK. The amount of unrealized intercompany profit in ending inventory at December 31, 20x9 that should be eliminated in the consolidation process is?
Q2. AA Corporation holds 80 percent of the stock of Movie Production Inc. During 20x9, AA purchased an inventory of snack bar items for P40,000 and resold P30,000 to MM Productions for P48,000. MM Productions Inc. reported sales of P67,000 in 20x9 and had inventory of P16,000 on December 31, 20x9. The companies held no beginning inventory and had no other transactions in 20x9. What amount of net income will be reported in the 20x9 consolidated income statement?
What type of revenue is reported in the other income section of the multiple-step income statement?
Rancor Inc. had a per-unit conversion cost of $2.50 during April and incurred direct materials cost of $100,000, How many units did they manufacture
Journalize Showcase Co.'s entries for (a) the sale, including the cost of the merchandise sold, (b) the credit memo, including the cost of the returned merchandise.
Assume the par value of the bond is $1,000. What is the company's pre-tax cost of debt??If the tax rate is 35%, what is the after-tax cost of debt?
Make a statement of changes in equity for the year ended December 31, 2020, assuming profit earned during the year was $124,800.
For the month of November, the company planned for activity of 85 vehicles, but the actual level of activity was 50 vehicles. The actual materials and supplies for the month was $2,530.
Shawn Dahl invested $45,900 in cash to open the business. Paid $1,500 in cash for rent expense. Complete the following accounting equation
as of december 31 gammelguard corporation has outstanding accounts receivable of 2.4 million. sales on credit during
ABC and Benchmarking Suppose that AT&T used benchmarking to compare the activity-based costs among its various divisions.
You are auditing Galaxy Glass Ltd (Galaxy) for the year ended 30 June 2021. Explain why the account balance and assertion are at risk
Linda was attracted to the Bond because she knew that she would receive $75.00 in interest twice per year. What price did Linda pay for the Bond
Substantive tests of transactions are designed to verify the dollar value of transactions, while substantive tests of balances are tests that substantiate
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