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Question - Parent Inc. owns 70% of Sub Inc. During 2020, Parent Inc. sold inventory to Sub for $56,000. Half of this inventory remained in Sub's warehouse at year end. Sub Inc. sold Inventory to Parent Inc. for $24,000. 30% of this inventory remained in Parent's warehouse at year end. Both companies are subject to a tax rate of 40%. The gross profit percentage on sales is 25% for both companies. Assume Parent Inc. uses the cost method to account for its Investment in Sub Inc. There were no intercompany sales in the beginning inventories of either company. What is the after-tax dollar value of Parent Inc.'s unrealized profits during the year on its sales to Sub Inc.?
What is the partnership net profit at December 31, 2019 before salaries, interest and partners' share on the remainder
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In February, one of the processing departments at Whisenhunt Corporation had beginning work in process inventory of $38,000 and ending work in process inventory of $16,000. During the month, the cost of units transferred out from the department was $..
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