What the amount of consolidated sales at end of year

Assignment Help Financial Accounting
Reference no: EM13133463


This year, Rose Company acquired all of the common stock of Hayley. At the end of the current year, balances of selected accounts and other information for each of the companies were as follows:

Rose Hayley

Sales 2582,000 1734,000
Account Receivable 580,000 235,000

Sales to Hayley during the year 80,000
Sales to Rose during the yea. 20,000
Gross profit on sale 25% 30%

At the end of the year, 50% of the inventory that Rose sold to Hayley remained in Haylay’s inventory, and $30,000 of the amount of the sales was unpaid. Rose still owes half of the amount of its purchases to Haylay, but had sold all of the inventory it had acquired from Hayley by the end of the year.

What the amount of consolidated sales at end of the year?

Reference no: EM13133463

Questions Cloud

What is the total cost of job number : Direct labour is paid at a rate of RM8 per hour. Production overheads are absorbed at a rate of RM40 per direct labour hour and non-production overheads are absorbed at a rate of 150% of prime cost. What is the total cost of job number 607?
How little would profit for blanc have to be produced : All three wines are produced in the optimal solution. How little would the profit for Blanc have to be for it to no longer be produced?
What is the resultant force : A rope is wrapped around a pole so that a force of 75 lbs acts on one end and a force of 53 lbs acts on the other end. If the angle between the two forces is 114 degrees what is the resultant force?
What controls might be implemented to discourage : What controls might be implemented to discourage the overstatement of capital budgeting estimates by division manager?
What the amount of consolidated sales at end of year : Rose still owes half of the amount of its purchases to Haylay, but had sold all of the inventory it had acquired from Hayley by the end of the year. What the amount of consolidated sales at end of the year?
How does consolidation process tend to disguise information : how does the consolidation process tend to disguise information needed to analyze the financial operations of diversified organization?
Determine the flexible budgeting : The department actually completed 750 hours of production. Determine the budget for the department, assuming that it uses flexible budgeting.
Calculate the total amount of a cash dividend : Calculate the total amount of a cash dividend of $1.00 per share. What accounts for the difference between issued shares and outstanding shares?
Vectors-resultant displacement : A person walks 18m East and then 32m in a direction of 65 degrees N of E. What is the resultant displacement?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Effect of errors in journalizing and posting

Effect of errors in journalizing and posting on trial balance and bookkeeper for Shirley Temple's dance studio made the following errors in journalizing and posting

  Evaluate mergers and acquisitions

Concept of business, forms and organisations of business, business strategy, financial management methods, allocation of capital and control of an organisation.

  Evaluate sales price per dozen pretzels

Evaluate sales price per dozen pretzels using 120% markup on variable cost and evaluate contribution margin per dozen pretzels and the breakeven point for the quarter (three months) in dollars and units

  Determine the average return for treasury bills

Determine the average return for Treasury bills and the average annual inflation rate (consumer price index) for this period. (Do not include the percent sign (%). Round your answers to 2 decimal places, e.g. 32.16.)

  Illustrate what is the gross pay for the employee

An employee receives an hourly rate of $40, with time and a half for all hours worked in excess of 40 during a week. Illustrate what is the gross pay for the employee?

  Illustrate what is the amount of dividends received

There were no dividends declared in 2009. The board of directors declares and pays a $90,000 dividend in 2010 and in 2011. Illustrate what is the amount of dividends received by the common stockholders in 2011?

  Prepare the bank reconciliation

Using the code letters below, show how each of the items listed could be handled in preparing bank reconciliation.

  Illustrate what are some of the more significant non-tax

Illustrate what are some of the more significant non-tax consequences of choosing the partnership form? Brief answer. 3-6 sentences minimum.

  How did you choose the best cost driver

Which variable do you believe is the  best  selection for a cost driver? How did you choose the  best  cost driver?

  Does fasb charge for its statements

Can you oftain a copy of the full text of these statements from this web site? Does FASB charge for its statements, or are they provided free of charge?

  Compute brad ending basis in his partnership interest

Brad has a basis of $15,000 in the partnership interest, including his shaer of partnership liabilities. The partnership expects to report substantial income in future years. Illustrate what rules are used to compute Brad's ending basis in his pa..

  Make a production budget for february

Make a forecast of the units and cost of raw material that will be required for February, March, and April. The expected cost per pound of raw material is expected to be $2 in February, $2.30 in March, and $2.40 in April

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd