subject
Business, 05.05.2020 18:34 abigail251

Pirate Corporation acquired 85 percent of Ship Company's voting shares of stock in 20X7. During 20X8, Pirate purchased 50,000 circuit boards for $15 each and sold 28,000 of them to Ship for $20 each. Ship sold all of the units to unrelated entities prior to December 31, 20X8, for $30 each. Both companies use perpetual inventory systems. Which worksheet consolidating entry is needed in preparing consolidated financial statements for 20X8 to remove all effects of the intercompany sale?
1. Sales 560,000
Cost of Goods 560,000
2. Sales 650,000
Cost of Goods 650,000
3. Cost of Goods Sold 560,000
Sales 560,000
4. Cost of Goods Sold 650,000
Sales 650,000
a. Option 1
b. Option 2
c. Option 3
d. Option 4

ansver
Answers: 3

Another question on Business

question
Business, 22.06.2019 10:30
Zapper has beginning equity of $257,000, net income of $51,000, dividends of $40,000 and investments by stockholders of $6,000. its ending equity is
Answers: 2
question
Business, 22.06.2019 16:30
On april 1, the cash account balance was $46,220. during april, cash receipts totaled $248,600 and the april 30 balance was $56,770. determine the cash payments made during april.
Answers: 1
question
Business, 22.06.2019 17:30
What is one counter argument to the premise that the wealth gap is a serious problem which needs to be addressed?
Answers: 1
question
Business, 22.06.2019 21:10
An investor purchases 500 shares of nevada industries common stock for $22.00 per share today. at t = 1 year, this investor receives a $0.42 per share dividend (which is not reinvested) on the 500 shares and purchases an additional 500 shares for $24.75 per share. at t = 2 years, he receives another $0.42 (not reinvested) per share dividend on 1,000 shares and purchases 600 more shares for $31.25 per share. at t = 3 years, he sells 1,000 of the shares for $35.50 per share and the remaining 600 shares at $36.00 per share, but receives no dividends. assuming no commissions or taxes, the money-weighted rate of return received on this investment is closest to:
Answers: 3
You know the right answer?
Pirate Corporation acquired 85 percent of Ship Company's voting shares of stock in 20X7. During 20X8...
Questions
question
Computers and Technology, 24.07.2019 01:30
question
History, 24.07.2019 01:30
question
History, 24.07.2019 01:30