Business, 08.07.2020 01:01 rj1262004

Paragraph Corporation purchased land on January 1, 20X1, for $22,500. On June 10, 20X4, it sold the land to its subsidiary, Sentence Corporation, for $31,500. Paragraph owns 60 percent of Sentenceâs voting shares. Required:a. Prepare the worksheet consolidation entries needed to remove the effects of the intercompany sale of land in preparing the consolidated financial statements for 20X4 and 20X5.b. Prepare the worksheet consolidation entries needed on December 31, 20X4 and 20X5, if Sentence had initially purchased the land for $23,500 and then sold it to Paragraph on June 10, 20X4, for $31,500.

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 10:10

conquest, inc. produces a special kind of light-weight, recreational vehicle that has a unique design. it allows the company to follow a cost-plus pricing strategy. it has $9,000,000 of average assets, and the desired profit is a 10% return on assets. assume all products produced are sold. additional data are as follows: sales volume 1000 units per year; variable costs $1000 per unit; fixed costs $4,000,000 per year; using the cost-plus pricing approach, what should be the sales price per unit?

Answers: 2

Answer

Business, 22.06.2019 15:40

Acompany manufactures x units of product a and y units of product b, on two machines, i and ii. it has been determined that the company will realize a profit of $3 on each unit of product a and $4 on each unit of product b. to manufacture a unit of product a requires 7 min on machine i and 5 min on machine ii. to manufacture a unit of product b requires 8 min on mchine i and 5 min on machine ii. there are 175 min available on machine i and 125 min available on machine ii in each work shift. how many units of a product should be produced in each shift to maximize the company's profit p?

Answers: 2

Answer

Business, 22.06.2019 15:40

As sales exceed the break‑even point, a high contribution‑margin percentage (a) increases profits faster than does a low contribution-margin percentage (b) increases profits at the same rate as a low contribution-margin percentage (c) decreases profits at the same rate as a low contribution-margin percentage (d) increases profits slower than does a low contribution-margin percentage

Answers: 1

Answer

Business, 22.06.2019 22:20

Which of the following best explains why the demand for housing is more flexible than the supply? a. new housing developments are being constructed all the time. b. low interest rates for mortgages make buying a home very affordable. c. the increasing population always drives demand upwards. d. people can move more easily than producers can build new homes.

Answers: 1

Answer

You know the right answer?

Paragraph Corporation purchased land on January 1, 20X1, for $22,500. On June 10, 20X4, it sold the...

Questions