Business, 25.12.2020 19:40 laylay1548

Pilfer Company acquired 90 percent ownership of Scrooge Corporation in 20X7, at underlying book value. On that date, the fair value of noncontrolling interest was equal to 10 percent of the book value of Scrooge Corporation. Pilfer purchased inventory from Scrooge for $90,000 on August 20, 20X8, and resold 70 percent of the inventory to unaffiliated companies on December 1, 20X8, for $100,000. Scrooge produced the inventory sold to Pilfer for $67,000. The companies had no other transactions during 20X8. Based on the information given above, what amount of sales will be reported in the 20X8 consolidated income statement?
A) $90,000
B) $120,000
C) $100,000
D) $67,000

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 05:10

Suppose that the free states of eldricia, a small nation, has consumption, investment, government purchases, imports, and exports as follows. consumption $140 investment $50 government purchases $45 imports $30 exports $15 calculate the free states of eldricia's gdp

Answers: 2

Answer

Business, 22.06.2019 06:40

As a finance manager at allsports communication, charlie worries about the firm's borrowing requirements for the upcoming year. he knows the benefit of estimating allsports' cash disbursements and short-term investment expectations. facing these concerns, a(n) would provide charlie with valuable information by providing a good estimation of whether the firm will need to do short-term borrowing. capital budget cash budget operating budget line item budget

Answers: 3

Answer

Business, 22.06.2019 08:30

What is the key to success in integrating both lethal and nonlethal activities during planning? including stakeholders once a comprehensive operational approach has been determined knowing the commander's decision making processes and "touch points" including stakeholders from the very beginning of the design and planning process including the liaison officers (lnos) in all the decision points?

Answers: 1

Answer

Business, 22.06.2019 20:30

Almeda products, inc., uses a job-order costing system. the company's inventory balances on april 1, the start of its fiscal year, were as follows:

Answers: 2

Answer

You know the right answer?

Pilfer Company acquired 90 percent ownership of Scrooge Corporation in 20X7, at underlying book valu...

Questions

Business, 28.07.2019 05:50

Jeremy is an ambulance driver and a paramedic. he and some of his co-workers sometimes appear to do their job in a detached, depersonalized, but never...