Eliminated in the consolidation process problem, Accounting Basics

+44 141 628 6080
[email protected]

Eliminated in the consolidation process problem

Prince Corp. owned 80% of Kile Corp.'s common stock. During October 2011, Kile sold merchandise to prince for $140,000. At December 31, 2011, 50% of this merchandise remained in Prince's inventory. For 2011, gross profit percentages were 30% of sales for Prince and 40% of sales for Kile. The amount of unrealized intercompany profit in ending inventory at Dec 31, 2011 that should be eliminated in the consolidation process is:

A. $56,000

B. $22,400

C. $28,000

D. $42,000

View Complete Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Eliminated in the consolidation process problem

Reference No:- TGS069786

Expected delivery within 24 Hours

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Accounting Basics

Q : Gain on the sale of the land realized problem

On November 8, 2011, Power Corp. sold land to Wood Co., its wholly owned subsidiary. The land cost $61,500 and was sold to Wood for $89,000. From the perspective of the combination, when is the gain on the sale of the land realized?

Q : Net of depreciation-consolidated balance sheet

At what amount should the equipment (net of depreciation) be included in the consolidated balance sheet dated December 31, 2010?

Q : Advantages-disadvantages of statistical sampling methods

What are the advantages and disadvantages of using statistical sampling methods in an attempt to answer your question?

Q : Depreciation expense on the consolidated income statement

On their separate 2011 income statements, Parton and Starker reported depreciation expense of $84,000 and $60,000, respectively. The amount of depreciation expense on the consolidated income statement for 2011 would have been:

Q : Eliminated in the consolidation process problem

For 2011, gross profit percentages were 30% of sales for Prince and 40% of sales for Kile. The amount of unrealized intercompany profit in ending inventory at Dec 31, 2011 that should be eliminated in the consolidation process is:

Q : Find the consolidated sales and cost of goods sold

Skillet still had 40% of the intra-entity sales as inventory at the end of 2011. What are consolidated sales and cost of goods sold for 2011?

Q : Intra-entity sales as inventory

Intra-entity sales had the same markup as sales to outsider, Pot still had 40% of the intra-entity sales as inventory at the end of 2011. What are consolidated sales and cost of goods sold for 2011?

Q : Problem on intra-entity sales as inventory

Intra-entity sales had the same markup as sales to outsiders. Skillet still had 40% of the intra-entity sales as inventory at the end of 2011. What are consolidated sales and cost of goods sold for 2011?

Q : Non-controlling interest in net income

How would noncontrolling interest in net income have differed if the transfers had been for the same amount and cost, but from Stendall to Edgar?

1941810

Questions
Asked

3,689

Active Tutors

1425030

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Eliminated in the consolidation process problem

Reference No:- TGS069786

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Gain on the sale of the land realized problem

Q : Net of depreciation-consolidated balance sheet

Q : Advantages-disadvantages of statistical sampling methods

Q : Depreciation expense on the consolidated income statement

Q : Eliminated in the consolidation process problem

Q : Find the consolidated sales and cost of goods sold

Q : Intra-entity sales as inventory

Q : Problem on intra-entity sales as inventory

Q : Non-controlling interest in net income

Giving education to parents of a child with cerebral palsy

Nurse is preparing to perform a neurologic assessment

Explain principles and tools of budget-resource management

Discuss about child diagnosed with cerebral palsy as infant

Developing the plan of care for a client newly admitted

Discuss - x-ray shows a spiral fracture of the femur

Problem regarding cognitive behavioral therapy

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Eliminated in the consolidation process problem

Reference No:- TGS069786

Recent Questions Asked Accounting Basics

Q : Gain on the sale of the land realized problem

Q : Net of depreciation-consolidated balance sheet

Q : Advantages-disadvantages of statistical sampling methods

Q : Depreciation expense on the consolidated income statement

Q : Eliminated in the consolidation process problem

Q : Find the consolidated sales and cost of goods sold

Q : Intra-entity sales as inventory

Q : Problem on intra-entity sales as inventory

Q : Non-controlling interest in net income

Asked Questions