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Prince Corp. owned 80% of Kile Corp.'s common stock. During October 2006, Kile sold merchandise to Prince for $140,000. At December 31, 2006, 50% of this merchandise remained in Prince's inventory. For 2006, 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 December 31, 2006 that should be eliminated in the consolidation process is:
a) $28,000
b) $56,000
c) $22,400
d) $42,000
Pedro's child attends a school operated by the church the family attends. Pedro made a donation of $1,000 to the church in lieu of the normal registration fee of $200. In addition, Pedro paid the regular tuition of $6,000 to the school. Based on t..
What amount of the bond issue proceeds should Evan record as an increase in equity?
On May 1, Battery, Inc. factored $800,000 of accounts receivable with Quick Finance on a without recourse basis. Under the arrangement, Battery was to handle disputes concerning service, and Quick Finance was to make the collections
The IRS assesses the portion of the estate tax related to this gift that Sabrina previously received against Sabrina under the rules relating to transferee liability. Is Sabrina liable for the estate tax?
Gerken Company concluded at the beginning of 2013 that the company's ownership interest in DillCo had increased to the point that it became appropriate to begin using the equity method to account for the investment.
what is the difference between the sales journal and the accounts receivable master file? Why are they both important?
Inventory observations involve an auditor understanding the company's planned counting procedures, so that the auditor can conclude the count was adequately planned and executed.
if a company liquidates, which investment has priority? what if you had preferred stock?
Which of the following industries would most likely have joint costs in production?
Determine the administrative costs calculated to each operating department.
Susan Ortiz operates a covered parking structure that can accommodate up to 600 cars. Susan charges $6 per hour for parking. Parking attendants cost $12 per hour each to staff the cashier's booth at Susan's Parking. The Facility has two parking at..
Compute the net cash provided by operating activities using the indirect method assuming that net income was $125,000 for the year.
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