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Virginia Corp. owned all of the voting common stock of Stateside Co. Both companies use the perpetual inventory method, and Virginia decided to use the equity method to account for this investment. During 2010, Virginia made cash sales of $400,000 to Stateside. The gross profit rate was 30% of the selling price. By the end of 2010, Stateside had sold 75% of the goods to outside parties for $420,000 cash.
a. Prepare journal entries for Virginia and Stateside to record the sales/purchases during 2010.
b. Prepare the consolidation entries that should be made at the end of 2010.
c. Prepare any 2011consolidation worksheet entries that would be required regarding the 2010.
A single product in one department and uses a process costing system. At the start of May, there were 10,000 units in process that were 100 percent complete with respect to direct material and 60 percent complete with respect to conversion costs (..
ynga is a software developer and is considering a project that requires an initial investment of $200,000-The Net Present Value of the project is approximately
Assume cash paid to suppliers for the current year is $350,000, merchandise inventory increased by $5,000 during the year, and accounts payable decreased by $10,000 during the year. What was the cost of goods sold for the current year?
Treasury stock that had been purchased for $5,400 last month was reissued this month for $7,500. The journal entry to record the reissuance would include a credit to
What amount of bad debts expense will Hamilton Company report if it uses the direct write-off method of accounting for bad debts?
The company inspects one Starter for every 100 produced, and inspects one Star for every 10 produced. The company expects to incur $56,400 of total inspecting costs this year. How much of the inspecting costs should be allocated to the Starter mod..
A program in which department representatives accompany groups of U.S. businesspeople abroad to meet with qualified agents, distributors, and customers is called?
Calculate the number of fresh shares issued and the amount transferred to capital redemption reserve account.
Partner A has a capital balance of $20,000 and devotes full time to the partnership. Partner B has a capital balance of $30,000 and devotes half time to the partnership. In what ratio is net income to be divided?
Jensen Company forecasts a need for 200,000 pounds of cotton in May. On April 11, the company acquires a call option to buy 200,000 pounds of cotton in May at a strike price of $0.3765 per pound for a premium of $814.
Much has been written about accounting the accounting fraud and subsequent bankrupt of world com. The baltimore sun reported that "the fraud was brazen and easy to spot.
Jones' legal counsel believes the following will happen in relationship to these incidents:
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