Reference no: EM131259583
Holiday Bakery owns 60 percent of Farmco Products Company’s stock. On January 1, 20X9, inventory reported by Holiday included 21,000 bags of flour purchased from Farmco at $18 per bag. By December 31, 20X9, all the beginning inventory purchased from Farmco Products had been baked into products and sold to customers by Holiday. There were no transactions between Holiday and Farmco during 20X9.
Both Holiday Bakery and Farmco Products price their sales at cost plus 50 percent markup for profit. Holiday reported income from its baking operations of $305,000, and Farmco reported net income of $255,000 for 20X9.
Required:
a. Compute the amount reported as cost of goods sold in the 20X9 consolidated income statement for the flour purchased from Farmco in 20X8. (Do not round intermediate calculations.)
b. Prepare the consolidation entry or entries required to remove the effects of the unrealized profit in beginning inventory in preparing the consolidation worksheet as of December 31, 20X9. (Do not round intermediate calculations.)
c. Compute the amounts reported as consolidated net income and income assigned to the controlling interest in the 20X9 consolidated income statement. (Do not round intermediate calculations.)
|
Investigate a problem occurring on your campus
: Investigate a problem occurring on your campus (e.g., declining enrollment in some majors, increasing tuition, delayed financial aid payments, or closed classes) or in a job or student organization position you hold.
|
|
Correct segmentation marketing terms
: Include the Ad's and it's picture (must have a picture, the advertisement and the source where it was found) assignment must be two or more paragraph for each Ad and have the correct segmentation marketing terms.
|
|
Discuss challenges of communication often faced
: Next, compare and contrast the communication methods used to manage a virtual team as opposed to a face-to-face team. Also, discuss the challenges of communication often faced with each type of team.
|
|
Describe enrichment object or technique
: STUDY DESIGN PROPOSAL: ASSIGNMENT - Describe enrichment for captive animals and why zoo-housed animals need enrichment and What is its natural habitat? Is it endangered? Is it a social or semi-solitary species?
|
|
Beginning inventory in preparing the consolidation worksheet
: Holiday Bakery owns 60 percent of Farmco Products Company’s stock. On January 1, 20X9, inventory reported by Holiday included 21,000 bags of flour purchased from Farmco at $18 per bag. Prepare the consolidation entry or entries required to remove the..
|
|
Develop at least three project risk recommendations
: Develop at least three project risk recommendations based on the analysis from criteria number 1 and 2 of this assignment. Analyze how the Critical Success Factors (CSFs) apply to the facts of the case study.
|
|
Find the rate of acceleration of the system
: The initial speed of the box at the bottom of the incline is 2 m/s. How far does the box travel along the incline before coming to rest?
|
|
Why might health care organizations and staff members
: Why might health care organizations and staff members be reluctant to report adverse events? Explain the financial and nonfinancial implications that a major adverse event may have on a health care organization.
|