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1) In 2013, company A sold inventory costing $100 to its fully-owned subsidiary company B for $150. The entire inventory remains with company B at the end of 2013. What journal entry should be recorded (*G) at the beginning of 2014 to eliminate the gain from intra-entity transaction? (assuming that the parent uses the equity method).
2) From the above question, what if only half of the inventory from the intra-entity transaction remain with company B at the end of 2013?
Selected balances from a company's financial statements are shown below. Calculate the following (a) accounts receivable turnover (b) inventory turnover (c) days' sales uncollected
Burton did not notify Wilson of these facts. Two days later when Burton again presented the instrument for payment, Burton was told that Foxx's creditors had filed a petition in bankruptcy that morning. Which of the following statements is true?
Daggar capitalizes the lease, whereas Bayshore records the lease as an operating lease. Both firms depreciate assets by the straight-line method, and both treat the lease as an operating lease for federal income tax purposes.
below you will find selected information in millions from coca-cola co.s 2012 annual reportincome taxes
SAC is considering the purchase of new equipment to manufacture specialty spark plugs. The new equipment would allow the firm to manufacture 100,000 additional spark plugs per year and is expected to have a useful life of 5 years and to have no sa..
Compute the net realizable value of the accounts receivable of Lucille Company at December 31, 2007.
Discuss the reasons why corporations invest in securities and how the market would be affected if they stopped this practice?
The amount of the short-term notes payable that should be reported as current liabilities on the December 31, 2006 balance sheet which is issued on March 5, 2007 is ??
The remainder is uncollectible. The following are budgeted sales data: January $60,000-February $70,000-March 50,000-April 30,000 - What would April's total cash receipts be ??
cashbalance per bank $6,950; outstanding checks $762; deposits intransit $1,700; and a bank service charge $20. Determine theadjusted cash balance per bank at August 31, 2005.
Discuss the potential risks of adopting lean production. Does its application depend on company culture and business condition?
Which is the correct order of steps in the accounting cycle?
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