Reference no: EM132512010
Selected information from the separate and consolidated balance sheets and income statements of Mussel, Inc., and its subsidiary, Shel Co., as of December 31, Year 4, and for the year then ended, is presented below.
Additional information:
During Year 4, Mussel sold goods to Shel at the same markup on cost that Mussel uses for all sales.
Mussel Shel Consolidated
Balance sheet accounts
Accounts receivable $ 52,000 $ 38,000 $ 78,000
Inventory 60,000 50,000 104,000
Income statement accounts
Revenues $400,000 $280,000 $616,000
Cost of goods sold 300,000 220,000 462,000
Gross profit $100,000 $ 60,000 $154,000
Question 1: At December 31, Year 4, what was the amount of Shel's payable to Mussel for intraentity sales?
Option 1: $12,000
Option 2: $58,000
Option 3: $64,000
Option 4: $6,000
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