Why are worksheet entry required in different fiscal period

Assignment Help Accounting Basics
Reference no: EM13503874

James, Inc., sells inventory to Matthews Company, a related party, at James's standard markup. At the current fiscal year-end, Matthews still holds some portion of this inventory. If consolidated financial statements are prepared, why are worksheet entries required in two different fiscal periods?

Reference no: EM13503874

Previous Q& A

  Sale of a depreciable asset require subsequent

Why does an intra-entity sale of a depreciable asset require subsequent adjustments to depreciation expense within the consolidation process?

  Determine the skiers speed on the lower level stretch

A skier starts down a 26 slope. After a vertical drop of 28 m, the slope temporarily levels out and then drops at 19 an additional 39 m vertically before leveling out again. What is the skier's speed on the lower level stretch

  Prepare the worksheet entries required at december

What amount of unrealized gross profit exists within the parent's inventory figures at the beginning and at the end of 2011 and equipment has been transferred between the companies.

  How would the simulation change at the end of the day on

How would the simulation change at the end of the day on February 5? What variables and/or processes in the analysis may change? What variables and/or processes will not change?

  Define the temperature of the resulting solution rises

the temperature of the resulting solution rises from 25.00°C to 37.90°C. If the specific heat of the solution is 4.18 J/(g · °C), calculate ?H for the reaction, as written.

  Estimate the length of the pendulum

The maximum speed of the pendulum bob in a grandfather clock is 0.45 m/s. what is the length of the pendulum

  Explain the blade of an ice skate is ground to a knife edge

The blade of an ice skate is ground to a knife edge on each side of the skate. If the width of the knife edge is 0.001in., and the length of the skate in contact with the ice is 3 in., calculate the pressure exerted on the ice by a 150lb man.

  How high up the ramp does the ball roll

A ball (spherical shell of mass M and radius R) rolls without slipping up a ramp. If the ball's initial speed is v, how high up the ramp does the ball roll

  Explain the concentrations of the ionic species

Determine the concentrations of the following ionic species present in a 0.333 M solution of the diprotic acid H2SO3. For H2SO3, Ka1 = 1.4E-2, Ka2 = 6.3E-8.

  What was the resistance of the original circuit

The current in a simple series circuit is 5.40 A. When an additional resistance of 8.60 ohms is inserted, What was the resistance (in ohms) of the original circuit

Reviews

Write a Review

 

Similar Q& A

  Open the ledger accounts for the account titles referred in

problem 2-5a recording transactions posting to ledger preparing a trial balance l.o. c3 a1 p1 p2 business transactions

  How many pages do the financial statements occupy what is

how many pages do the financial statements occupy what is the balance date of the financial statements and in what

  How are changes in the fair value of an option

how are changes in the fair value of an option accounted for in a cash flow hedge? in a fair value hedge?

  Primary responsibility of the external auditor

In determining the primary responsibility of the external auditor for a company's financial statements, the auditor owes primary allegiance to:

  Compute the eoq average inventory orders per year average

for supply item abc andrews company has been ordering 125 units based on the recommendation of the salesperson who

  What is the amount of total contributed capital at december

a company was incorporated as a new business on january 1.the company is authorized to issue 20000shares of 5 par value

  Compute the ending inventory

Using the retail method (this method estimates lower-of-average-cost-and-market), compute the ending inventory at cost as of January 31, 2005. Make sure your answer is in good form with clearly labelled amounts.

  Prepare the journal entry to record the estimated

during its first year of operations henley company had credit sales of 3000000 600000 remained uncollected at year-end.

  You want to determine the current value of an annuity that

1.when a person faces a trade-off and must give up something by making a choicethis is referred to astaking out a

  Proceeds receive from the investors

Mayberry Gas Corp. sells $200,000 of bonds to private investors. The bonds are due in five years, have an 8% coupon rate, and interest is paid semi-annually. The bonds were sold to yield 6%. What proceeds does Mayberry receive from the investors?

  Kimm company has gathered the following information about

kimm company has gathered the following information about its product.direct materials each unit of product contains

  Summarizing the lease payments and interest expense

Calculate the amount of the asset and liability of Lotus Company at the inception of the lease. (Round to the nearest dollar.) Prepare a table summarizing the lease payments and interest expense.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd