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3 years ago

Why must the eliminating entries be entered in the consolidation worksheet each time consolidated statements are prepared?

Business

1 answer:

DedPeter [7]3 years ago

8 0

Answer:

The reason to prepare the consolidation worksheet is to maintain the record of what is finally entered in the books to record the transactions in between the holding and subsidiary.

This basically thus, requires the elimination of all the assets and liabilities of the subsidiary, and creation of such assets and liabilities into the balances of the holding(parent) company. In this manner the elimination is necessary to record.

So that there is no error in the form of multiple record of assets and liabilities, or in the form of no record of assets and liabilities of the subsidiary.

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Marcelino Co.'s March 31 inventory of raw materials is $80,000. Raw materials purchases in April are $540,000, and factory payro

vovangra [49]

Answer:

See below

Explanation:

Marcelino Co's total cost of each production incurred in April

From March

Job306 Job307 job308

Direct materials $28,000 $39,000

Direct labor $23,000 $17,000

Applied overhead $11,500 $8,500

(50% of direct labor)

Beginning goods in process $52,500 $64,500 ---

For April:

Direct materials $139,000 $220,000 $110,000

Direct labor $103,000 $153,000 $104,000

Applied overhead $51,500 $76,500 $52,000

(50% of direct labor)

Total cost added in April $293,500 $449,500 $266,000

Total costs(April 30) $346,000

$514,000 $266,000

3 0

2 years ago

an audit manager) has been assigned to the audit of Tandem Electric, Inc. Dorothy is concerned that Joanne, a friend from her co

zhannawk [14.2K]

I thought it would be B. Because if she is doing audit and knows someone in the company that is helping with the audit, she is NOT legally able to do the audit! That is what I learned in accounting anyway. I am not sure though just an input.I would pick B.

6 0

2 years ago

Read 2 more answers

Your parents are giving you $205 a month for 4 years while you are in college. At an interest rate of .48 percent per month, wha

luda_lava [24]

Answer:

$8,770.00

Explanation:

In this question we use the present value formula i.e shown in the attachment below:

Data provided in the question

Future value = $0

Rate of interest = 0.48%

NPER = 4 years × 12 months = 48 months

PMT = $205

The formula is shown below:

= -PV(Rate;NPER;PMT;FV;type)

So, after solving this, the answer would be $8,770.00

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3 years ago

Which of the following is incorrect regarding how a differentiation strategy can help a firm to improve its competitive position

nirvana33 [79]

Answer:

A. Supplier power is increased, because suppliers will be able to charge higher prices for their inputs

Explanation:

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3 years ago

Kodak is a company name associated with photography. The company has recognized that digital photography is a threat to the futu

Ksivusya [100]

Answer:

The correct answer to the following question will be Option B (design competition).

Explanation:

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In comparison to the greatest design, arts as well as architecture blogs around the world, A' Design Recognition and Competition distributes every information throughout the design internet networks.

Some other available options have no connection with the given scenario. So choice B seems to be the right answer to that.

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3 years ago