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Sedaia [141]
3 years ago
6

On January 1, 20X1, Picture Company acquired 70 percent ownership of Seven Corporation at underlying book value. The fair value

of the noncontrolling interest at the date of acquisition was equal to 30 percent of the book value of Seven Corporation. On April 25, 20X1, Seven purchased inventory from Picture for $45,000. Seven sold the entire inventory to an unaffiliated company for $58,000 on October 12, 20X1. Picture had produced the inventory sold to Seven for $38,000. The companies had no other transactions during 20X1. Based on the information given above, what amount of sales will be reported in the 20X1 consolidated income statement?
Business
1 answer:
Lady bird [3.3K]3 years ago
7 0

Answer:

The amount of sales will be reported in the 20X1 consolidated income statement is $58,000

Explanation:

The computation of the amount of sales is shown below:

= Value of the entire inventory sold - purchased inventory + sale inventory

= $58,000 - $45,000 + $45,000

= $58,000

The purchased inventory + sale inventory would reflect the intra sales of the company which told that the sales are made within the company.

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____ is not a physical work environment characteristic.
SIZIF [17.4K]

Answer:

The answer is shift work

7 0
2 years ago
Sally Smith incurred expenses of $800 in June which she paid in July. She declared these expenses on her June income statement.
Nitella [24]

Answer:

Accrual

Explanation:

The accounting principle of accrual means that you should register something when the fact that origins the right for the future payment/collecting occurs. It does not matter if the payment is done later, the fact that made you to pay was already done, so we apply accrual and say we already owe that money that we pay later.

In this example, Sally used the principle of accrual for the things in June that she later paid in July... but her expenses were origined in June, so they apply to June.

6 0
3 years ago
country cupboard purchased inventory for $ 4 comma 800 and also paid a $ 360 freight bill. Country Cupboard returned 20​% of the
Ede4ka [16]

Answer:

A. $ 4,123

Explanation:

For accounting purposes we will consider as cost to ivnentory all the necessarycost incurred to get the merchandise ready for use. Therefore the returns and dsicount decrease the inventory as they weren't cost incurred.

The freight will count as necessary and incurred thus, added.

Invoice nominal          4,800

returns

4,800 x 20% =       <u>      (960)</u>

balance                      3,840

discount 2%           <u>        (76.8)   </u>

merchandise cost     3.763,2‬

freights-in          <u>          360     </u>

total cost                   4,123.2

3 0
3 years ago
What are the issues of integrity, ethics and law posed in the case study? What options does the woman have, and what should she
Dovator [93]

The integrity, ethics, and law issues raised in the case study are illegal and unethical conduct.

The woman must reject the economic proposal made by the company and maintain her complaint so that the executive is judged for what she did because she would avoid future harm to other employees.

<h3>What is ethics?  </h3>

Ethics is a term that refers to moral philosophy. This focuses on the study of human behavior based on right and wrong according to duty. Contemporary ethics is usually divided into three branches which are:

  • Metaethics studies the origin, nature, and meaning of ethical concepts.
  • Normative ethics seeks norms or standards to regulate human conduct.
  • Applied ethics examines specific ethical controversies.

According to the above, it can be inferred that the situation presented is an example of an unethical and illegal act because the company and the executive want to bribe the employee to prevent the executive from being removed from his position and the company from being judged for endorsing that conduct of the executive.

Note: The question is incomplete because the information is missing. Here is the complete information:

Case study 4

A woman is sexually harassed by a top-level senior executive in a large company. She sues the company, and during settlement discussions she is offered an extremely large monetary settlement. In the agreement, the woman is required to confirm that the executive did nothing wrong, and after the agreement is signed the woman is prohibited from discussing anything about the incident publicly. Before the date scheduled to sign the settlement agreement, the woman's lawyer mentions that she has heard the executive has done this before, and the settlement amount is very large because the company probably had a legal obligation to dismiss the executive previously. The company however wants to keep the executive because he is a big money maker for the company.

What are the issues of integrity, ethics and law posed in the case study? What options does the woman have, and what should she do and why?

Lecturer Guidelines

Some of the issues raised by this case study include initial issues of unethical and unlawful conduct, by the executive and the company; whether the company should allow the executive to continue working because of the revenue he generates, in view of his propensity to harm co-workers, and whether this action is ethical or reflects integrity; whether the company should require the woman to state that the executive did nothing wrong as part of the settlement agreement; whether the woman should agree to this settlement in view of the harm future employees are being exposed to; and whether the woman is prioritising justice for herself over harm to future employees in an acceptable way.

Learn more about ethics in: brainly.com/question/2630782

3 0
2 years ago
Which situation would allow a country to increase the goods it imports despite spending the same amount of money?
Nataly [62]

A situation that would allow a country to import more goods for the same amount of money is A. The exchange rate for the country's currency increased.

<h3>What happens when exchange rates increase?</h3>

When a nation's exchange rate increases, it means the country's currency is now stronger and can buy more goods.

This means that the country will be able to import more goods for the same amount of money because that amount of money is now more valuable.

Find out more on exchange rates at brainly.com/question/1366402.

#SPJ1

3 0
2 years ago
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