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Alex_Xolod [135]
3 years ago
5

James Corporation owns 80 percent of Carl Corporation's common stock. During October, Carl sold merchandise to James for $240,00

0. At December 31, 40 percent of this merchandise remains in James's inventory. Gross profit percentages were 30 percent for James and 40 percent for Carl. The amount of intra-entity gross profit in inventory at December 31 that should be eliminated in the consolidation process is
Business
1 answer:
erastova [34]3 years ago
4 0

Answer:

The amount of intra-entity gross profit in inventory at December 31 that should be eliminated in the consolidation process is $38,400

Explanation:

The computation of the eliminated amount in the consolidation process is shown below:

= Merchandise sold × remaining percentage × Carl percentage

= $240,000 × 40% × 40%

= $38,400

We simply do the percentage of the remaining inventory and Carl percentage to the sold merchandise

The James percentage should not be considered for the computation part. Hence, we ignored it

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Wayne has been employed as a trainee in a print shop for one month and receives less than minimum wage for his work. According t
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Answer:

Explanation below

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For the year ended December 31, 2021, Norstar Industries reported net income of $655,000.
iragen [17]

Answer:

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Explanation:

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Jan.1: 900,000 * (12/12) = 900,000 * 1.05               =     945,000

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Jun.1: 72,000 * (7/12)                                                 =       <u>42,000</u>

Weighted Average No. of Shares Outstanding      =     <u>1,029,000</u>

Note: We multiplied by 1.05 factors on Jan.1 and Apr.30 to account for 5% declared and distribution of a stock dividend.

Earnings Per Share =  <u>                         Net Income                                </u>

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                                    1,029,000

Earnings Per Share = $0.64

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3 years ago
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