Answer:
$11,500
Explanation:
The elements of the income statements (revenue and expenses) are usually closed to the income summary.
The revenue account is normally a credit balance and would be closed by debiting it and crediting the income summary while the expense which is usually a debit balance is closed by crediting the account and debiting the income summary.
The dividend declared and paid is a part of the retained earnings and is not closed to the income summary.
Hence the balance in the Income Summary account prior to closing net income or loss to the Retained Earnings account
= $18,000 - $6,500
= $11,500
The answer is <span>Magnuson-Moss Warranty-Federal Trade Commission Improvement Act. This act was created by Congress that deals with warranty issues among manufacturers and buyers. This act was not made to force manufacturers to give out warranties, but it ensures buyers what they can avail in case of issues with the products.</span>
Answer:
The Consolidated Sales are $1,400,000. Whereas, the Consolidated Cost of Sales is $974,400.
Explanation:
The effect of Intra-Group Trading must be removed from the Consolidated Financial Statements. Two adjustments are required:
1st one - The Subsidiary has made Sales of $140,000 to Parent Company. It must be removed from the Accounts because it is like you are telling your Right Side Pocket that you will soon be having money because you have made Sales to Left Side Pocket. So, Debit the Sales and Credit the COS.
2nd one - The unrealized Profit should be added back to the Cost of Goods Sold to remove the effect of Profit gained by the Seller. We are not concerned with the Profit effect in the Goods Sold by Pot Co. to outsiders because it is a realized profit. The matter of concern here is the Profit effect in the unsold Inventory. Pot Co. has 56,000 (140,000 * 40%) stock in-hand. It has Profit Figure of 40%. So, $22,400 (56,000 * 40%) has been added back to Cost of Sales.
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Based on the information given, the purchase cost in NYSE is 974400, 979259.96 in London Stock Exchange, and 972411.84 in Paris Stock Exchange.
<h3>
Solving the stock quotes given.</h3>
<u>NYSE</u>
Selling price = 97.44.
Conversion into USD = 97.44
Share purchased = 10000
Purchase cost = 9744000
<u>London Stock Exchange</u>
Selling price = 67.16
Conversion into USD = 67.16 × 1.458 = 97.93
Share purchased = 10000
Purchase cost = 979259.96
<u>Paris Stock Exchange</u>
Selling price = 100.29
Conversion into USD = 100.29 × 0.96 = 97.24
Share purchased = 10000
Purchase cost = 972411.84
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Milk: (roughly) .0435%
Water: (roughly) .0669%
