Answer:
<u>Consolidated sales and cost goods sold would be:</u>
Revenue : $3,000,000
Cost of Sales : $2,040,000
Explanation:
The Consolidation Process Includes 100% of Poseidon Co. and 100% of Saturn Co.
However Revenues for Saturn is Overstated and Cost of Goods Sold of Poseidon Co. are overstated due to the intragroup sale and thus the sale should be eliminated.
<u>Journal to Eliminate Intragroup Sale</u>
Revenue : Saturn Co $300,000 (debit)
Cost of Sales : Poseidon Co $300,000 (credit)
<u>Consolidated sales and cost goods sold would be:</u>
Revenue : $2,400,000+$900,000-$300,000 = $3,000,000
Cost of Sales : $1,800,000+$540,000-$300,000 = $2,040,000
Answer:
all are False
Explanation:
1. Working in the US does nothing to ensure you will have an adequate retirement benefit. Social security may provide a little income, but usually won't pay the rent.
2. 403(b) plans may be offered by some tax-exempt organizations--not by corporations. Corporations may offer a 401(k) plan.
3. IRA stands for "Individual Retirement Account."
4. It is a good idea to invest in a retirement account at a young age so you can take advantage of interest compounding. Using the money for anything other than retirement is not recommended.
Answer:
Netsuite
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mark brainliest
Answer:
A) the affordable method,
In Fine Fettle's management reviews what it is trying to achieve with promotion and sets the budget based on anticipated expenses.
B) the percentage-of-sales method,
In Fine Fettle's management reviews its forecasted sales volume for the turmeric bar and sets is promotional budget at $150,000.
C) the competitive-parity method,
In Fine Fettle looks at its competitors and finds that their average promotional spending ranges from $100,000 to $250,000. Therefore, the promotional budget is set at $200,000.
D) the objective-and-task method.
In Fine Fettle's management reviews its revenues and expenses and allocates promotional spending based on what management believes it has to spend
Explanation:
A) is deciding the promotion expense considering how much can afford based on the expenses budget
B) determninate the promotion based on a percentage of expected sales
C) the company will look at their competitors promotion expense and try to keep up with that level to avoid being left behind
D) management will determinate on a monthly/ weekly basis where and how much to promote
Answer:
Journal entries for the transactions are given below
Explanation:
1. Development of new product
DEBIT CREDIT
Research and development $24,000
Cash $24,000
2. Paid the plaintiff for losing patent
DEBIT CREDIT
Legal fee (expense) $8,000
Cash $8,000
3. Bought Equipment and signed non-interest bearing note
DEBIT CREDIT
Equipment Cash price $37,000
Discount on note payable $5,000
Cash paid $18,000
Note payable $24,000
4. Installed sprinkler system
DEBIT CREDIT
Sprinkler system $40,000
Cash $40,000
5. Plaintiff paid for successful infringement suit on its patent
DEBIT CREDIT
Patent $24,000
Cash $24,000
6. Bought New equipment and traded old one
DEBIT CREDIT
New Equipment $13,600
Accumulated depreciation $6,800
Loss on sale $3,400
Old Equipment $13,400
Cash $10,400
Working:
Accumulated depreciation = Original Cost - book value
Accumulated depreciation = $13,400 - $6,600
Accumulated depreciation = $6,800
