1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
xeze [42]
3 years ago
13

PrintItem 4Item 4 On November 8, 2018, Power Corp. sold land to Wood Co., its wholly owned subsidiary. The land cost $61,500 and

was sold to Wood for $89,000. For consolidated financial statement reporting purposes, when must the gain on the sale of the land be recognized?
Business
1 answer:
IRISSAK [1]3 years ago
3 0

Answer: When Wood Co. sells the land to a third party.

Explanation: As stated in the question, Wood Co. who purchased the land is a subsidiary of the seller, Power Corp., the parent company. In a consolidated financial statement whereby financial reports of all entities, subsidiaries and all financial attachment of a corporate establishment is accounted for.

Power Corp. owns the entirety of Woods Co. and therefore during a consolidated financial statement reporting, the profit made by Power Corp. from the sale of the land must be recorded when the land is purchased from Woods Co. by a third party.

You might be interested in
The use of evidence such as the paper trail across the Willow Lane lawn could link a person to the crime and even explain the ca
Readme [11.4K]
A.) Probable Cause, is the answer.
3 0
3 years ago
Read 2 more answers
Stock may be described as:_________
nydimaria [60]

Answer:

a. an ownership interest in the corporation.

Explanation:

Stock refers to the stake of the owners of a corporation in the company.

It is sometimes referred to as shares or owner's equity and the owners of stock are called shareholders.

Stock therefore may be described as an ownership interest in the corporation represented as equity in the financial statement.

Option a is right.

5 0
3 years ago
________ is conceptualized as consisting of six steps which include problem definition, developing an approach to the problem, r
Finger [1]

Answer:

A) The marketing research process

Explanation:

Marketing research process is the collection, analysis, and interpretation of data relating to the marketing conditions.  It consist of the systematic process of planning and executing marketing objectives  and also solving marketing related  problems

Defining the problem, developing the research plan, collecting information, analyzing information, presenting the findings and lastly making decision.

3 0
3 years ago
Cherokee Inc. is a merchandiser that provided the following information: Number of units sold 20,000 Selling price per unit $ 30
xenn [34]

In order to find Net Income as per traditional income statement, we will first require to calculate cost of goods sold as below:

Beginning Merchandise Inventory................................................24000

Add: Purchases..................................................................................180000

Less: Ending Merchandise Inventory...........................................(44000)

Cost of Goods Sold............................................................................160000

Traditional Income Statement

Sales................................................................................................................600000

Less: Cost of Goods Sold..........................................................................(160000)

Gross Profit....................................................................................................440000

Less: Selling and Administrative Expenses

Variable Selling Expense.........................................................80000

Variable Admin Expense............................................................40000

Fixed Selling Expense.................................................................40000

Fixed Admin Expense...................................................................30000

Total .......................................................................................................................(190000)

Net Income.............................................................................................................250000

3 0
3 years ago
Read 2 more answers
1. Which country has the comparative advantage in DVDs? (Remember! OOO Output –Other goes Over!) [2 pts]
yarga [219]
The answer is Country B


Comparative advantages can be described as a country's ability to product a certain product in higher quantities and lower price (efficiently) compared to another country.

In this case, Country A can product  100 CDs and only 100 DVDs, by while country B has the capacity to produce 50 CDs but 200 DVDs.

Clearly Country B has a better infrastructure to produce DVDs in bulk

5 0
3 years ago
Read 2 more answers
Other questions:
  • Which statement is correct?
    14·1 answer
  • Imagine you are planning a local arts festival on a low budget, How would you market this event
    6·2 answers
  • Cleveland Corporation acquired a machine for $42,000 and has recorded depreciation for two years using the straight line method
    11·1 answer
  • Economic analysis is used only by policy makers to make policy decisions. only by business people to raise profits. only by inst
    6·1 answer
  • Explain the meaning and importance of advertising
    15·2 answers
  • Marilyn filed her tax return on April 15. At that time, she owed $900 on a total tax liability of $10,000 and she submitted a ch
    8·1 answer
  • Antiques R Us is a mature manufacturing firm. The company just paid a $9 dividend, but management expects to reduce the payout b
    12·2 answers
  • Do you think it is easy or difficult for
    10·1 answer
  • The following labor standards have been established for a particular product: Standard labor hours per unit of output 4.3 hours
    9·1 answer
  • Fees paid by mutual fund shareholders may include all the following except a
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!