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
tino4ka555 [31]
3 years ago
6

Perez, Inc. owns 80% of Senior, Inc. During Year 1, Perez sold goods with a 40% gross profit to Senior. Senior sold all of these

goods in Year 1. For Year 1 consolidated financial statements, how should the summation of Perez and Senior's income statement items be adjusted?
a. Net income should be reduced by 80% of the gross profit on intercompany sales.
b. Sales and cost of goods sold should be reduced by the intercompany sales.
c. No adjustment is necessary.
d. Sales and cost of goods sold should be reduced by 80% of the intercompany sales.
Business
1 answer:
den301095 [7]3 years ago
4 0

Answer:

B) Sales and cost of goods sold should be reduced by the intercompany sales.

Explanation:

When a parent company consolidates its financial statements with its subsidiaries, it has to eliminate all the transactions involving intercompany sales.

In this case, Perez Inc. must adjust its consolidated financial statements by reducing the sales revenue and COGS of the transaction it made with Senior Inc. (its subsidiary).

You might be interested in
Exporting products overseas is an example of ________.
stepladder [879]

Exporting products overseas is an example of a convertible trade fair trade. Thus, the correct option is A). a convertible trade fair trade.

<h3>What does the term export mean?</h3>

Export refers to the production of goods and services in one country but sold to a buyer abroad or in another country. It is the oldest forms of economic transfer of goods and services between different countries.

Export is the economic activity of exporting or selling the goods to the another country or across the border of a country.

Basically, exports lead to increased investment, technological advancement and market expansion which contribute to the economic growth.

Learn more about exports here:-

brainly.com/question/14099857

#SPJ1

6 0
2 years ago
Using your favorite search engine, the resources of your library, and information available on the Uber Web site, identify and e
Oliga [24]

Answer:

  • <u>No Suspicious pickups </u>

All riders should deliver A record and supply their flagging and installment information before they will demand a ride. in this manner once driver settle for a call for support, driver can perceive whom he's discovering.  

  • <u>Substitute telephone numbers  </u>

In a few areas round the world, Uber utilizes innovation that anonymizes telephone numbers to remain contact subtleties secret. accordingly once driver and rider found a good pace another, driver individual information stays non-open  

  • <u>Route:  </u>

At the point when riders enter their goal, driver can precisely get turn-by-turn bearings inside the application, consequently driver will represent considerable authority in acquiring there  

  • <u>GPS:  </u>

GPS data is logged for each outing in this manner Uber knows about whom driver is driving and any place driver goes, that advances answerability and empowers reasonable conduct  

  • <u>Payments: </u>

Tolls square measure precisely charged to the rider's payment method on document, in this way in many urban communities you'll have the option to maintain a strategic distance from the opportunity and issue of conveying cash and making change  

  • <u>Input:  </u>

Driver rate your rider when each excursion. Uber survey those appraisals to affirm that everyone driver gets is as conscious as driver square measure. Riders reportable to damage our terms of administration could likewise be kept from abuse Uber  

  • <u>Brisk Response:  </u>

Uber's extraordinarily prepared episode reaction bunches square measure out there nonstop to deal with any basic security gives that emerge.

3 0
3 years ago
Issued a cheque of rs. 39000 to Saurya stores in full settlement. <br>journal entry​
Semmy [17]

Answer:

When issuing a check to a creditor as is being done here, you need to debit the creditors account (Accounts Payable) to show that you are paying off the debt.

You also need to credit cash because a credit will show that cash was used to pay for something and so has reduced.

Date               Account Title                                                  Debit            Credit

XX-XX-XXX   Accounts Payable - Saurya Stores             Rs. 39,000

                       Cash                                                                                Rs. 39,000

4 0
3 years ago
Pooler Corporation is working on its direct labor budget for the next two months. Each unit of output requires 0.15 direct labor
AleksandrR [38]

Answer:

$13,335

Explanation:

Required production in units for April and May are 6,500 units and 6,200 units respectively.

Direct labor hours needed is 0.15 for both months.

Total direct labor hours needed for each month would be;

April

= 6,500 units × 0.15

= 975

May

=6,200 units × 0.15

= 930

Direct labor rate per hour for each months is $7

Total direct labor cost for April would be;

= $7 × 975

= $6,825

Total direct labor cost for May would be;

= $7 × 930

= $6,510

Therefore, total direct labor cost for both months April and May would be;

= $6,825 + $6,510

= $13,335

4 0
3 years ago
Posting is the process of transferring items entered in a general journal to the: 1. worksheet. 2. trial balance. 3. general led
Rashid [163]

Answer:

The correct answer to the following question will be Option 3 (General ledger).

Explanation:

  • General Ledger is the full accounting of all the financial activities of the company across its lifespan. It contains all the documents which are preparing the reports of finance, including income, assets, investments, income, and expenditures.
  • It's an official paper that offers a comprehensive overview of the business transactions of the company.
  • An invoice, or general ledger key, is a number that is used to document business transactions in the ledger.

Therefore, Option 3 is the right answer.

7 0
3 years ago
Other questions:
  • The date on which a cash dividend becomes a binding legal obligation is on the
    7·1 answer
  • A restaurant is considering adding fresh brook trout to its menu. Customers would have the choice of catching their own trout fr
    13·2 answers
  • Wanda, Derek, and Mitchell formed B. Flowers, LLP three years ago. A year ago, Derek and Mitchell decided that the company was r
    5·1 answer
  • Natalie is busy establishing both divisions of her business (cookie classes and mixer sales) and completing her business degree.
    10·1 answer
  • The Aleutian Company uses departmental overhead rates. The Fabrication Department uses machine hours for an allocation base, and
    13·1 answer
  • A _____ tour is one in which a tour representative only meets with the tour travelers when they need to see him or her. Hybrid s
    10·2 answers
  • Atlas Company pays workers $500 for recommendations that result in a hiring. In two years, the company has hired at least forty
    9·1 answer
  • ADDDDDDDDDDDDDDDDDDDDDDDDDDDDD MEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE
    13·1 answer
  • The social security deduction is 6.2 percent of a person's salary up to a limit of 102k the medicare deduction ais up to 1.45 pe
    14·1 answer
  • Guys i want to get me and xugo this hat but ion which hats tho<br> plz help
    6·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!