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Elina [12.6K]
2 years ago
9

Patti Company owns 80% of the common stock of Shannon, Inc. In the current year, Patti reports sales of

Business
1 answer:
Nikitich [7]2 years ago
3 0

Answer:

$7,604,500

Explanation:

Total cost of goods sold:

= Cost of goods sold of Patti Company + Cost of goods sold of Shannon Inc.

= $7,500,000 + $160,000

= $7,660,000

Consolidated cost of goods sold:

= Total cost of goods sold - Intra-Entity sales added in cost of goods sold of Shannon Inc. + Unrealized profit on ending inventory eliminated by adjusting cost of goods sold

=  $7,660,000 - $60,000 + ($60,000 × 0.25) × 30%

= $7,660,000 - $60,000 + $4,500

= $7,604,500

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Answer:

Explanation:

                                    The Carla Boat Company

                                     Bank Reconciliation Statement

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Balance as per bank balance                                          $8,500

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Add:   Bank Charges                                                         $50

Add:  Returned Chq                                                           $700

Less:  Outstanding Chqs                                                  ($6,260)

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Less: transposition error on payment                             ($54)

Balance as per cash book                                                 $5,536

Journal entries for transactions:

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Being bank charges expenses for the month of Nov

2. Debit: Cash in bank                                           $54

    Credit: Account Payable                                   $54

Being transposition error on Check No 138

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   Credit: Bank Account                                           $700

Being NSF check returned

4. Debit: Bank Account                                           $3,880

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Being note receivable and accrued int

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What is a bank savings account?
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