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klemol [59]
3 years ago
15

Kylie Co. owns 67% of Jayzee Inc. On their 12/31/2017 pre-consolidation trial balances, Kylie reports $739,972 Liabilities and J

ayzee reports $1,601,119 Liabilities. Jayzee owes Kylie $207,709 on this date. What amount should be reported for Liabilities in Kylie's consolidated financial statements
Business
1 answer:
Studentka2010 [4]3 years ago
4 0

Answer:

the amount that should be reported for Liabilities in Kylie's consolidated financial statements is $2,187,382

Explanation:

The computation of the  amount that should be reported for Liabilities in Kylie's consolidated financial statements is shown below:

= $793,972 + $1,601,119 - $207,709

= $2,187,382

Hence, the amount that should be reported for Liabilities in Kylie's consolidated financial statements is $2,187,382

The same should be considered

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<em>Here's the remaining part of the question</em><em>:</em>

<em>Please analyze and place each item in the appropriate financial statement to which it belongs;</em>

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1. Balance Sheet: Note that this financial statement usually shows the asset and liabilities of the firm's account for a particular period of time. These items are found:

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