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
Yakvenalex [24]
3 years ago
15

Peter Company acquired 75 percent of Sally Company on January 1, 2019 for $712,500. During 2019, Sally purchased inventory for $

35,000 and sold it to Peter for $50,000. Of this amount, Peter reported $20,000 in ending inventory in 2019 and later sold it in 2020. In 2020, Peter sold inventory it had purchased for $40,000 to Sally for $60,000. Sally sold $45,000 of this inventory in 2020. Required Prepare any necessary equity method entry(ies) on the books of Peter during 2019 made necessary by the above noted purchases of inventory.
Business
1 answer:
dezoksy [38]3 years ago
8 0

Answer:

Journal entry to eliminate Sale to Peter Company

Debit : Sales Revenue (Sally Company ) $50,000

Credit : Cost of Sales (Peter Company) $50,000

Explanation:

Peter Company and Sally Company are in a group and Peter Company is the Parent whilst Sally Company is the subsidiary.

For 2019 Eliminate an Intragroup Transactions that occur between Peter Company and Sally Company.

You might be interested in
An individual purchased a fixed annuity with flexible premiums. When she annuitized the policy, she chose the Life Income 10-Yea
Dvinal [7]

Answer:

The beneficiary should receive 6 more years of payment.

Explanation:

An annuity certain option guarantees that the insured or his/her beneficiaries will receive payments for a minimum period of time in case the insured dies.

In this question the certain option was 10 years, during the first 4 years the insured received his/her annuity payments, but once the insured passed away, his/her beneficiaries will continue to receive payments until the 10 year period ends (6 more years).

5 0
3 years ago
Purchasing power parity (PPP): a. almost never holds completely. b. is as commonly accepted as the law of demand. c. is a reason
Ahat [919]

Answer:

The correct answer is letter "D": represents the universality of exchange rate systems.

Explanation:

Purchasing Power Parity or PPP compares different countries' currencies through a market's basket of goods approach. Two currencies are in PPP when a market basket of goods, taking into account the exchange rate is priced the same in both countries. PPP currency rates are considered more accurate than market-exchange rates.

4 0
3 years ago
You are an RR at a firm and one of your customers calls you up and informs you that she wishes to exercise a long listed option
MAVERICK [17]

Answer:

The correct answer is:  The firm would present the order to the Options Clearing Corporation.

Explanation:

The Options Clearing Corporation or OCC works under the Securities and Exchange Commission (<em>SEC</em>) and acts as a guarantor and the issuer of options and futures contracts. The OCC is also in charge of clearing transactions for stock indexes, interest rate composites, and foreign currencies.

7 0
3 years ago
With an ATM checking account, you are typically charged a fee if you use teller services (walk-in or drive-through).
romanna [79]

<u>Answer: </u>

With an ATM checking account, you are typically charged a fee if you use teller services is a false statement.

<u>Explanation: </u>

  • The ATM facility has been rolled out in order to dispense convenience to the users of cashless transactions or of withdrawing cash whenever need.
  • This service is not charged as long as there are not any extra facilities demanded like that of international transactions.
  • Charging a fee for using an ATM would decrease the number of its users drastically.
5 0
3 years ago
Aggregation to qualify for a breakpoint is not available to: a a group of family members in the same household that aggregates i
kogti [31]

Aggregation to qualify for a breakpoint is not available to an investment club that purchases different mutual funds within the same fund family. This is further explained below.

<h3>What is the investment?</h3>

Generally, an item purchased or invested in with the purpose of increasing one's wealth and preserving one's financial resources from the hard-earned income or appreciation

In conclusion, An investing club that acquires mutual funds from the same fund family is not eligible for aggregation to qualify for a breakpoint.

Read more about investment

brainly.com/question/15105766

#SPJ1

5 0
2 years ago
Other questions:
  • Nicholas Manufacturing just announced yesterday that its fourth quarter earnings will be 10% higher than last year's fourth quar
    13·1 answer
  • What is not an example of money?
    11·1 answer
  • Boise Timber Co. computes its break-even point strictly on the basis of cash expenditures related to fixed costs. Its total fixe
    9·1 answer
  • The regular selling price of a computer desk is $329.99. The markdown rate is 40%. What is the sale price? $197.99
    13·1 answer
  • An increase in input costs in the production of electric automobiles caused the price of electric automobiles to rise. Holding e
    11·2 answers
  • Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $8. Merchandise transactions fo
    12·1 answer
  • Monsters Incorporated (MI) in ready to launch a new product. Depending upon the success of this product, MI will have a value of
    11·1 answer
  • Given Advanced Company's data, and the knowledge that the product is sold for $71 per unit and operating expenses are $300,000,
    9·1 answer
  • in preparing a statement of cash flows under the indirect method, an increase in accounts payable would be reported or included
    7·1 answer
  • The bond of Tuckpeck is 8¼ 14. The bond traded for a high of 93.25 and closed at 93. The current yield of the bond to the neares
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!