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
Trying new things on the job is one way of keeping Young
SCORPION-xisa [38]
Interesting...............
7 0
3 years ago
Outlines are effective because they
storchak [24]
An outline<span> is like a map showing the best path. ... wants to present -- arranged in the order the writer thinks will be most </span>effective<span>. ... Then they write the </span>outline<span>, to see if one paragraph leads smoothly to the next, or if they've left something out. .... They are useful </span>because they<span>: help the writer organize their thoughts before ... your answer is in this paragraph </span>
8 0
4 years ago
Read 2 more answers
Which of the following describes one of the ways that the demographics of an area affect the price of housing in that area?
jeka94

Answer:

An area with younger people will have a higher demand for rentals and a lower demand for buying.

7 0
3 years ago
Read 2 more answers
An effective Financial Management Process is dependent on a number of factors. Crucial is the establishment of a sound system of
Margaret [11]

Answer:

<u><em>Internal control area</em></u>: it is responsible to stablish monitoring process in all the areas of the organization that prevent unlawful practices that are not in compliance with the regulations, laws or any external norm applicable to the company.

<u><em>Key areas:</em></u>  below find 3 areas as subjects important to control and 3 areas as departments within the company

  • prevention of reputational risk, prevention of credit risk, prevention of operational risk.
  • Internal audit area, Compliance area, Legal area.

<u><em>Key controls:</em></u>

  1. dual controls in the manufacturing of products prevent operational errors
  2. due dilligences of the commercial area regarding the customers that stablish a relationship with the company
  3. setting manuals that contain how the procedures must be done.
8 0
3 years ago
XYZ​ firm, the leading producer of leather goods in its country is planning to expand its business. Industry experts identify As
melisa1 [442]

The correct answer would be option D, India has high import tariffs.

Mark feels that Darren is too optimistic and that this venture may not turn out to be as profitable as Darren expects it to be. Darren's view is based on the assumption that India has high import tariffs.

Explanation:

When companies import or export products in or out of the country, they are usually charged with a duty which they have to pay on the import or export of the products. This is called as the Tariff.

While considering the export of a product to another country, the import tariffs of that other country has a pretty much impact on the profits of that company's Sales. Higher the tariffs, lower the profits and vice versa.

So when Mark wanted to export his product to India, Darren was with the view that India has high import tariffs which will restrict them to have huge profits of exporting their product.

Learn more about import export tariffs at:

brainly.com/question/6869228

#LearnWithBrainly

7 0
4 years ago
Other questions:
  • Which statement is correct?
    14·1 answer
  • What is the compound interest on a three-year, $100.00 loan at a 10 percent annual interest rate?
    7·2 answers
  • Hall Corporation reported the following operating results for two consecutive years.
    10·1 answer
  • Everyone uses money, and it is important to understand what factors affect the cost of money. Consider the following scenario: A
    6·1 answer
  • Bledsoe Company received $17,000 cash from the issue of stock on January 1, Year 1. During Year 1, Bledsoe earned $8,500 of reve
    14·1 answer
  • Variable overhead is applied based on direct labor hours. The variable overhead rate is $220 per direct-labor hour. The fixed ov
    14·1 answer
  • Fix-It Co. wishes to maintain a growth rate of 9.89 percent a year, a constant debt-equity ratio of .42, and a dividend payout r
    11·1 answer
  • Find the effective rate of interest to the nearest hundredth percent if $60.94 is earned in one year on a deposit of
    6·1 answer
  • 1. How we can measure uncertainty in the environment?
    11·1 answer
  • A person that studies how economic theories such as capitalism, socialism, and
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!