Year-end inventory exceed the unrealized profits, Accounting Basics

+44 141 628 6080
[email protected]

Year-end inventory exceed the unrealized profits

Williard Corporation regularly sells inventory items to its subsidiary, Petty, Inc. If unrealized profits in Petty's 20X1 year-end inventory exceed the unrealized profits in its 20X2 year-end inventory, 20X2 combined

a. cost of sales will be less than consolidated cost of sales in 20X2.

b. gross profit will be greater than consolidated gross profit in 20X2.

c. sales will be less than consolidated sales in 20X2.

d. cost of sales will be greater than consolidated cost of sales in 20X2.

View Complete Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Year-end inventory exceed the unrealized profits

Reference No:- TGS066335

Expected delivery within 24 Hours

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Accounting Basics

Q : Accounted for in a consolidation worksheet

How should the sale between Lawler and Ritter be accounted for in a consolidation worksheet? Show worksheet entries to support your answer.

Q : One-input-one-output model

Describe the one-input, one-output model. Identify the endogenous and exogenous variables of the model.

Q : What was the operating income for that year

For last year, Wampum Enterprises reported revenues of $420,000, cost of goods sold of $108,000, cost of goods manufactured of $101,000, and total operating costs of $70,000. what was the Operating income for that year ?

Q : Economies of urbanization and economies of localization

Distinguish between economies of urbanization and economies of localization. Give examples of each.

Q : Year-end inventory exceed the unrealized profits

Q : Prepare stakeholder balance sheet

corporation sold 10,000 share of common stock, which has a par value of $25, for $27 per share. The company also sold 1,000 shares of 100 par value preferred stock for $110 , retained earnings is $100,000 prepare stakeholder balance sheet ?

Q : Determine optimal decision for search costs

Sam thinks 80 percent of the stores charge $300 for the VCR and 20 percent charge $200. Sam's optimal decision is to?

Q : Compute ending inventory at may 31 and cost of goods sold

Catlet Co. uses a periodic inventory system. Its records show the following for the month of May in which 65 units were sold. Compute the ending inventory at May 31 and cost of goods sold

Q : What gross profit as a result of these sales

Perry, Inc. owns a 90% interest in Brown Corp. During 20X6, Brown sold $100,000 in merchandise to Perry at a 30% gross profit. Ten percent of the goods are unsold by Perry at year end. The noncontrolling interest will receive what gross profit as

1924357

Questions
Asked

3,689

Active Tutors

1451593

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Year-end inventory exceed the unrealized profits

Reference No:- TGS066335

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Accounted for in a consolidation worksheet

Q : One-input-one-output model

Q : What was the operating income for that year

Q : Economies of urbanization and economies of localization

Q : Year-end inventory exceed the unrealized profits

Q : Prepare stakeholder balance sheet

Q : Determine optimal decision for search costs

Q : Compute ending inventory at may 31 and cost of goods sold

Q : What gross profit as a result of these sales

How teenagers in an impoverished urban area spend their time

Problem regarding the america youth and social media

Is lifespan psychologists are unlikely to investigate

Identify one antecedent, one behaviour, and one consequence

Identify a true statement about validity

Problem concerning consensual sexual relationship

Discussion about gender stereotyping

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Year-end inventory exceed the unrealized profits

Reference No:- TGS066335

Recent Questions Asked Accounting Basics

Q : Accounted for in a consolidation worksheet

Q : One-input-one-output model

Q : What was the operating income for that year

Q : Economies of urbanization and economies of localization

Q : Year-end inventory exceed the unrealized profits

Q : Prepare stakeholder balance sheet

Q : Determine optimal decision for search costs

Q : Compute ending inventory at may 31 and cost of goods sold

Q : What gross profit as a result of these sales

Asked Questions