Homework for intra-entity transactions. Part I Paula Corporation owns all of the voting common stock of...
Homework for intra-entity transactions.
Part I
Paula Corporation owns all of the voting common stock of Sally Company. Sally manufactures toys and sells them to Paula. In turn, Paula sells them to customers. Neither of these companies do anything else. At the beginning of 2012 neither company had any inventory. During 2012 Sally manufactured 120,000 toys and sold 100,000 of them to Paula for $10 each and Paula sold 90,000 of these toys to customers for $16 each. These toys had cost Sally only $7 each to produce. During 2013 Sally manufactured 115,000 toys and sold 98,000 to Paula for $10 each. Paula sold 100,000 toys to customers during 2013 for $16 each. (The manufacturing cost for Sally was still $7 per toy.) Please determine each of the following:
A. Total Consolidated Sales Revenue for 2013
B. Total Consolidated Cost of Goods Sold for 2013
C. Consolidated Ending Inventory for December 31, 2013
During 2014 Sally produced 200,000 toys at a cost of $7 each. Paula produced 30,000 books at a cost of $12 each. Sally sold 120,000 toys to Paula for $10 each and 50,000 toys to customers for $15 each. Paula sold 110,000 of the toys to customers for $16 each and 20,000 books to customers for $20 each. Please determine each of the following:
A. Total Consolidated Sales Revenue for 2014
B. Total Consolidated Cost of Goods Sold for 2014
C. Consolidated Ending Inventory for December 31, 2014
Part II
t the beginning of 2014 Peri Co. created a wholly owned subsidiary, Speri Co., to handle the marketing and sales of its products. During 2014 Peri manufactured goods for a total cost of $1,000,000. It sold 80% of these items to Speri for $1,200,000. Speri sold 75% of what it purchased from Peri to customers for $1,500,000. (Peri only sold to Speri and Speri only purchased from Peri.) In the 2014 annual consolidated financial statements for Peri and Speri, what should be reported for each of the following:
A. Total Consolidated Sales Revenue for 2014
B. Total Consolidated Cost of Goods Sold for 2014
C. Consolidated Ending Inventory for December 31, 2014
Homework Answers
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Homework for intra-entity transactions.
Part I
Paula Corporation owns all of the voting common stock of...
Peel Company owns 90% of the common stock of Seacore Company. Seacore Company sells merchandise to...
Peel Company owns 90% of the common stock of Seacore Company. Seacore Company sells merchandise to Peel Company at 20% above cost. During 2014 and 2015, such sales amounted to $451,400 and $482,600, respectively. At the end of each year, Peel Company had in its inventory one-fourth of the goods purchased from Seacore Company during that year. Peel Company reported $309,400 in net income from its independent operations in 2014 and 2015. Seacore Company reported net income of $117,600 in...
Peel Company owns 90% of the common stock of Seacore Company. Seacore Company sells merchandise to...
Peel Company owns 90% of the common stock of Seacore Company.
Seacore Company sells merchandise to Peel Company at 20% above
cost. During 2014 and 2015, such sales amounted to $451,400 and
$482,600, respectively. At the end of each year, Peel Company had
in its inventory one-fourth of the goods purchased from Seacore
Company during that year.
Peel Company reported $309,400 in net income from its independent
operations in 2014 and 2015. Seacore Company reported net income of
$117,600 in...
On January 1, 2018, Pride, Inc. acquired 80% ofthe outstanding voting common stock of Strong Corp....
On January 1, 2018, Pride, Inc. acquired 80% ofthe outstanding voting common stock of Strong Corp. for $364,000. There is no active market for Stongs stock. Ofthis payment, $28,000 was allocated to equipment (with a five-year life) that had been undervalued on Stones books by $35,000. Any remaining excess was attributable to goodwill, which has not been impaired. As of December 31, 2018, before preparing the consolidated worksheet, the financial statements appeared as follows: Pride Inc Strong Corp Revenues $...
Exercise 13-7 Dorsey Corporation purchased 90% of the common stock of Lansing Company on January 1,...
Exercise 13-7
Dorsey Corporation purchased 90% of the common stock of Lansing
Company on January 1, 2008. The cost of the investment was equal to
the book value interest acquired. Lansing Company operates two
retail stores and an exporting business in London that specializes
in buying and selling British tweeds. The subsidiary provided the
following financial statements in pounds to the parent company:
LANSING COMPANY
Consolidated Income and Retained Earnings Statement
for the Year Ended December 31, 2014
Sales
2,730,000...
Part B Calculating Gross Profit and Inventory Turnover The following table presents sales revenue, cost of...
Part B
Calculating Gross Profit and Inventory Turnover The following table presents sales revenue, cost of goods sold, and inventory amounts for three computer/electronics companies, Samsung Electronics Co., Hewlett-Packard Company, and Apple Inc. Fiscal year ending Dec. 31, 2013 228,692,667 $ millions Samsung Electronics Co. Ltd.(S. Korean won) Dec. 31, 2014 Dec. 31, 2012 Revenues Cost of goods sold Inventory 206,205,987 201,103,613 28,278,800 137,696,309 126,651,93 7,317,504 19,134,868 17,747,413 Oct. 31, 2014 oct. 31, 2013 Oct. 31, 2012 77,887 59,468 6,317...
2. Allen Co. held 80% of the common stock of Brewer Inc. and 40% of this...
2. Allen Co. held 80% of the common stock of Brewer Inc. and 40% of this subsidiary's convertible bonds. The following consolidated financial statements were for 2012 and 2013. Revenues Cost of goods sold Depreciation and amortization Gain on sale of building Interest expense Non-controlling interest Net income to controlling interest 2012 2013 $ 1,064,000 $1,232,000 (714,000 (756,000) 126,000) 140,000) -0- 28.000 42.000 42.000 $ 12.600 $ 15.400 $ 169,400 $ 306,600 $ Retained earnings, January 1 Net income (from...
2. Allen Co. held 80% of the common stock of Brewer Inc. and 40% of this...
2. Allen Co. held 80% of the common stock of Brewer Inc. and 40% of this subsidiary's convertible bonds. The following consolidated financial statements were for 2012 and 2013. 2012 $ 1,064.000 (714,000) ( 126,000) Revenues Cost of goods sold Depreciation and amortization Gain on sale of building Interest expense Non-controlling interest Net income to controlling interest 2013 $ 1,232.000 (756,000) (140,000) 28.000 ( 42.000) $ 15,400 $ 306,600 $ $ 42.000) 12.600 169,400 $ Retained earnings, January 1 Net...
During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit...
During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 59 $ 51 $ 3,009 Apr. 7 Purchase 139 53 7,367 Jul. 16 Purchase 209 56 11,704 Oct. 6 Purchase 119 57 6,783 526 $ 28,863 For the entire year, the company sells 445 units of inventory for $69 each. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Using LIFO, calculate...
Calculating Gross Profit and Inventory Turnover The following table presents sales revenue, cost of goods sold,...
Calculating Gross Profit and Inventory Turnover The following table presents sales revenue, cost of goods sold, and inventory amounts for three computer/electronics companies, Samsung Electronics Co., Hewlett- Packard Company, and Apple Inc. Smilliens Fiscal year ending Samsung Electronics Co. Ltd. S. Korean Won Dec 31, 2014 Dec 31, 2013 Dec 31, 2012 Revenues 206,205,987 228,602,667 201,103,613 Cost of goods sold 128.273,800 137,696,309 126,651,931 Inventory 17,317.504 19.134.868 17,747,413 Hewlett-Packard Company (US dollar) Oct. 31, 2014 Oct. 31, 2013 Oct. 31, 2012...
PR 18.4A Manufacturing income statement, statement of cost of goods manufactured Several items are omitted from...
PR 18.4A Manufacturing income statement, statement of cost of goods manufactured Several items are omitted from each of the following income statement and cost of goods manufactured statement data for the month of December 2012: Tom Company $ 187,200 Jerry Company $ 118,000 120,000 228,000 (b) 120,000 690,000 985,000 295,000 Materials inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred during December Total manufacturing costs...
Peel Company owns 90% of the common stock of Seacore Company. Seacore Company sells merchandise to Peel Company at 20% above cost. During 2014 and 2015, such sales amounted to $451,400 and $482,600, respectively. At the end of each year, Peel Company had in its inventory one-fourth of the goods purchased from Seacore Company during that year. Peel Company reported $309,400 in net income from its independent operations in 2014 and 2015. Seacore Company reported net income of $117,600 in...
Peel Company owns 90% of the common stock of Seacore Company.
Seacore Company sells merchandise to Peel Company at 20% above
cost. During 2014 and 2015, such sales amounted to $451,400 and
$482,600, respectively. At the end of each year, Peel Company had
in its inventory one-fourth of the goods purchased from Seacore
Company during that year.
Peel Company reported $309,400 in net income from its independent
operations in 2014 and 2015. Seacore Company reported net income of
$117,600 in...
Exercise 13-7
Dorsey Corporation purchased 90% of the common stock of Lansing
Company on January 1, 2008. The cost of the investment was equal to
the book value interest acquired. Lansing Company operates two
retail stores and an exporting business in London that specializes
in buying and selling British tweeds. The subsidiary provided the
following financial statements in pounds to the parent company:
LANSING COMPANY
Consolidated Income and Retained Earnings Statement
for the Year Ended December 31, 2014
Sales
2,730,000...
Part B
Calculating Gross Profit and Inventory Turnover The following table presents sales revenue, cost of goods sold, and inventory amounts for three computer/electronics companies, Samsung Electronics Co., Hewlett-Packard Company, and Apple Inc. Fiscal year ending Dec. 31, 2013 228,692,667 $ millions Samsung Electronics Co. Ltd.(S. Korean won) Dec. 31, 2014 Dec. 31, 2012 Revenues Cost of goods sold Inventory 206,205,987 201,103,613 28,278,800 137,696,309 126,651,93 7,317,504 19,134,868 17,747,413 Oct. 31, 2014 oct. 31, 2013 Oct. 31, 2012 77,887 59,468 6,317...
2. Allen Co. held 80% of the common stock of Brewer Inc. and 40% of this subsidiary's convertible bonds. The following consolidated financial statements were for 2012 and 2013. Revenues Cost of goods sold Depreciation and amortization Gain on sale of building Interest expense Non-controlling interest Net income to controlling interest 2012 2013 $ 1,064,000 $1,232,000 (714,000 (756,000) 126,000) 140,000) -0- 28.000 42.000 42.000 $ 12.600 $ 15.400 $ 169,400 $ 306,600 $ Retained earnings, January 1 Net income (from...
2. Allen Co. held 80% of the common stock of Brewer Inc. and 40% of this subsidiary's convertible bonds. The following consolidated financial statements were for 2012 and 2013. 2012 $ 1,064.000 (714,000) ( 126,000) Revenues Cost of goods sold Depreciation and amortization Gain on sale of building Interest expense Non-controlling interest Net income to controlling interest 2013 $ 1,232.000 (756,000) (140,000) 28.000 ( 42.000) $ 15,400 $ 306,600 $ $ 42.000) 12.600 169,400 $ Retained earnings, January 1 Net...
Calculating Gross Profit and Inventory Turnover The following table presents sales revenue, cost of goods sold, and inventory amounts for three computer/electronics companies, Samsung Electronics Co., Hewlett- Packard Company, and Apple Inc. Smilliens Fiscal year ending Samsung Electronics Co. Ltd. S. Korean Won Dec 31, 2014 Dec 31, 2013 Dec 31, 2012 Revenues 206,205,987 228,602,667 201,103,613 Cost of goods sold 128.273,800 137,696,309 126,651,931 Inventory 17,317.504 19.134.868 17,747,413 Hewlett-Packard Company (US dollar) Oct. 31, 2014 Oct. 31, 2013 Oct. 31, 2012...
PR 18.4A Manufacturing income statement, statement of cost of goods manufactured Several items are omitted from each of the following income statement and cost of goods manufactured statement data for the month of December 2012: Tom Company $ 187,200 Jerry Company $ 118,000 120,000 228,000 (b) 120,000 690,000 985,000 295,000 Materials inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred during December Total manufacturing costs...
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