Selected information from the separate and consolidated balance sheets and income statements of Pare, Inc. and its subsidiary, Shel Co. as of December 31, 2020, and for the year ended is as follows:
Homework Answers
Q2-3. The correct answer is 'b', that is $12,000. The same has been calculated as follows -
Pare- Inventory $60,000
Shel- Inventory 50,000
$110,000
Consolidated- Inventory 98,000
Unrealized Intercompany profit eliminated $12,000
Answer 2 - The correct answer is "c", that is $500,000. The same has been calculated as follows-
Unadjusted Cost of Sales :
Parker $400,000
Smith 350,000
$750,000
Adjustment for interco sales 250,000
Adjusted cost of sales $500,000
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Selected information from the separate and consolidated balance sheets and income statements of Pare, Inc. and its subsidiary, Shel Co. as of December 31, 2020, and for the year ended is as follows:
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Selected information taken from the financial statements of Verbeke Co. for the year ended December 31, 2019, follows: $414,000 80, 000 106,000 52,000 62,000 746,000 75,000 103,000 81,000 43,000 Gross profit General and administrative expenses Net cash used by investing activities Dividends paid Interest expense Net sales Advertising expense Accounts payable Income tax expense Other selling expenses Required: a. Calculate income from operations (operating income) for the year ended December 31, 2019. Income from operations b. Calculate net income for...
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Selected information taken trom the financial statements of Verbeke Co. for the year ended December 31, 2019, follows: Gross profit General and administrative expenses Net cash used by investing activities Dividends paid Interest expense $412,000 82,000 106,000 54,000 64,000 745,000 76,000 101,000 Net sales Advertising expense Accounts payable Income tax expense Other selling expenses 82,000 40,000 Required: a. Calculate income from operations (operating income) for the year ended December 31, 2019. Income from operations b. Calculate net income for the...
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