8153 Preparing a consolidated income statement Obj. 4 For the year ended December 31, 2012, the operating results of Paley Corporation and its wholly owned slidiary, Sims Enterprises, are as follow expense Puy Corporation 1.300.00 1.300.000 550.000 54500 150.000 01.25.000 225.000 15.000 During 2012, Si Enterprises sold and received payment of $80,000 for merchandise that was purchased by Paley Corporation. The merchandise sold to Paley cost Sims Enterprises $45,000 Paley Corporation sold the mechandise to another (nonaffidated) company for $110.000 Prepare a constated income statement for Paley Corporation and Solidary. Hist the effect of the intercompany sale Assume that as of December 31, 2012, Paley Corporation had not sold the merchan dine purchased from Sins Enterprises. How would this affect the preparation of the consoli dated financial stat Asume that $15,000 of the interest revenue that Paley Corporation reported on its statement was from a note payable from Sims Enterprises Sans paid the note payable
8153 Preparing a consolidated income statement Obj. 4 For the year ended December 31, 2012, the operating results of Paley Corporation and its wholly owned slidiary, Sims Enterprises, are as follow expense Puy Corporation 1.300.00 1.300.000 550.000 54500 150.000 01.25.000 225.000 15.000 During 2012, Si Enterprises sold and received payment of $80,000 for merchandise that was purchased by Paley Corporation. The merchandise sold to Paley cost Sims Enterprises $45,000 Paley Corporation sold the mechandise to another (nonaffidated) company for $110.000 Prepare a constated income statement for Paley Corporation and Solidary. Hist the effect of the intercompany sale Assume that as of December 31, 2012, Paley Corporation had not sold the merchan dine purchased from Sins Enterprises. How would this affect the preparation of the consoli dated financial stat Asume that $15,000 of the interest revenue that Paley Corporation reported on its statement was from a note payable from Sims Enterprises Sans paid the note payable
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter14: Intercorporate Investments In Common Stock
Section: Chapter Questions
Problem 27P
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