DEF Company has several subsidiaries that are included in its consolidated financial statements. In its December 31, year 1 trial balance. DEF had the following intercompany balances before eliminations: In its December 31, year 1 consolidated balance sheet, what amount should DEF report as intercompany receivables? Dr Cr Current Receivable Due from Main Co. 32,000 Noncurrent Receivable from Main Co. 114,000 Cash Advance to Kong Corp. 6,000 Cash advance from King Com 15,000 Intercompany Payable to King Co. 101,000
DEF Company has several subsidiaries that are included in its consolidated financial statements. In its December 31, year 1 trial balance. DEF had the following intercompany balances before eliminations: In its December 31, year 1 consolidated balance sheet, what amount should DEF report as intercompany receivables? Dr Cr Current Receivable Due from Main Co. 32,000 Noncurrent Receivable from Main Co. 114,000 Cash Advance to Kong Corp. 6,000 Cash advance from King Com 15,000 Intercompany Payable to King Co. 101,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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DEF Company has several subsidiaries that are included in its consolidated financial statements. In its December 31, year 1
| Dr | Cr | |
| Current Receivable Due from Main Co. | 32,000 | |
| Noncurrent Receivable from Main Co. | 114,000 | |
| Cash Advance to Kong Corp. | 6,000 | |
| Cash advance from King Com | 15,000 | |
| Intercompany Payable to King Co. | 101,000 |
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