Selected information from the separate and consolidated balance sheets and income statements of Power Inc. and its subsidiary. Spin Company, as of December 31, 20X8, and for the year then ended is as follows: Power Spin Consolidated Balance Sheet Accounts. Accounts Receivable Inventory Investment in Spin Patents NCI in NA of Spin Stockholder's Equity Income Statement Accounts Revenues COGS Gross Profit Income from Spin Amortization of Patents $ $ $ $ $ $ $ $ 26,000 $ 30,000 $ 53,000 154,000 $ 200,000 $ 150,000 $ 50,000 $ 7,400 19,000 $ 25,000 $ $ 50,000 $ 39,000 52,000 20,000 14,000 154,000 140,000 $ 308,000 110,000 $ 231,000 30,000 $ 77,000 2,000 40,000 $ Net Income $ 33,000 $ 15,000 $ At December 31, 20X8, what was the amount of Spin's payable to Power for intercompany sales?
Selected information from the separate and consolidated balance sheets and income statements of Power Inc. and its subsidiary. Spin Company, as of December 31, 20X8, and for the year then ended is as follows: Power Spin Consolidated Balance Sheet Accounts. Accounts Receivable Inventory Investment in Spin Patents NCI in NA of Spin Stockholder's Equity Income Statement Accounts Revenues COGS Gross Profit Income from Spin Amortization of Patents $ $ $ $ $ $ $ $ 26,000 $ 30,000 $ 53,000 154,000 $ 200,000 $ 150,000 $ 50,000 $ 7,400 19,000 $ 25,000 $ $ 50,000 $ 39,000 52,000 20,000 14,000 154,000 140,000 $ 308,000 110,000 $ 231,000 30,000 $ 77,000 2,000 40,000 $ Net Income $ 33,000 $ 15,000 $ At December 31, 20X8, what was the amount of Spin's payable to Power for intercompany sales?
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 21BEA: The income statement, statement of retained earnings, and balance sheet for Somerville Company are...
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