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\nVisit Below Link, To Download This Course:\n\nhttps://www.tutorialsservice.net/product/acct-405-week-5-homework-latest/\nOr \nEmail us on\nSUPPORT@TUTORIALSSERVICE.NET\nACCT 405 Week 5 Homework Latest\nACCT405\nACCT 405 Week 5 Homework Latest\nChapter 5: Problems: 1, 2, 3, 9, and 16\nChapter 6: No assigned problems\n1. What is the primary reason we defer financial statement recognition of gross profits on intra-entity sales for goods that remain within the consolidated entity at year-end?\n

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acct 405 week 5 homework latest

ACCT 405 WEEK 5 HOMEWORK LATEST

Visit Below Link, To Download This Course:

https://www.tutorialsservice.net/product/acct-405-week-5-homework-latest/

Or

Email us on

SUPPORT@TUTORIALSSERVICE.NET

ACCT 405 Week 5 Homework Latest

ACCT405

ACCT 405 Week 5 Homework Latest

Chapter 5: Problems: 1, 2, 3, 9, and 16

Chapter 6: No assigned problems

1. What is the primary reason we defer financial statement recognition of gross profits on intra-entity sales

for goods that remain within the consolidated entity at year-end?

2.King Corporation owns 80 percent of Lee Corporation’s common stock. During October, Lee sold

merchandise to King for $100,000. At December 31, 50 percent of this merchandise remains in King’s

inventory. Gross profit percentages were 30 percent for King and 40 percent for Lee. The amount of

unrealized intra-entity profit in ending inventory at December 31 that should be eliminated in the

consolidation process is

3.In computing the noncontrolling interest’s share of consolidated net income, how should the

subsidiary’s net income be adjusted for intra-entity transfers?

9. Wallton Corporation owns 70 percent of the outstanding stock of Hastings, Incorporated. On January 1,

2011, Wallton acquired a building with a 10-year life for $300,000. Wallton anticipated no salvage value,

and the building was to be depreciated on the straight-line basis. On January 1, 2013, Wallton sold this

building to Hastings for $280,000. At that time, the building had a remaining life of eight years but still no

expected salvage value. In preparing financial statements for 2013, how does this transfer affect the

computation of consolidated net income?

16 following are several figures reported

16. Following are several figures reported for Preston and Sanchez as of December 31, 2013:

Preston acquired 70 percent of Sanchez in January 2012. In allocating the newly acquired subsidiary’s

fair value at the acquisition date, Preston noted that Sanchez had developed a customer list worth

$65,000 that was unrecorded on its accounting records and had a five-year remaining life. Any remaining

excess fair value over Sanchez’s book value was attributed to goodwill. During 2013, Sanchez sells

inventory costing $120,000 to Preston for $160,000. Of this amount, 20 percent remains unsold in

Preston’s warehouse at year-end. For Preston’s consolidated reports, determine the following amounts to

be reported for the current year.

Inventory

Sales

Cost of Goods Sold

Operating Expenses

Noncontrolling Interest in the Subsidiary’s Net Income

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