Patti Corp. has several subsidiaries (Aeta, Beta, and Gaeta) that are included in its consolidated financial statements. In its 12/31/X1 separate balance sheet, Patti had the following intercompany balances before eliminations: In its 12/31/X1 consolidated balance sheet, what amount should Patti report as intercompany receivables?
A) $166,000
B) $51,000
C) $26,000
D) $0

Question

Patti Corp. has several subsidiaries (Aeta, Beta, and Gaeta) that are included in its consolidated financial statements. In its 12/31/X1 separate balance sheet, Patti had the following intercompany balances before eliminations:  In its 12/31/X1 consolidated balance sheet, what amount should Patti report as intercompany receivables?
A) $166,000 
B) $51,000 
C) $26,000 
D) $0

Quizplus · Accepted Answer

The Answer of Patti Corp. has several subsidiaries (Aeta, Beta, and Gaeta) that are included in its consolidated financial statements. In its 12/31/X1 separate balance sheet, Patti had the following intercompany balances before eliminations:  In its 12/31/X1 consolidated balance sheet, what amount should Patti report as intercompany receivables?
A) $166,000 
B) $51,000 
C) $26,000 
D) $0