Bird Corporation has several subsidiaries that are included in its consolidated financial statements and several other investments in corporations that are not consolidated. In its year-end trial balance, the following intercompany balances appear. Ostrich Corporation is the unconsolidated company; the rest are consolidated. What amount should Bird report as intercompany receivables on its consolidated balance sheet?
A) $0
B) $10,000
C) $30,000
D) $63,000

Question

Bird Corporation has several subsidiaries that are included in its consolidated financial statements and several other investments in corporations that are not consolidated. In its year-end trial balance, the following intercompany balances appear. Ostrich Corporation is the unconsolidated company; the rest are consolidated.  What amount should Bird report as intercompany receivables on its consolidated balance sheet?
A) $0 
B) $10,000 
C) $30,000 
D) $63,000

Quizplus · Accepted Answer

The Answer of Bird Corporation has several subsidiaries that are included in its consolidated financial statements and several other investments in corporations that are not consolidated. In its year-end trial balance, the following intercompany balances appear. Ostrich Corporation is the unconsolidated company; the rest are consolidated.  What amount should Bird report as intercompany receivables on its consolidated balance sheet?
A) $0 
B) $10,000 
C) $30,000 
D) $63,000

Bird Corporation Has Several Subsidiaries That Are Included in Its