Coll Company (The Parent Company)manufactured a Product at a Cost
Coll Company (the parent company)manufactured a product at a cost of $150 and sold it to Obman Company,a subsidiary of Coll,for $200.Obman Company sold the product to its customer for $284.As a result of these transactions,how much gross profit will appear on a consolidated income statement?
Ensley Company and Bac Company have separate incomes of $140,000 and $240,000,respectively.They had intercompany purchases and sales of $40,000 and intercompany interest of $2,000.Consolidated net income is
A short-term investment in a U.S.Treasury bill costs $24,400 and will mature six months later at $25,000.Management intends to hold the investment until it matures.The entry to record the initial investment is:
A short-term investment in a U.S.Treasury bill costs $24,200 and will mature in six months at $25,000.Management intends to hold the investment until it matures.The entry to record receipt of cash at maturity is: (No prior entries were made to recognize revenue.)