Answers to Exam 3 Form R Summer I 2009

Answers to Exam 3 Form R Summer I 2009 - Accounting 401...

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Accounting 401 Answers Exam 3 – Form R Summer I 2009 Part I – Multiple Choice 1. b 2. a 3. e 4. c 5. e 6. b 7. b 8. c 9. c 10.b 11.a 12.b 13.b Part 2 1. Consolidated Elimination Entries: For unrealized profit in the beginning inventories of purchasing affiliates: Retained earnings 80,000 Cost of goods sold 80,000 Investment in S 144,000 Cost of goods sold 144,000 Above two entries could be reduced to a single entry if desired. For intercompany sales: Sales 3,000,000 Cost of goods sold 3,000,000
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Cost of goods sold 282,000 Inventory 282,000 $42,000 + 240,000 For intercompany land sale: Investment in S 150,000 Gain on sale of land 150,000 For intercompany depreciable asset sale: Retained earnings 36,000 Accumulated depreciation 24,000 Equipment 60,000 Accumulated depreciation 12,000 Depreciation expense 12,000 Equipment 20,000 Accumulated depreciation 20,000 2. Equity Method Entries Investment in S 64,000 Equity in S earnings 64,000 Investment in S
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This note was uploaded on 03/09/2012 for the course ACCT 401 taught by Professor Staff during the Summer '08 term at Texas A&M.

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Answers to Exam 3 Form R Summer I 2009 - Accounting 401...

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