Answers to Exam 3 Form S Summer I 2009

Answers to Exam 3 Form S Summer I 2009 - Accounting401...

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Accounting 401 Answers Exam 3 – Form S 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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For unrealized profit in ending inventories: 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:
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Answers to Exam 3 Form S Summer I 2009 - Accounting401...

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