Ask Question, Ask an Expert


Ask Accounting Basics Expert

Top Company holds 90 percent of Bottom Company's common stock. In the current year, Top reports sales of 990,000 and cost of goods sold of $544,500. For this same period, Bottom has sales of $490,000 and cost of goods sold of $294,000 . During the current year, Top sold merchandise to Bottom for $290,000 . The subsidiary still possesses 50 percent of this inventory at the current year-end. Top had established the transfer price based on its normal markup. What are the consolidated sales and cost of goods sold?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M946853

Have any Question? 

Related Questions in Accounting Basics

Exercise 1making special pricing decisionssuppose the

Exercise 1 Making special pricing decisions Suppose the Baseball Hall of Fame in Cooperstown, New York, has approached Hungry-Cardz with a special order. The Hall of Fame wishes to purchase 55,000 baseball card packs for ...

Assignment - review of current accounting issuestask -in

Assignment - Review of Current Accounting Issues Task - In your accounting career you will be required to analyse current accounting issues and communicate your theoretical understanding to your professional colleagues a ...

Essay objectivethe objective of this case study is to

Essay Objective: The objective of this case study is to understand Australian Conceptual Framework in accounting standard setting and in business practices. Discussions: You should select a company listed on the Australi ...

Health services resource management assignmentquestion 1 a

Health Services Resource Management Assignment Question 1: A hospital is expecting to have $25,000 cash in hand on 1st April 2015 and it requires you to prepare an estimate of cash position in respect of three months fro ...

Assignmentnbsp question 1consolidation of wholly owned

Assignment   Question 1 Consolidation of wholly owned subsidiary, pre-acquisition equity and BCVR entries for assets and liabilities Lisa Ltd acquired all the issued shares of Kam Ltd on 1 January 2016 for $88 000. At th ...

Assignment- fraud in the accounting information systemfor

Assignment- Fraud in the Accounting Information System For this assignment, research the Internet or Strayer databases to locate a firm that was involved in a fraud and / or embezzlement case. Explain how the firm's acco ...

How can confidential data and information such as the wages

How can confidential data and information (such as the wages of individual employees) be kept confidential and yet still be available to managers who need them?

Assignment ifrs and us gaap reportingon january 1 year 1

Assignment: IFRS and U.S. GAAP Reporting On January 1, Year 1, the Hoverman Corporation made amendments to its defined benefit pension plan, resulting in $150,000 of past service costs. The plan has 100 active employees ...

Assignment 1 - this assignment has 2 parts 1000 word theory

Assignment 1 - This assignment has 2 parts, 1000 word theory interpretation essay and a response to a practical application of the theory. The assignment must be typed, use Arial font, 12, to avoid plagiarism, make sure ...

Assignmentcarlton speciality plc is a small family owned

Assignment: Carlton Speciality PLC is a small family owned firm that manufactures custom made furniture and uses job costing system. The company does not have computerised system and thus maintains all accounting records ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate