Just hte answers please Early Company owns 100 percent of the outstanding shares
ID: 2512607 • Letter: J
Question
Just hte answers please
Early Company owns 100 percent of the outstanding shares of Late. During the current year, Early sold inventory costing S90,000 to Late for $100,000. Although this inventory has now been sold to an outside party, Late has not repaid Early. At the balance sheet date, Early has total current assets of S800,000 whereas Late has total current assets of $500,000 Assume that there were no allocations established at the date of acquisition. What is the total amount reported on the consolidated balance sheet for current assets? Question 11 options A) $1,190,000 B) $1,200,000 C) $1,210,000 D) $1,300,000 Question 12 (10 points) ent of the outstanding shares of Junior. During the current Senior Company owns 100 perc year, Senior sold inventory costing S90,000 to Junior for S100,000. Junior has resold all of this merchandise to outside parties by the last day of the year. For the year, Senior reported cost of goods sold of $600,000 and Junior reported cost of goods sold of S500,000 What is the total amount reported on the consolidated income statement for cost of goods sold? Question 12 options $1,000,000 $1,010,000 $1,090,000 $1,100,000Explanation / Answer
Answer 11:- Option C I.e, $12,10,000.
Answer 12:- Option B I.e, $10,10,000.
The above answers are provided , keeping in view that any expense of the subsidiary company which is the revenue of the parent company is not considered since the net impact will be nil.
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