Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. james corporation owns 80 percent of carl corporat

James Corporation owns 80 percent of Carl Corporations common stock. During October, Carl sold merchandise...

70.2K

Verified Solution

Question

Accounting

James Corporation owns 80 percent of Carl Corporations common stock. During October, Carl sold merchandise to James for $222,500. At December 31, 60 percent of this merchandise remains in Jamess inventory. Gross profit percentages were 10 percent for James and 20 percent for Carl. The amount of unrealized intra-entity profit in ending inventory at December 31 that should be eliminated in the consolidation process is

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A 67 year old man dies after a routine operation for hernia repair. He was an...

Medical Sciences
Q

How to transform x^2+xy+y^2+4x+2y=0 into the standard for of an ellipse and finding the vertices of...

Advance Math
Q

Blair & Rosen, Inc. (B&R) is a brokerage firm that specializes in investment portfolios designed to...

Advance Math
Q

Baden Company has gathered the following information. Units in beginning work in process 0 Units started...

Accounting
Q

Exercise 4 The graph below is one complete cycle of the graph of an equation...

Basic Math
Q

Let A={h, o, g), B = {f. I. y).Find Ax B and B x A.

Basic Math
Q

Determine the infinite limit.lim 10-x/ (x-9)x?9 ?-?

Calculus
Q

5 Solve ex 5e 6 0

Algebra
Q

Match the following expenses with the most accurate cost category on a contribution margin income...

Accounting
Q

A company uses the average cost retail method to estimate inventories. Data for the first...

Accounting
Q

Transaction Analysis and Trial Balance BC Back-Country Airlines, Inc., operates leased amphibious aircraft and docking...

Accounting
Q

From your readings in the chapter or other online research, comment on the concept of...

Accounting