Cedar Company had the following transactions with affiliated parties during 202 : - Sales of $100,000 to Davis Incorporated, with $20,000 gross profit. Davis had $15,000 of this inventory on hand at year-end. Cedar owns a 10 percent interest in Davis and does not exert significant influence. - Purchases of raw materials totaling $200,000 from Keith Corporation, a wholly owned subsidiary. Keith's gross profit on the sales was $50,000. Cedar had $60,000 of this inventory remaining on December 31,202. Before consolidation entries, Cedar had consolidated current assets of $340,000. What amount should Cedar report in its December 31,202, consolidated balance sheet for current assets? $330,000. $322,000. $325,000. $335,000
Other questions asked by students
Psychology
Mechanical Engineering
Accounting
Algebra
Accounting
Q
13-19 13-19 13-19 earned income exclusion and the exclusion for employer-provided foreign hos Ous...
Accounting
Accounting