ACCTG505 College of William & Mary Intercompany Sale of Inventory Worksheet
Please show all calculations/excel formulas in sheet
| Intercompany sale of inventory |
| Big owns 70% of Little Co. |
| Starting in 2020, Little routinely sells inventory to Big for subsequent resale. |
| The following information applies to the sales of inventory from Little to Big over a number of years: |
| 2020 Sales |
| Sales price |
| Cost |
| Percentage resold in 2020 |
| Percentage resold in 2021 |
| Percentage resold in 2022 |
| 2021 sales |
| Sales price |
| Cost |
| Percentage resold in 2021 |
| Percentage resold in 2022 |
| There were no additional intercompany sales in 2022! |
| Required: Assume Big uses the partial equity method |
| Prepare elimination entries RELATED TO THESE INTERCOMPANY SALES for 2020, 2021, and 2022 |
| Assuming Little reported earnings of $100,000 each year, what would be the income to the NC Interest in each of the 3 years? |
Do you need a similar assignment done for you from scratch? We have qualified writers to help you. We assure you an A+ quality paper that is free from plagiarism. Order now for an Amazing Discount!
Use Discount Code "Newclient" for a 15% Discount!
NB: We do not resell papers. Upon ordering, we do an original paper exclusively for you.
