Patti Corp

question 9

Multiple Choice

Patti Corp. has several subsidiaries (Aeta, Beta, and Gaeta) that are included in its consolidated financial statements. In its 12/31/X1 separate balance sheet, Patti had the following intercompany balances before eliminations: In its 12/31/X1 consolidated balance sheet, what amount should Patti report as intercompany receivables?

• A) $166,000
• B) $51,000
• C) $26,000
• D) $0

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Definitions:

Sports

Competitive physical activities or games which, through casual or organized participation, aim to improve physical ability and skills while providing enjoyment to participants.

Joy

A feeling of great pleasure and happiness.

Depression

A common and serious mood disorder marked by persistent sadness, loss of interest in activities, and a range of physical and cognitive symptoms.

Ordinary Sadness

Normal feelings of unhappiness or sorrow that are typically transient and a natural response to life's disappointments or losses.