For Consolidation Purposes, What Amount Would Be Debited to January

question 41

Multiple Choice

For consolidation purposes, what amount would be debited to January 1 retained earnings for the 2019 consolidation worksheet entry with regard to the unrecognized intra-entity gross profit remaining in ending inventory with respect to the 2018 intra-entity transfer of merchandise?

• A) $3,000.
• B) $2,400.
• C) $1,000.
• D) $ 800.
• E) $ 900.

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Definitions:

Calvin Cycle

A series of biochemical redox reactions that take place in the stroma of chloroplasts in photosynthetic organisms.

Glycolysis

The process of breaking down glucose into pyruvate, yielding energy in the form of ATP, within cells under anaerobic or aerobic conditions.

Chemiosmosis

The movement of ions across a semipermeable membrane, down their concentration gradient, which is used to generate ATP in cells.

Membrane

A selective barrier that encloses the cell or organelles within a cell, controlling the movement of substances in and out.