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Use the Following Information to Answer the Question(s) Below

question 22

Multiple Choice

Use the following information to answer the question(s) below.

Paggle Corporation owns 80% of Spillway Inc.'s common stock that was purchased at its underlying book value. At the time of purchase, the book value and fair value of Spillway's net assets were equal. The two companies report the following information for 2014 and 2015.

During 2014, one company sold inventory to the other company for $50,000 which cost the transferor $40,000. As of the end of 2014, 30% of the inventory was unsold. In 2015, the remaining inventory was resold outside the consolidated entity.

-If the intercompany sale was an upstream sale,the total amount of consolidated cost of goods sold for 2015 will be

Ability to prepare journal entries for petty cash transactions including fund establishment, replenishment, and adjustment.

Understand how various transactions affect the bank reconciliation process including adjustments to both bank and book balances.

Identify the most common types of skin cancer and their characteristics.

Understand the structure and functions of the skin, including layers and cells.

Definitions:

Business Decision

A choice made by a business in pursuit of its objectives, often involving resource allocation.

Material

The raw inputs or supplies used in the manufacturing of goods or products.

Investor

An individual or entity that allocates capital with the expectation of receiving financial returns.

Creditor

An individual or institution that lends money or extends credit to another party.