If a Parent Company and Its Subsidiary Have Accounts Receivable

question 93

Multiple Choice

If a parent company and its subsidiary have accounts receivable from mutually exclusive external sources in the amounts of $35,000 and $20,000,respectively,the consolidated balance sheet for the parent and its subsidiary will show:

• A) one accounts receivable balance of $55,000
• B) only the parent's accounts receivable balance
• C) net accounts receivable of $15,000
• D) both amounts, but it will list them in two separate accounts

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Definitions:

Bonds Payable

A long-term debt instrument issued by a company to investors, representing the amount it is obligated to pay back with interest.

Fair Value

A market-based measurement that reflects the amount for which an asset could be exchanged or a liability settled between knowledgeable, willing parties.

Pre-Tax Profit

The profit earned by a business before any tax is deducted.

Intercompany Sales

Transactions of goods or services between divisions or subsidiaries within the same parent company.