In the Consolidation Worksheet for 2018, Which of the Following

question 69

Multiple Choice

In the consolidation worksheet for 2018, which of the following accounts would be credited to eliminate unrecognized intra-entity gross profit with regard to the 2017 intra-entity transfers?

• A) Retained earnings.
• B) Cost of goods sold.
• C) Inventory.
• D) Investment in Fisher Company.
• E) Sales.

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Definitions:

Nutrients

Substances that provide nourishment essential for the growth and maintenance of life.

Cheilosis

A condition characterized by cracking and inflammation of the lips, corners of the mouth, often due to vitamin deficiency or infection.

Abdomen

The part of the body that lies between the thorax (chest) and pelvis, housing many vital organs, including the stomach, liver, and intestines.

Large Intestine

The final section of the digestive system, responsible for absorbing water and electrolytes and forming and storing feces.