REFERENCE: Ref.05_12 Virginia Corp.owned All of the Voting Common Stock of Stateside

question 113

Essay

REFERENCE: Ref.05_12
Virginia Corp.owned all of the voting common stock of Stateside Co.Both companies use the perpetual inventory method,and Virginia decided to use the partial equity method to account for this investment.During 2009,Virginia made cash sales of $400,000 to Stateside.The gross profit rate was 30% of the selling price.By the end of the year,Stateside had used 75% of the goods.
-Prepare any 2010 consolidation worksheet entries that would be required for this inventory transfer.

---

Definitions:

Brightness Contrast

The appearance of a differently illuminated areas in the field of vision, resulting in the perception of varying levels of light intensity.

Lateral Inhibition

A neurological process where the firing rate of a neuron is decreased due to the activity of neighboring neurons, enhancing contrast in sensory perception.

Physiological Process

a biological function or activity in living organisms that is necessary for maintaining life, such as breathing, digestion, or nerve function.

Color Blindness

A visual impairment where one is unable to distinguish certain shades of color due to deficiency in the eyes' color-detecting molecules.