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.

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Definitions:

Neuroticism

A personality trait associated with negative emotions such as anxiety, fear, moodiness, worry, envy, frustration, jealousy, and loneliness.

Emotionally Stable

Pertains to individuals who have a consistent control over their emotions and can handle stress or challenging situations without extreme reactions.

Openness

This is a personality trait that involves appreciation for new experiences, curiosity, and openness to different ideas, cultures, and feelings.

Extraversion

A personality trait characterized by high levels of sociability, talkativeness, energy and assertiveness.