Given the following consolidated balance sheet and additional information, prepare a separate company balance sheet and income statement for P.
- P owns 100% of S.
- S sold $20,000 of inventory to P.
- P sold all of the inventory it purchased from S.
- $10,000 of S's accounts receivable are payable by P.
Definitions:
Jurisdiction
The official power to make legal decisions and judgments, typically in a specific geographical area or over certain types of legal cases.
Intellectual Property
Rights obtained through intellectual work in sectors such as industry, science, literature, and the arts.
Proactive
Taking action by causing change and not only reacting to change when it happens.
Social Pressures
The influence exerted by society or groups within it, pushing individuals towards certain behaviors or decisions.
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