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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.
Title to Merchandise
The legal right of ownership of goods, indicating that the holder has the right to control the use and disposition of the items.
Broker
An individual or firm that acts as an intermediary between buyers and sellers, typically earning a commission for facilitating transactions.
Suitable Space
An area or location that meets the required specifications and is appropriate for a particular purpose or activity.
Kansas City
A major city in the state of Missouri known for its jazz heritage, barbecue cuisine, and cultural landmarks.
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