Virginia Corp

question 52

Essay

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 2010, Virginia made cash sales of $400,000 to Stateside. The gross profit rate was 30% of the selling price. By the end of 2010, Stateside had sold 75% of the goods to outside parties for $420,000 cash.
-Prepare the consolidation entries that should be made at the end of 2010.

---

Definitions:

Educational Backgrounds

The formal and informal learning experiences that contribute to a person's intellectual development and skill set.

Employee Network Group

A workplace initiative where employees with shared interests or characteristics gather to support each other and promote professional and personal development.

Interpersonal Relationships

The connections and interactions between individuals or groups.

Affirmative Action Programs

Initiatives aimed at increasing opportunities for historically disadvantaged groups by encouraging diverse recruitment and selection processes.