Questions from Advanced Accounting

Q: Procter Company owns 90% of the outstanding stock of Silex Company

Procter Company owns 90% of the outstanding stock of Silex Company. On January 1, 2014, Silex Company sold land to Procter Company for $350,000. Silex had originally purchased the land on June 30, 201...

Q: Patterson Company owns 80% of the outstanding common stock of Stevens

Patterson Company owns 80% of the outstanding common stock of Stevens Company. On June 30, 2013, land costing $500,000 is sold by one affiliate to the other for $800,000. Required: Prepare in gener...

Q: P Company owns 90% of the outstanding common stock of S

P Company owns 90% of the outstanding common stock of S Company. On January 1, 2015, S Company sold land to P Company for $600,000. S Company originally purchased the land for $400,000. On January 1,...

Q: On January 1, 2013, Price Company acquired an 80%

On January 1, 2013, Price Company acquired an 80% interest in the common stock of Smith Company on the open market for $750,000, the book value at that date. On January 1, 2014, Price Company purchas...

Q: On January 1, 2015, P Company acquired a 90%

On January 1, 2015, P Company acquired a 90% interest in S Company. During 2016, S Company sold merchandise to P Company at 25% above cost in the amount (selling price) of $225,000. At the end of the...

Q: Peat Company owns a 90% interest in Seaton Company. The

Peat Company owns a 90% interest in Seaton Company. The consolidated income statement drafted by the controller of Peat Company appeared as follows: During your audit you discover that intercompany...

Q: Peck Company purchased Sanno Company common stock in a series of open

Peck Company purchased Sanno Company common stock in a series of open-market cash purchases from 2012 through 2014 as follows: Sanno Company had 18,000 shares of $20 par value common stock outstandi...

Q: During 2013, Pier One Company billed its 80% owned subsidiary

During 2013, Pier One Company billed its 80% owned subsidiary, Scale Company, $700,000 for architectural services. The cost to Pier One Company of providing the services was $400,000 for salaries and...

Q: Pinta Company, a forklift manufacturer, owns 80% of the

Pinta Company, a forklift manufacturer, owns 80% of the voting stock of Standard Company. On January 1, 2014, Pinta Company sold forklifts to Standard Company for $400,000. The forklifts, which repres...

Q: Pomeroy Corporation owns an 80% interest in Sherer Company and a

Pomeroy Corporation owns an 80% interest in Sherer Company and a 90% interest in Tampa Company. On January 2, 2014, Tampa Company sold equipment with a book value of $600,000 to Sherer Company for $78...