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ACCTG505 College of William & Mary Intercompany Sale of Inventory Worksheet

Jun 7, 2022 | BUSINESS FINANCE,ACCTG505

Jun 7, 2022 | BUSINESS FINANCE,ACCTG505

ACCTG505 College of William & Mary Intercompany Sale of Inventory Worksheet

Please show all calculations/excel formulas in sheet

Intercompany sale of inventory

Big owns 70% of Little Co.

Starting in 2020, Little routinely sells inventory to Big for subsequent resale.

The following information applies to the sales of inventory from Little to Big over a number of years:

2020 Sales

Sales price

Cost

Percentage resold in 2020

Percentage resold in 2021

Percentage resold in 2022

2021 sales

Sales price

Cost

Percentage resold in 2021

Percentage resold in 2022

There were no additional intercompany sales in 2022!

Required: Assume Big uses the partial equity method

Prepare elimination entries RELATED TO THESE INTERCOMPANY SALES for 2020, 2021, and 2022

Assuming Little reported earnings of $100,000 each year, what would be the income to the NC Interest in each of the 3 years?

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20190625082838intercompany_sale_of_inventory_1st_class (10 kB)

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