Question
In: Accounting
The following extracts relate to Pan and its wholly owned subsidiary Skillet: Pan Skillet Statement of...
The following extracts relate to Pan and its wholly owned subsidiary Skillet:
|
Pan |
Skillet |
|
|
Statement of Financial Performance |
||
|
Revenue |
1,196,000 |
928,000 |
|
Cost of sales |
888,000 |
670,000 |
|
Statement of Financial Position |
||
|
Inventory |
168,000 |
36,000 |
During the year the following transactions took place:
- Pan’s sales to Skillet this year $20,000.
- 60% of these sales are still in inventory at balance date.
- Pan makes 10% profit on sales (i.e., profit = 10% of the given sales figure)..
- Profit in opening inventory on sales from Pan to Skillet in previous year $500.
The consolidated cost of sales figure is?
Select one:
a. 1,577,300
b. 1,577,300
c. 1,538,700
d. 1,558,000
e. 1,539,700
f. 1,539,200
Solutions
ekkarill92 answered 2 years agoRelated Solutions
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Patrick
Sean
Cash
$
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$
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Accounts receivable (net)
140,000
40,000
Inventories
88,000
50,000
Plant and equipment (net)
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260,000
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$
406,000
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178,000
98,000
Long-term debt
100,000
34,000
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338,000
80,000
Additional paid-in capital
8,000
Retained earnings
790,000
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December 31, 20X0
Purl
Scott
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Current assets
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$60,000
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$25,000
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$625,000
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----
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December 31, 2017
Patrick
Sean
Cash
$
70,000
$
56,000
Accounts receivable (net)
144,000
30,000
Inventories
100,000
42,000
Plant and equipment (net)
628,000
260,000
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22,000
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