Strickland Company sells inventory to its parent

Strickland Company sells inventory to its parent

REFERENCE: Ref. 05_05

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Strickland Company sells inventory to its parent, Carter Company, at a profit during 2010.  One-third of the inventory is sold by Carter in 2010.

QUESTION #17

 

REFER TO: Ref. 05_05

 

29.  In the consolidation worksheet for 2010, which of the following choices would be a debit entry to eliminate the intra-entity transfer of inventory?

 

A)  Retained earnings.

 

B)  Cost of goods sold.

 

C)  Inventory.

 

D)  Investment in Strickland Company.

 

E)   Sales.

QUESTION #18

 

REFER TO: Ref. 05_05

 

30.  In the consolidation worksheet for 2010, which of the following choices would be a credit entry to eliminate the intra-entity transfer of inventory?

 

A)  Retained earnings.

 

B)  Cost of goods sold.

 

C)  Inventory.

 

D)  Investment in Strickland Company.

 

E)   Sales.

 

QUESTION #19

 

REFER TO: Ref. 05_05

 

31.  In the consolidation worksheet for 2010, which of the following choices would be a debit entry to eliminate unrealized intra-entity gross profit with regard to the 2010 intra-entity sales?

 

A)  Retained earnings.

 

B)  Cost of goods sold.

 

C)  Inventory.

 

D)  Investment in Strickland Company.

 

E)   Sales.

 

 

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