Maurice Tutor

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Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 16 Feb 2018 My Price 8.00

values of Sue’s assets

Pay Corporation acquired a 75 percent interest in Sue Corporation for $600,000 on January 1, 2011, when Sue’s equity consisted of $300,000 capital stock and $100,000 retained earnings. The fair values of Sue’s assets and liabilities were equal to book values on this date, and goodwill is not amortized. Pay uses the equity method of accounting for Sue. During 2011, Pay sold inventory items to Sue for $160,000, and at December 31, 2011, Sue’s inventory included items on which there were $20,000 unrealized profits. During 2012, Pay sold inventory items to Sue for $260,000, and at December 31, 2012, Sue’s inventory included items on which there were $40,000 unrealized profits. On December 31, 2012, Sue owed Pay $30,000 on account for merchandise purchases. The financial statements of Pay and Sue Corporations at and for the year ended December 31, 2012, are summarized as follows (in thousands):

REQUIRED: Prepare consolidation workpapers for Pay Corporation and Subsidiary for the year ended December 31,2012.

Answers

Maurice Tutor
(5)
Status NEW Posted 16 Feb 2018 10:02 PM My Price 8.00

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