Multiple Choice
Loudoun Company and Nelson Company have separate incomes of $77,000 and $85,000,respectively.They had intercompany purchases and sales of $30,000 and intercompany interest of $3,000.Consolidated net income would be
A) $129,000.
B) $162,000.
C) $74,000.
D) $47,000.
Correct Answer:
Verified
Correct Answer:
Verified
Q73: When the accounting period ends before U.S.Treasury
Q87: Goodwill is the amount by which specific
Q87: The cost-adjusted-to-market method of accounting for investments
Q88: The Allowance to Adjust Long-Term Investments to
Q89: For available-for-sale equity securities,the Unrealized Loss on
Q90: For available-for-sale securities,the Unrealized Loss on Long-Term
Q92: Define the following classifications of investments:<br>A.Short-term investments<br>B.Long-term
Q94: When a parent company pays less than
Q95: An influential but noncontrolling investment is defined
Q96: In preparing consolidated financial statements,intercompany receivables and