Fill This Form To Receive Instant Help

Help in Homework
trustpilot ratings
google ratings


Homework answers / question archive / Clark Company had the following transactions with affiliated parties during 20X2: • Sales of $60,000 to Dean Inc

Clark Company had the following transactions with affiliated parties during 20X2: • Sales of $60,000 to Dean Inc

Accounting

Clark Company had the following transactions with affiliated parties during 20X2:

Sales of $60,000 to Dean Inc., with $20,000 gross profit. Dean had $15,000 of this inventory on hand at year-end. Clark owns a 15 percent interest in Dean and does not exert significant influence.

Purchases of raw materials totaling $240,000 from Kent Corporation, a wholly owned subsidiary. Kent’s gross profit on the sales was $48,000. Clark had $60,000 of this inventory remaining on December 31, 20X2.

Before consolidation entries, Clark had consolidated current assets of $320,000. What amount should Clark report in its December 31, 20X2, consolidated balance sheet for current assets?

Option 1

Low Cost Option
Download this past answer in few clicks

4.87 USD

PURCHASE SOLUTION

Already member?


Option 2

Custom new solution created by our subject matter experts

GET A QUOTE