Question: 21-25 Cayman Inc., brought 30% Maya Company on January 1, 2013, for $450,000. The equity method of accounting was used. The book value and fair value of the net assets of Maya on that date were $1,500,000. Maya began supplying inventory to Cayman as follows: Year Cost to Maya Transfer Price Amount Held at year-End 2013 $30,000 2014 $48,000 $45,000 $80,000 $9,000 $20,000 Maya reported a net income of $100,000 in 2013 and $120,000 in 2014 while paying $40,000 in dividends each year. What is the amount of unrealized inventory profit to be deferred on December 31, 2014?

Unrealized Inventory

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Walang Kayo Company Question: Under accrual basis, what amount should be reported as gross sales for the current year? a. P6,650,000 b. P6,600,000 c. P6,350,000 d. P6,550,000

Problem 2 Pine Company holds 60% of Spruce Company stock. Pine has sold inventory to Spruce Company as follows: year           Cost to Pine         Sales price to spruce Percen of Sold Held at Year Pine Spruce Year end 2017               $193,000             $347,000                          30% 2018               $206,000             $310,000                          20%  2019               $360,000            $450,000                        25% 2020               $150,000             $250,000                          30% The following balances were included in the individual financial statements of each company for the year ended 12/31/2020:                                                    Pine Co.        Spruce                                   Sales $ 5,100,000     3,900,000            Cost of goods sold $ 3,570,000          2,400,000    Merchandise inventory $ 580,000    390,000    What will be reported as consolidated inventory at 12/31/2020? note: Find the profit margin…

Subject: accounting

Problem 2 Pawn Company holds 70% of Sell Company stock. Pawn has sold inventory to Sell Company as follows: Year 2019 2020 2021 2022 Sales Price to Cost to Pawn Sell $203,000 $355,000 $208,000 $312,000 $360,000 $450,000 $150,000 $250,000 Percent of Sold Inventory Held at Year end 30% 40% 25% 20% The following balances were included in the individual financial statements of each company for the year ended 12/31/2022: Sell Sales Pawn $6,500,000 3,700,000 $ 3,470,000 2,200,000 $ 590,000 350,000 Cost of goods sold Merch. inventory a. What will be reported as consolidated sales in the year 2022? b. What will be reported as consolidated inventory at 12/31/2022? c. What will be reported as consolidated cost of goods sold for 2022? d. Were the intra-entity sales of inventory items upstream or downstream?