Business, 25.03.2020 16:07 barb4you67

Jimmitz Inc. is a subsidiary of Krocker Gear. Jimmitz sells shoe accessories to Krocker at a 25% markup on cost. Information on these intercompany merchandise transactions is below: Inventory balance on Krocker’s books, purchased from Jimmitz, January 1, 2020 $11,250 Inventory balance on Krocker’s books, purchased from Jimmitz, December 31, 2020 10,250 Total sales revenue recorded by Jimmitz on merchandise sales to Krocker in 2020 1,500,000 Required a. Prepare the working paper eliminating entries related to these intercompany transactions at December 31, 2020. Description Debit Credit Answer Answer 2250 Answer 0 Answer Answer 0 Answer 2250 To eliminate the intercompany profit from Krocker's beg. Inventory. Answer Answer 1500000 Answer 0 Answer Answer 0 Answer 1500000 To eliminate intercompany sales and purchases. Answer Answer 2050 Answer 0 Answer Answer 0 Answer 2050 To eliminate the intercompany profit from Krocker’s ending inventory. b. Krocker sold shoes containing Jimmitz

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 10:00

Cynthia is a hospitality worker in the lodging industry who prefers to cater to small groups of people. she might want to open a

Answers: 3

Answer

Business, 22.06.2019 12:10

Compute the cost of not taking the following cash discounts. (use a 360-day year. do not round intermediate calculations. input your final answers as a percent rounded to 2 decimal places.)

Answers: 1

Answer

Business, 22.06.2019 17:30

Which of the following services will be provided by a full-service broker but not by a discount broker? i. research of potential investment opportunities ii. purchase and sale of stock at your request iii. recommendation of investments a. i and iii b. ii only c. iii only d. i, ii, and ii

Answers: 2

Answer

Business, 22.06.2019 21:40

Rebel technology maintains its records using cash-basis accounting. during the year, the company received cash from customers, $43,000, and paid cash for salaries, $23,500. at the beginning of the year, customers owe rebel $1,000. by the end of the year, customers owe $6,600. at the beginning of the year, rebel owes salaries of $5,600. at the end of the year, rebel owes salaries of $3,300. determine cash-basis net income and accrual-basis net income for the year.

Answers: 2

Answer

You know the right answer?

Jimmitz Inc. is a subsidiary of Krocker Gear. Jimmitz sells shoe accessories to Krocker at a 25% mar...

Questions