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    On January 1 2012 Perry Company Purchased 80 of Selby

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    Muhammad Shahid
    On January 1, 2012, Perry Company purchased 80% of Selby Company for $990,000. At this time, Selby had $350,000 in capital stock and $375,000 in retained earnings. In 2012, half of Selby's inventory was sold, with the other half sold in 2013. By the end of 2012, Perry had $60,000 of Selby's inventory in its ending inventory. In 2013, Perry sold $310,000 of merchandise to Selby at a 20% markup. At the end of 2013, Selby still had $82,000 of merchandise purchased from Perry in its inventory.

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    On January 1 2012 Perry Company Purchased 80 of Selby

    Uploaded by

    Muhammad Shahid
    154 views1 page
    On January 1, 2012, Perry Company purchased 80% of Selby Company for $990,000. At this time, Selby had $350,000 in capital stock and $375,000 in retained earnings. In 2012, half of Selby's inventory was sold, with the other half sold in 2013. By the end of 2012, Perry had $60,000 of Selby's inventory in its ending inventory. In 2013, Perry sold $310,000 of merchandise to Selby at a 20% markup. At the end of 2013, Selby still had $82,000 of merchandise purchased from Perry in its inventory.

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    On January 1, 2012, Perry Company purchased 80% of Selby Company for $990,000. At this time, Selby had $350,000 in capital stock and $375,000 in retained earnings. In 2012, half of Selby's inventory was sold, with the other half sold in 2013. By the end of 2012, Perry had $60,000 of Selby's inventory in its ending inventory. In 2013, Perry sold $310,000 of merchandise to Selby at a 20% markup. At the end of 2013, Selby still had $82,000 of merchandise purchased from Perry in its inventory.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    154 views1 page

    On January 1 2012 Perry Company Purchased 80 of Selby

    Uploaded by

    Muhammad Shahid
    On January 1, 2012, Perry Company purchased 80% of Selby Company for $990,000. At this time, Selby had $350,000 in capital stock and $375,000 in retained earnings. In 2012, half of Selby's inventory was sold, with the other half sold in 2013. By the end of 2012, Perry had $60,000 of Selby's inventory in its ending inventory. In 2013, Perry sold $310,000 of merchandise to Selby at a 20% markup. At the end of 2013, Selby still had $82,000 of merchandise purchased from Perry in its inventory.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    On January 1 2012 Perry Company purchased 80 of Selby

    #6362
    On January 1, 2012, Perry Company purchased 80% of Selby Company for $990,000. At that
    time Selby had capital stock outstanding of $350,000 and retained earnings of $375,000.The
    fair value of Selby Company's assets and liabilities is equal to their book value except for the
    following:One-half of the inventory was sold in 2012, the remainder was sold in 2013. At the end
    of 2012, Perry Company had in its ending inventory $60,000 of merchandise it had purchased
    from Selby Company during the year. Selby Company sold the merchandise at 25% above cost.
    During 2013, Perry Company sold merchandise to Selby Company for $310,000 at a markup of
    20% of the selling price. At December 31, 2013, Selby still had merchandise that it purchased
    from Perry Company for $82,000 in its inventory. Financial data for 2013 are presented
    here:Continue to the next page...Required:A. Prepare the consolidated statements work-paper
    for the year ended December 31, 2013?B. Calculate consolidated retained earnings on
    December 31, 2013, using the analytical or t-account approach?View Solution:
    On January 1 2012 Perry Company purchased 80 of Selby

    ANSWER
    http://paperinstant.com/downloads/on-january-1-2012-perry-company-purchased-80-of-selby/

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