Walsh Company sells inventory to its subsidiary, Fisher Company, at a profit during 2017. With respect to one-third of the inventory sold to Fisher, Walsh accounts for it using the equity method of accounting..In the consolidation worksheet for 2017, which of the following accounts would be credited to eliminate the intra-entity transfer of inventory?
A. Investment in Fisher Company.
B. Cost of goods sold.
C. Inventory.
D. Sales.
E. Retained earnings.
Answer: B
You might also like to view...
______ refers to educating ______ employees in skills needed to do their jobs in the future.
A. Training; technical and operational B. Development; technical and operational C. Training; managerial and professional D. Development; managerial and professional E. Orientation; seasoned
The following writers typically use examples often:
a. professional writers b. non-professional writers c. both of the above d. none of the above
Which of the following statements is true?
A) There will be many different jobs on a job-order cost sheet. B) Direct labor is allocated to jobs along with overhead. C) Work-in-process consists of all complete work. D) Time tickets are used to post the cost of direct labor to individual jobs. E) All of these are false.
Why is it important to have emotional labor and how does it relate to emotional contagion?
What will be an ideal response?