All the business forms listed below have limited liability EXCEPT the
a. limited liability company.
b. general partnership.
c. "S" corporation.
d. corporation.
b
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a. True b. False Indicate whether the statement is true or false
Pepper Corporation owns 75 percent of Salt Company's voting shares. During 20X8, Pepper produced 50,000 chairs at a cost of $79 each and sold 35,000 chairs to Salt for $90 each. Salt sold 18,000 of the chairs to unaffiliated companies for $117 each prior to December 31, 20X8, and sold the remainder in early 20X9 to unaffiliated companies for $130 each. Both companies use perpetual inventory systems.Based on the information given above, what amount of cost of goods sold must be eliminated from the consolidated income statement for 20X8?
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