Kordel inc. acquired 75% of the outstanding common stock of raxston corp. raxston currently owes kordel $500,000 for inventory acquired over the past few months. in preparing consolidated financial statements, what amount of raxston’s liability should be eliminated?

The answer  is: The total liability ($500,000)

Explanation:

When a parent company (Kordel Inc. ) consolidates its financial statements with its subsidiaries (Raxston Corp.), it will only present one set of financial statements for the whole group. The parent company's total assets are equal to the consolidated total assets. The same applies for liabilities and equity. If Raxston owes money to Kordel, they will just cancel each other (the asset cancels out the liability).

x=3

step-by-step explanation:

this is really simple i saw that there was only one term (5x) and thought if that was 15 what would i have to multiply everything else to get it there? well if 5x became 15 then x would have to be 3 so plug the 3 in the x for the other equations and you get 15 for the other ones. so there you go. : )

income statement is prepared in order to show the profits and loss of a business. in order to prepare the income statement she should collect all the income and expenses of the product with the cost of production.