Business, 04.03.2021 20:10 rarityxrose
Martindale at a 20% profit on selling price. The following data are available pertaining to inter-company purchases by Martindale:
Unsold at year end
Inter-company sales (based on selling price)
2020: $18,000 2020: $4,000
2021: $19,400 2021: $6,000
2022: $21,500 2022: $8,000
Martindale's profit numbers were $125,000, $142,000 and $265,000 for 2020, 2021, and 2022, respectively. Weisman received dividends from Martindale of $25,000 for 2020 and 2021, and $30,000 for 2022. Assume the acquisition was on January 1, 2020 and that Weisman uses the cost method to account for its investment in Martindale. Compute the amount of beginning of year [ADJ] adjustment necessary for consolidation for the year ended December 31, 2022.
Answers: 1
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Martindale at a 20% profit on selling price. The following data are available pertaining to inter-co...
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