Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. passion products corporation, which sells a broad

Passion Products Corporation, which sells a broad line of home detergent products, owns 80 percent...

50.1K

Verified Solution

Question

Accounting

Passion Products Corporation, which sells a broad line of home detergent products, owns 80 percent of the stock of Savvy Soap Company. During 20X8, Savvy sold soap products to Passion Products for $250,000, which it had produced for $200,000. Passion Products sold $130,000 of its purchase from Savvy in 20X8 and the remainder in 20X9. In addition, Passion Products purchased $400,000 of inventory from Savvy in 20X9 and resold $240,000 of the items before year-end. Savvy's cost to produce the items sold to Passion Products in 20X9 was $300,000. Assume Savvy reported net income of $500,000 for 20X9, the amount of income assigned

  1. 100,400
  2. 94,600
  3. 103,200
  4. 96,800

Please help ASAP!! thank you

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

A pension fund manager is considering three mutual funds. The first is a stock fund, the...

Basic Math
1.2K views

Part A. Find the horizontal and vertical asymptotes of ?(?)= (6x^2) / (7(x^2 + 8)) Part B.  Find...

Chemistry
1.2K views

Use resonance structures to show how and why the hydroxyl group directs incoming electrophiles in phenol.

Finance
1.2K views

MGM Co. has been approached to bid on a contract to sell 5,000 voice recognition (VR)...

Basic Math
1.2K views

Enter your answer in the provided box. How many grams of potassium chlorate decompose to...

Statistics
1.2K views

Height 43in 62 in 83in 62 in Shoe 6 9 9 5 10 2 1...

Accounting
1.2K views

Walker Clothing Store tena un saldo en la cuenta Cuentas por cobrar de $390 000...

Accounting
1.2K views

ESTION 3 (20 MARKS) following are the abridged financial statements of P Ltd and its...

Accounting
1.2K views

question 1 14 The UNADJUSTED trial baiance for Day, Ine,...

Accounting
1.2K views

Dividends Per Share Internal Insights Inc., a developer of radiology equipment, has stock outstanding as...

Accounting
1.2K views

From the SEC website or other sources, locate Daily Journals 2013 Form 10-K and review...

Finance
1.2K views

What is the Credit Risk Culture of JP Morgan and MUFG? Credit Risk...