Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. pint acquired the shares of saloon company on janu

pint acquired the shares of saloon company on january 1, 20x7. on december 31, 20x8,...

50.1K

Verified Solution

Question

Accounting

Pint acquired the shares of Saloon Company on January 1, 20X7. On December 31, 20X8, assume Pint sold inventory to Saloon during 20X8 for $109,000 and Saloon sold inventory to Pint for $316,000. Pints balance sheet contains inventory items purchased from Saloon for $103,000. The items cost Saloon $63,000 to produce. In addition, Saloons inventory contains goods it purchased from Pint for $25,000 that Pint had produced for $15,000. Assume Saloon reported net income of $71,000 and dividends of $14,200

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

Physics
1.2K views

Q 88 A light rod of length is pivoted at distance f 4 from the...

Basic Math
1.2K views

3 A line in the Cartesian plane passes through the points 2 4 and 2...

Basic Math
1.2K views

Suppose that a guitar company estimates that its monthly cost is C(x) = 400x +...

Calculus
1.2K views

Encuentra las coordenadas de la intersecci n de las diagonales del paralelogramo con los v...

Calculus
1.2K views

1 2n 3 7n n 2 2 42x 10 y 5 12x 8 y 3...

Algebra
1.2K views

8 TIE F 10 E Given right triangle DEF what is the value of sin...

Algebra
1.2K views

b If the tank is half full approximately how many miles has Troy driven since...

Accounting
1.2K views

Strategic meeting results in the following: Reach out to the NYC Sports Community and illustrate...

Accounting
1.2K views

Chilton Day School allocates marketing and administrative costs to its three schools on the basis...

Accounting
1.2K views

The following information applies to the questions displayed below] The following data is provided for...

Accounting
1.2K views

discuss the basic principles of iconoclasm and its impact on byzantine art.

Accounting
1.2K views

Each of these items must be considered in preparing a statement of cash flows for...