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Problem 1. Intercompany Inventory Sales Paront arnuired chapoc of Suheidianu ac indiratod holow Cuhcinlianu Comnanu The companies engaged in the following intercompany inventory transactions Downstream Shown below are Parent and Subsidiary separate company financial statements Parent Subsidiary Consolidations worksheet for 201 Page 2 Problem 1. Continued Consolidations worksheet for 202 Page 3 Problem 2. Intercompany Inventory Transactions in Financial Statements The accountant for Cornell Consolidated Companies successfully completed the consolidation process for the company. Well, almost. She forgot to eliminate the intercompany inventory sales. She is new to the company and didn't follow last year's workpapers because if she had, she would have noticed that they correctly eliminated the intercompany inventory sales that year. Page 4 Problem 2. Continued Produce a consolidated statement of cash flows. Include supplemental disclosures for the direct method. Consolidated balances for 20X1 Consolidated balances for 202 Problem 1. Intercompany Inventory Sales Paront arnuired chapoc of Suheidianu ac indiratod holow Cuhcinlianu Comnanu The companies engaged in the following intercompany inventory transactions Downstream Shown below are Parent and Subsidiary separate company financial statements Parent Subsidiary Consolidations worksheet for 201 Page 2 Problem 1. Continued Consolidations worksheet for 202 Page 3 Problem 2. Intercompany Inventory Transactions in Financial Statements The accountant for Cornell Consolidated Companies successfully completed the consolidation process for the company. Well, almost. She forgot to eliminate the intercompany inventory sales. She is new to the company and didn't follow last year's workpapers because if she had, she would have noticed that they correctly eliminated the intercompany inventory sales that year. Page 4 Problem 2. Continued Produce a consolidated statement of cash flows. Include supplemental disclosures for the direct method. Consolidated balances for 20X1 Consolidated balances for 202

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