acc_407_week_4_assignment_consolid...

May 14th, 2015
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acc_407_week_4_assignment_consolid...

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E6-8a. Cost of goods:Karlow: 10,000 x 82 =$820,000Draw: 7,000 x 94 = $658,000b. Draw sold 7,000 desks x 82= 574,000c. itemKarlowDrawunadjusted totals Consolidated amountssales94130224130cost of goods sold829417682gross profit12364848(10,000-7,000)x12 =36,00010,000 x94 =940,000Eliminating entry:Sale 940,000Cost of Goods Sold 904,000Inventory 36,000d. Eliminating entry:Retained Earnings36,000Cost of Goods Sold 36,000e. Eliminating entry:Retained Earnings21,600 (36,000x 60%)Non-controlling interest14,400 (36,000x 40%)Cost of Goods Sold36,000E 7-8 sale price 210,000original cost 300,000accumulated depreciation :annual depreciation (300,000/10)x4120,000book value180,000gain on sale30,000a.Truck 90,000Gain on sale of truck30,000Accumulated depreciation 120,000b. depreciation adjustmen

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