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美國CPA模擬試題：公司內部交易（四）
Clark Co. had the following transactions with affiliated parties during Year 1:
• Sales of $60,000 to Dean, Inc., with $20,000 gross profit. Dean had $15,000 of inventory on hand at year-end. Clark owns a 15% interest in Dean and does not exert significant influence.
• Purchases of raw materials totaling $240,000 from Kent Corp., a wholly-owned subsidiary. Kent's gross profit on the sale was $48,000. Clark had $60,000 of this inventory remaining on December 31, Year 1.
Before eliminating entries, Clark had consolidated current assets of $320,000. What amount should Clark report in its December 31, Year 1, consolidated balance sheet for current assets?
a. $317,000
b. $303,000
c. $308,000
d. $320,000
Explanation
Choice "c" is correct, $308,000 current assets in the 12/31/Year 1 consolidated balance sheet ($320,000 less 12,000 unrealized profit in inventory)
The unrealized profit to be eliminated from inventory is calculated as follows:
Note: No elimination is made related to the transaction with Dean, Inc. because Dean (owned less than 50%) is not consolidated.
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