Bird Corporation has several subsidiaries that are included in its consolidated financial statements and several other investments in corporations that are not consolidated.In its year-end trial balance,the following intercompany balances appear.Ostrich Corporation is the unconsolidated company;the rest are consolidated. What amount should Bird report as intercompany receivables on its consolidated balance sheet?
A)$0
B)$10,000
C)$30,000
D)$63,000

Question

Bird Corporation has several subsidiaries that are included in its consolidated financial statements and several other investments in corporations that are not consolidated.In its year-end trial balance,the following intercompany balances appear.Ostrich Corporation is the unconsolidated company;the rest are consolidated.  What amount should Bird report as intercompany receivables on its consolidated balance sheet?
A)$0 
B)$10,000 
C)$30,000 
D)$63,000

Quizplus · Accepted Answer

B)Intercompany receivables and payables from unconsolidated subsidiaries would not be eliminated.

Bird Corporation Has Several Subsidiaries That Are Included in Its