Given the following consolidated balance sheet and additional information, prepare a separate company balance sheet and income statement for P.
- P owns 100% of S.
- S sold $20,000 of inventory to P.
- P sold all of the inventory it purchased from S.
- $10,000 of S's accounts receivable are payable by P.

Question

Given the following consolidated balance sheet and additional information, prepare a separate company balance sheet and income statement for P.
 -	P owns 100% of S.
-	S sold $20,000 of inventory to P.
-	P sold all of the inventory it purchased from S.
-	$10,000 of S's accounts receivable are payable by P.

Quizplus · Accepted Answer

The Answer of Given the following consolidated balance sheet and additional information, prepare a separate company balance sheet and income statement for P.
 -	P owns 100% of S.
-	S sold $20,000 of inventory to P.
-	P sold all of the inventory it purchased from S.
-	$10,000 of S's accounts receivable are payable by P.

Given the Following Consolidated Balance Sheet and Additional Information, Prepare