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1. Intercompany profit elimination entries in consolidation workpapers are prepared in order to:
a. Nullify the effect of intercompany transactions on consolidated statements
b. Defer intercompany profit until realized
c. Allocate unrealized profits between controlling and noncontrolling interests
d. Reduce consolidated income
2. The direction of intercompany sales (upstream or downstream) does not affect consolidation workpaper procedures when the intercompany sales between affiliates are made:
a. At fair value
b. Above market value
c. At book value
d. To a 100 percent-owned subsidiary
3. Pet Corporation sells inventory items for $500,000 to Sen Corporation, its 80 percent-owned subsidiary. The consolidated workpaper entry to eliminate the effect of this intercompany sale will include a debit to sales for:
a. $500,000
b. $400,000
c. The amount remaining in Sen’s ending inventory
d. 80 percent of the amount remaining in Sen’s ending inventory
4. Sar Corporation,
a 90 percent-owned subsidiary of Pan Corporation, buys half of its raw materials from Pan. The transfer price is exactly the same price as Sar pays to buy identical raw materials from outside suppliers and the same price as Pan sells the materials to unrelated customers. In preparing consolidated statements for Pan Corporation and Subsidiary:
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