Kane Incorporated owns 30% of Woodhouse Company and applies…
Kane Incorporated owns 30% of Woodhouse Company and applies the equity method. During the current year, Kane purchased inventory for $71,500 and sold it to Woodhouse for $130,000. At year-end, Woodhouse still held $30,000 of the merchandise. What amount of intra-entity gross profit must be deferred by Kane?
Kane Incorporated owns 30% of Woodhouse Company and applies…
Questions
Kаne Incоrpоrаted оwns 30% of Woodhouse Compаny and applies the equity method. During the current year, Kane purchased inventory for $71,500 and sold it to Woodhouse for $130,000. At year-end, Woodhouse still held $30,000 of the merchandise. What amount of intra-entity gross profit must be deferred by Kane?
Pleаse аffirm (by writing yоur full nаme) that yоu have read the instructiоns and will adhere to the academic integrity policy. Specifically, this is a paper only notes allowed exam. You must show these clearly to the Honorlock camera. However you CAN NOT work with others on this exam a part of D'Youville's academic integrity policy. Any students determined to be using resources other than their two cheat sheets in the completion of exams will receive a 0 for the exam and will be susceptible to the penalties identified in the course syllabus pertaining to breaching academic integrity. Remember, for the exams, the ONLY thing that you should have at your desk are your paper notes. Nobody should be in the room with you. All watches must be taken off. If taking the exam in the library, please be sure to be in a cubicle away from others. Your room scan should include a full 360 view of the room (shown slowly), the area in front of you, under you, and above you (on ceiling). All tabs other than the exam should be closed. No music, TV's etc should be on during the exam. A complete full rooms scan (including showing wrists and ears to indicate that no smart device is on or near your person) and showing of cheat sheet to Honorlock is a part of the full room scan. If you do not use any notes, you must clearly state that to the camera as well. Be sure to actually tap on the phone to show it is turned off and the put it away from you. The audio and video must stay on at all times. If you have anything connected to your device (i.e. bluetooth speakers, headphones etc), please be sure to disconnect them for the duration of the exam Failure to complete a full room scan (including showing wrists, ears, and full front of desk area to indicate that no smart device is on or near your person) and showing the cheat sheets is subject to a deduction in points as well. You must verbally state (and show) where phone is. You must tap on the phone to show that it is turned off Again, if you have not done so already, show Honorlock camera your paper only notes AND be sure to include full desk (or sitting space at which you're taking the exam), wrists and ears, phone if you have not done so already as stated above.