© The McGraw-Hill Companies, Inc
Slide 5-1
McGraw-Hill/Irwin
Chapter Five
Consolidated Consolidated Financial Financial Statements – Statements – Intercompany Intercompany Asset Asset TransactionsTransactions
© The McGraw-Hill Companies, Inc
Slide 5-2
McGraw-Hill/Irwin
Intercompany Inventory Transactions
Transactions between the parent and subsidiary are viewed as “internal” transactions of a single economic entity
The effects of those transactions should be “eliminated” from the consolidated financial statements
© The McGraw-Hill Companies, Inc
Slide 5-3
McGraw-Hill/Irwin
!urchases component of C"#S
Intercompany Inventory Transactions
$%T&' TI"n the consolidation wor(sheet) eliminate
ALL ALL
intercompany sales*purchases of inventoryThe elimination amount is the +,amount assigned as the “sales price” of the transfer
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