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24 September, 02:50

Weisman's profit numbers were $125,000, $142,000 and $265,000 for 2020, 2021, and 2022, respectively. Martindale received dividends from Weisman of $25,000 for 2020 and 2021, and $30,000 for 2022. What would be the net debit or credit to cost of goods sold on the 2021 consolidation worksheet?

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  1. 24 September, 03:54
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    Welsman

    Statement of reported profit

    Year 2020

    Profit less dividend paid

    125,000 - (25,000) = $100,000

    Year 2021

    Profit less dividend paid

    142,000 - (25,000) = $117,000

    Year 2022

    Profit less dividend paid

    265,000 - (30,000) = $235,000

    Therefore, for 2021 the net balance will be $117,000
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Home » Business » Weisman's profit numbers were $125,000, $142,000 and $265,000 for 2020, 2021, and 2022, respectively. Martindale received dividends from Weisman of $25,000 for 2020 and 2021, and $30,000 for 2022.
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