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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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Answer:

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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