E5-8 consolidated income statement with downstream sales the separate incomes (which do not include investment income) of pat corporation and sal corporation, its 80 percent-owned subsidiary, for 2011 were determined as follows (in thousands): pat sal sales $1,600 $400 less: cost of sales 800 160 gross profit 800 240 other expenses 400 120 separate incomes $ 400 $120 during 2011, pat sold merchandise that cost $80,000 to sal for $160,000, and at december 31, 2011, half of these inventory items remained unsold by sal. required: prepare a consolidated income statement for pat corporation and subsidiary for the year ended december 31, 2011.

Financial information that is capable of making a difference in a decision is

In december of 2004, the company you own entered into a 20-year contract with a grain supplier for daily deliveries of grain to its hot dog bun manufacturing facility. the contract called for "10,000 pounds of grain" to be delivered to the facility at the price of $100,000 per day. until february 2017, the supplier provided processed grain which could easily be used in your manufacturing process. however, no longer wanting to absorb the cost of having the grain processed, the supplier began delivering whole grain. the supplier is arguing that the contract does not specify the type of grain that would be supplied and that it has not breached the contract. your company is arguing that the supplier has an onsite processing plant and processed grain was implicit to the terms of the contract. over the remaining term of the contract, reshipping and having the grain processed would cost your company approximately $10,000,000, opposed to a cost of around $1,000,000 to the supplier. after speaking with in-house counsel, it was estimated that litigation would cost the company several million dollars and last for years. weighing the costs of litigation, along with possible ambiguity in the contract, what are three options you could take to resolve the dispute? which would be the best option for your business and why?

Your own record of all your transactions. a. check register b. account statement