User Account

All Pages

Discuss the consolidation adjustment entry

Assignment Help Accounting Basics
Reference no: EM131806876

During the year ended 30 June 2017, a parent entity rents a warehouse from a subsidiary entity for $200 000. The company tax rate is 30%. Which of the following is the consolidation adjustment entry needed at reporting date to eliminate the transaction?

I. Rent revenue Dr 200 000
Rent expense Cr 200 000
II. Rent revenue Dr 200 000
Rent expense Cr 200 000
Income tax expense Dr 60 000
Deferred tax liability Cr 60 000
III. Rent revenue Dr 200 000
Rent expense Cr 200 000
Deferred tax asset Dr 60 000
Income tax expense Cr 60 000
IV. Rent expense Dr 200 000
Rent revenue Cr

200 000

Reference no: EM131806876

Questions Cloud

Year analysis period : Base your computations on a MARR of 7% and an 8-year analysis period. If identical replacement is assumed, which alternative should be selected?
Voting with your feet in system of local government : Charles Tiebout conjectured that “voting with your feet” in a system of local government would produce an efficient supply of local public goods.
Compute the direct labor usage variance : Rompola Corporation manufactures futons with the following standard costs per unit: Compute the following variances: Direct labor usage variance
Determining the investment opportunities : At the end of 10 years, Alt. B is not replaced. Thus, the comparison is 15 years of A versus 10 years of B. If the MARR is 10%, which alternative should
Discuss the consolidation adjustment entry : The company tax rate is 30%. Which of the following is the consolidation adjustment entry needed at reporting date to eliminate the transaction
Determine the country and business you will research : Determine the country and business you will research. Document the politics, law, and economic systems and development in your chosen country.
What causes us to sometimes project our thoughts : What causes us to sometimes "project" our thoughts and ideas onto others, thereby preventing us from thinking objectively about what they are saying?
What is the amount of over- or under applied overhead : Erickson Company applies unit-related manufacturing overhead on the basis of machine hours. What is the amount of over- or under applied overhead
Guru coppercompany operates a large mine : The Southern Guru CopperCompany operates a large mine in a South American country. A legislator in the National Assembly said in a speech

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd