Discuss the consolidation adjustment entry to eliminate

Assignment Help Accounting Basics
Reference no: EM131808791

A parent sold some inventory to its subsidiary for $55 000. The goods had originally cost the parent $40 000. At the end of the year all of the inventory was still on hand. The consolidation adjustment entry to eliminate this transaction will include the following line items?

I. Cr Cost of sales $15 000
II. Cr Cost of sales $40 000
III. Cr Cost of sales $95 000
IV. Cr Cost of sales

$55 000

Reference no: EM131808791

Questions Cloud

Determine the amounts of the missing items for homes : Determine the amounts of the missing items for Homes are Us Manufacturing Company, identifying them by letter.
Find the average rating for each varietal : Find the average rating for each varietal and the average difference in ratings (Chardonnay minus Cabernet Sauvignon).
Dependent on communication technology : For this discussion prompt, consider the following question: "Is it possible for companies to be too dependent on communication technology?
Find the total sales required to break even point : Its income tax rate is 30% for the coming year, and estimated contribution margin is 25% find the total sales required to break even point
Discuss the consolidation adjustment entry to eliminate : The consolidation adjustment entry to eliminate this transaction will include the following line items
What are the total annual holding and setup costs : What is the maximum inventory level? What are the total annual holding and setup costs?
Why are effective business communication skills : Why are effective business communication skills vital to your success in the workplace?
Specific policy and not the policy area of all of immigratio : Using Birkland's definition of "public interest", what is the public interest served by the specific Immigration policy that you have identified through?
Find monthly rates per child at a sample of family day care : Child care is one of life's necessities for working parents. Monthly rates per child at a sample of family day care centers in the North Seattle area.

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.

  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!

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