Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Jessica Ltd sold inventory during the current period to its wholly owned subsidiary, Amelie Ltd, for $15 000. These items previously cost Jessica Ltd $12 000. Amelie Ltd subsequently sold half the items to Ningbo Ltd for $8000. The tax rate is 30%.
The group accountant for Jessica Ltd, Li Chen, maintains that the appropriate consolidation adjustment entries are as follows:
Sales DR 15000
Cost of sales Cr 13000
Inventory Cr 2000
Defered Tax asset DR 300
Income Tax expense Cr 300
Required
Problem (i) Discuss whether the entries suggested by Li Chen are correct, explaining on a line-by-line basis the correct adjustment entry.
Problem (ii) Determine the consolidation worksheet entries in the following year, assuming the inventory has been -sold, and explain the adjustments on a line-by-line basis.
Determine whether the company is using absorption costing or variable costing to cost units in the Finished Goods inventory account. Calculate the ending balance in the Finished Goods inventory account under variable costing and absorption costing
Prepare job order cost sheet for Job # 515, including all job details, and post the appropriate cost information for July. Prepare journal entries
Prepare a multistep income statement for Matthews Dry Goods for the month ended February 28, 2010.
Started in Production- Current Month. Prepare a cost of production report for each department. Round total costs to the nearest peso. Use WAM
You are required to present an analysis of the value chain of the product category of your organisation
Make a presentation the purpose of budgeting, approaches used in budget preparation, and advantages and limitations of budgeting.
At a break-even of 500 units sold, the total variable costs were $400 and the total fixed costs were $100. What will the 501st unit sold contribute to profit?
Prepare journal entry to record the acquisition of the land - Fielder company obtained land by issuing 2,000 shares of its $10 par value ordinary shares.
Determine which of the following statements is correct? Total overheads in the period were $1,450 over-absorbed/ Total overheads in the period were $450
Create the journal entry or entries to show the proper recording of revenue and create the subsequent journal entry to show spending of the funds.
Use the hig-low method to estimate the companys utilities cost behavior and state the cost formula and predict the utilities cost for a month in which 12,000 pounds of the product were produced
The following items present a sample of business activities involving Dry Cleaner Corporation (DCC) for the year ended December 31, 2013.
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd