User Account

All Pages

How to make adjustment journal entry required to eliminate

Assignment Help Accounting Basics
Reference no: EM132576927

The following transactions occurred between Fauci Ltd and its wholly owned subsidiary, Gupta Ltd. All transactions occurred during the year ended 30 June 2020 unless specifically stated otherwise. The company tax rate is 30%.

Fauci Ltd sold inventory to Gupta Ltd for $30,000. The inventory originally cost Fauci Ltd $19,000. By the end of the year, 40% of the inventory still remained on hand, the other 60% had been sold to an external party.

Question 1: How to Make the adjustment journal entries required to eliminate the intra-group transactions in the consolidation worksheet of Fauci Ltd Group at 30 June 2020.

Reference no: EM132576927

Questions Cloud

How would you define religion in your own words : Reflecting on "Studying Religion Anthropologically" by Eller, consider the different definitions of religion that have been proposed by anthropologists.
Contrast how unrealized gains and losses are treated : Compare and contrast how unrealized gains and losses are treated under the The Revaluation Standard AASB 116 accounting standards
How storytelling has change from oral to literate traditions : Explain how storytelling has changed from oral to literate traditions and whether we still use monsters/supernatural story elements in the same way as foragers.
Differences between burglary-robbery and theft of property : List the differences between burglary, robbery, and theft of property. Which techniques of neutralization do these justifications illustrate?
How to make adjustment journal entry required to eliminate : How to Make the adjustment journal entries required to eliminate the intra-group transactions in the consolidation worksheet of Fauci Ltd Group
Discuss the chosen internship and the skills : Volunteering or interning has often been a way for students to gain experience that will serve them after graduation. While many of you have extensive work.
Describe the purpose of environmental scanning : What is expected to be accomplished by conducting an external analysis? describe the purpose of environmental scanning.
Design a kinematic device in fusion : Design a kinematic device in Fusion that can be manufactured using laser cutting and 3D printing - design it with space to place sensors in mind
Compute the cash dividends received or receivable : Compute the share in the profit or loss of the associate minus amortization of undervaluation of assets and cash dividends received or receivable.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine the amounts of the goodwill write-offs

Acquirer Company bought Senile Company for $5,000,000 on January 2, 2004. Tile fair market value of the individual net assets was $300,000.

  Discuss allowance for doubtful accounts

gross accounts receivable and Allowance for Doubtful Accounts has a $1,654 credit balance

  What value should Amano Inc recognize

Amano Inc. purchases $30,000 worth of shrimp from Cherry Co. Amano Inc. pays $2,000 for the import license, What value should Amano Inc recognize

  Determine the effect on adelene agi

Adelene, who lives in a winter resort area, rented her personal residence for 14 days while she was visiting Brussels. Determine the effect on Adelene AGI

  Taos company purchased merchandise for resale from tuscon

taos company purchased merchandise for resale from tuscon company with an invoice price of 22000 and credit terms of

  Discuss about cash flow statement

Discuss about Cash flow statement. Discuss what you learned about this statement and how it is related to the other financial statements.

  Prescription medication expenses

The Kelleher family has health insurance coverage that pays 80 percent of out-of-hospital expenses after a $500 deductible per person. If one family member has doctor and prescription medication expenses of $1,100, what amount would the insurance ..

  Property-plant and equipment turnover ratio

Calculate the property, plant, and equipment turnover ratio (sales divided by average PPE) for both Northern Sales and Southern Sales. Explain how this ratio impacts the return on net operating assets of each company (assume the profit margin for ..

  Identify the four basic financial statements

Identify the four basic financial statements. Describe the purpose of each of the four financial statements.

  The irs adjustment caused a tax deficiency

he IRS audited Samuel's return and included the $500,000 contingency fee in gross income. At the same time, Samuel was allowed a miscellaneous deduction (subject to the 2% floor) for the fee paid to the attorney. The IRS adjustment caused a tax defic..

  Set-up or dismantling costs

Alternatively, SCCC can rent a pre-fabricated building at a cost of $1000 per month with no set-up or dismantling costs. It will benefit SCCC to build the office if it expects the stadium project to exceed.

  Variable cost per unit-dash club analysis

The dash club of tampa, florida,collected receipes from memebers and published a cookbook entitled life of the party.the book will sell for $25 per copy.the chairwoman of the cookbook development committee estimated that the club needed to sell 10..

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