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Question - Large Ltd owns 100% of the shares of Small Ltd. These shares were acquired on 1 July 2019 for $1 million when the shareholders' funds of Small Ltd were:
Share capital $500,000
Retained earnings $400,000
$900,000
All assets of Small Ltd were fairly stated at acquisition date, except for a land that had a fair value $50000 more than carrying value.
During the 2019/2020 financial year, Small Ltd sold inventory to Large Ltd at a sales price of $200,000. The inventory cost Small Ltd $120,000 to produce. At 30 June 2010 half of the stock was still on hand with Large Ltd. In addition, Small Ltd paid an interim dividend of $40,000 out of post-acquisition profits to Large Ltd during the 2009/2010 financial year. The tax rate is 30%.
Based on the above information, make the consolidation journal entries that Large Ltd will need to pass on 30 June 2020.
Compute the following for the month of December: Variable overhead spending variance and Variable overhead efficiency variance.
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Based on the stockholders' equity section of Velcro World, answer the following questions. Remember that all amounts are presented in thousands.
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Maury Povich, who is the host of a daytime trash tv talk show, purchased a new video camera for $190,000 on January 11, 2014 and another for $110,000 on December 2, 2014. Those were the only depreciable assets he purchased during the year. How much d..
A firm is offered trade credit terms of 3/15, net 30 days. The firm does not take the discount. What is the effective annual cost of not taking this discount?
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