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!
Question - Melbourne Ltd owns 100% the share capital of Portland Ltd. The income tax rate is 30%. The following transactions took place during the periods ended 30 June 2020 or 30 June 2021.
(a) On 1 May 2020, Melbourne Ltd sold inventories to Portland Ltd for $5 000 in cash, recording a profit of $1000. On 15 June 2020, Portland Ltd sold half of those inventories to an external entity for $3 000. Therefore, half of the inventories were unsold by Portland Ltd at 30 June 2020. On 31 January 2021, Portland Ltd sold the remaining inventories to an external entity for $3 000. Therefore, none of these inventories were on hand at 30 June 2021.
(b) On 1 January 2021, Portland Ltd sold inventories costing $5000 to Melbourne Ltd at a transfer price of $8000, paid in cash. The entire inventories were sold by Melbourne Ltd to external entities by 30 June 2021.
Required - In relation to the above intragroup transactions prepare adjusting journal entries for the consolidation worksheet at 30 June 2020 and 30 June 2021 (narrations are required).
What amount of bad debt expense will Mingenback record if it has an Allowance for Doubtful Accounts credit balance of $3,600
Calculate sales revenue and gross profit under each of the four methods
During the month of October, Williams sold 250 units. Compute the ending inventory balance on October 31 using average-cost
hazelton corporation uses a periodic inventory system and the lifo method to value its inventory. the company began
Washington Co. plans to produce and sell chairs. Calculate margin of safety in units with the budgeted sales volume
What impact of the adjusting entry on the financial statements is? Thompson determined through a physical count that it had $10,300
Prepare the journal entry to record the replenishment of the petty cash fund. (Credit account titles are automatically indented when amount is entered.)
Two genetic tests routinely offered to women during pregnancy are Chorionic Villus Sampling (CVS) and Amniocentesis. Many health care professionals believe these two tests are best to determine if there are any genetic mutations or any undesired g..
Prepare a contribution margin income statement that reflects sales necessary to achieve the target profit. What is the break-even point in units sold and dollar
The auditors decided that sufficient appropriate evidence could not be obtained to complete audit of significant investments the entity held in a foreign entity
at year-end alvare company estimates its bad debts as 0.70 of its annual credit sales of 762000. alvare records its bad
Prepare a payroll register for Gridiron Industries, Inc., for the week ended December 7, 2012. Use the following columns for the payroll register
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