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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, prepare the consolidation journal entries that Large Ltd will need to pass on 30 June 2020.
ROI and RI. (D. Kleespie, adapted) The Sports Equipment Company produces a wide variety of sports equipment. Its newest division, Golf Technology, manufactures.
Which would NOT appear in the closing entries for the year? Retained Earnings (beginning)1,750. Cost of Goods Sold16,700. Common Stock 1,800
The fixed manufacturing overhead variance caused by actual activity being different from the estimated activity used in calculating the predetermined overhead application rate is called the:
Compute the missing amount in the following list of proprietary accounts of a federal government agency
Manning decides to leave the partnership. McNabb agrees to pay Manning $73 000 in a private transaction for his entire share in the business.
Suppose you manage the local Smoothie King smoothie bar. In addition to selling fruit smoothies, you make large batches of a few flavors of high protein-blend.
the manager of healthy snack division of mulchan industries is evaluated on her divisions return on investment and
ella owns 60 of the stock of peach inc. the stock has declined in value since she purchased it five years ago. she is
What is the ending balance of the Allowance for Doubtful Accounts at December 31, 2013, after all entries and adjusting entries are posted?
a) Find the estimated mean age difference between the two neighborhoods. b) Find the standard error of the estimated mean difference. c) Calculate the t-statistic for the observed difference in mean ages assuming that the true mean difference is 0.
Describe how the factor contributes to effective internal control. Management is responsible for designing and maintaining its organization's internal control.
Farm Limited incurs a loss of $5 million and Dairy Limited earns taxable profit of $7 million. Which one of the following statements is correct?
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