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Question - Surf Ltd is the wholly owned subsidiary of Boat Ltd. The following transactions occur between the two entities during the financial year ending 30 June 2021:
On 1 July 2020 Boat Ltd sells an item of non-current asset to Surf Ltd for $470,000. This asset cost Boat Ltd $560,000 and had accumulated depreciation of $180,000 at the date of the sale. The remaining useful life of the asset is assessed as 10 years.
Boat Ltd contracted Surf Ltd to provide management consultancy services worth $160,000 during the year. Twenty five percent (25% of the total contract price remains unpaid at 30 June 2021.
Required - Assuming a tax rate of 30%, provide consolidation adjustment entries for the above inter-entity transactions to enable preparation of the consolidated report for the year ending 30 June 2021.
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The accounts receivable balance increased $10,000 during the year. How much cash did Barker receive from its customers during the year?
Prepare a statement of cash flows for Laporte Inc. for the year ended December 31, 2017 by using the direct method. (Negative answers)
Calculate the company's economic profit. Interest paid during the year was $240,000 and the weighted average cost of capital is 8%
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A transaction completed by Salvador Company caused a $12,000 increase in both the total assets and the total liabilities. This transaction could have been.
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Sissac Catering uses two measures of activity, jobs and meals, in the cost formulas in its budgets and performance reports. The cost formula for catering supplies is $620 per month plus $111 per job plus $27 per meal. A typical job involves serving a..
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