User Account

All Pages

Record the consolidation entries for June

Assignment Help Accounting Basics
Reference no: EM133052321

Question - Shohei Ltd owns 100% of Ohtani Led acquired on 1 July 2018 for $3.25 Million when the shareholders funds of Ohtani Ltd were:

Share Capital 1,750,000

Retained Earnings 1,400,000

Total 3,150,000

All assets of Ohtani Ltd were stated at fair value on the date of acquisition.

(a) The directors believe that there has been an impairment loss on goodwill of $35,000 for the year ended 30 June 2021.

(b) During the 2020-21 financial year Shohei Ltd sells inventory to Ohtani Ltd at a sales price of $700,000. The inventory cost Shohei Ltd $420,000to produce. At 30 June 2021 half of the inventory is still on hand with Ohtani Ltd. The tax rate is 30%.

Record the consolidation entries for 30 June 2021?

Reference no: EM133052321

Questions Cloud

What would the income have been using variable costing : Ignoring income taxes, if the fixed overhead application rate is P2.50 per unit, what would the income have been using variable costing
Identifying and describing a company business strategy : This Discussion assignment will give you the opportunity to identify and describe the basic competitive strategy of several companies, based on the generic stra
Running federal budget deficits : 1. Should the United States continue running federal budget deficits or have a balanced budget?
Contemporary organization : Do you think that ERM is necessary in the contemporary organization and why?
Record the consolidation entries for June : The directors believe that there has been an impairment loss on goodwill of $35,000 for the year ended 30 June 2021. Record the consolidation entries for June
Communication functions social media : Describe what communication functions social media can serve for the B2B marketer and evaluate the way in which social media platforms have transformed B2B comm
Advantages and disadvantages of hiring a lawyer : In the movie contract, which side was the more successful negotiator? Can you think of any terms that either party left out? Are any of the provisions unreasona
Surces of social power of china ideological power : Explain four sources of social power of China ideological power, economic power, military power, and political power and conclude with a discussion of a contemp
Basic functions used in encryption algorithms : What are the two basic functions used in encryption algorithms? What are the two general approaches to attacking a cipher? What is triple encryption?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate the ARR for a manufacturing company

Calculate the ARR for a manufacturing company purchasing a new equipment. Labor is estimated to start at $80,000 in Year 1, increasing by 4% each year after

  At december 31 2011 and 2010 miley corp had 180000 shares

at december 31 2011 and 2010 miley corp. had 180000 shares of common stock and 10000 shares of 5 100 par value

  Taxation of nonprofit organizations

Your local government created an agency to serve the local community in providing low income housing. That housing agency, called the Local Housing Board, is a tax exempt agency of local government and was created to receive federal funds for hous..

  How much is non-current assets

Depreciation expense is applied at a fixed % per year 0.1 and Interest on the bank loan is fixed at a % per year 0.2. How much is non-current assets

  Prepare comparative condensed income statements

Units purchased consisted of 35,000 units at $3.70 on May 10; 60,000 units at $3.90 on August 15; Prepare comparative condensed income statements

  Determine credit sales would be equivalent to auto loans

Determine credit sales would be equivalent to auto loans generated. Based on this data, do you think there is evidence of earnings management

  List and explain different forms of business organizations

How do List and briefly explain the different forms of business organizations. Business organizations can be classified into different legal forms.

  Prepare the march income statement for digital vibe

Prepare the March income statement for Digital Vibe Manufacturing Company. Refer to the Amount Descriptions list provided for the exact wording

  Compute the carrying value of the bonds

he bonds, which mature on January 1, 2027, pay interest semiannually on January 1 and July 1. Compute the carrying value of the bonds

  What is the amount of this employee net pay

The employee has $86 in federal income taxes withheld. What is the amount of this employee's net pay for the first week of January

  Prepare the journal entry to record the impairment

The company is not able to determine the fair value based on a current selling price of the machinery. Prepare the journal entry to record the impairment

  Ha2032 corporate and financial accounting assignment problem

HA2032 Corporate and Financial Accounting assignment help and solutions, Holmes Institute, assessment help - Select the latest annual report of two ASX listed.

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