What is the consolidation adjustment for the inventory now

Assignment Help Accounting Basics
Reference no: EM132698564

Pitt Ltd and Upper Ltd are two separate legal entities within an economic entity. Pitt Ltd sells inventories to Upper Ltd during the financial year ended 30 June 2027. At 30 June 2027 50 per cent of this inventory remained unsold. The inventories were held by Pitt Ltd at a value of $45 000 and were sold with an 80 per cent mark-up to Upper Ltd. By 30 June 2028 all of this inventory is sold to external parties by Upper Ltd.

Required:

Problem 1: What is the consolidation adjustment for this inventory now i.e., at 30 June 2028, when it is sold to external parties by Upper Ltd? Assume no tax.

Reference no: EM132698564

Questions Cloud

What is the lead time for any given po box : Through value-stream mapping, it is determined the average value-add time per application is 30 minutes. This process is conducted over an 8 hour day.
What amount should aaa report as capitized lease liability : The rounded present value of an ordinart annuity for 9 years is 6.0, what amount should AAA report as capitized lease liability at december 31,2015
Job descriptions worthwhile tool for organizations : Are job descriptions a worthwhile tool for organizations these days or are they too limited?
How many boxes of cereals should crunchy order : How many boxes of cereals should Crunchy order per replenishment? Why? Show your work and explain it.
What is the consolidation adjustment for the inventory now : What is the consolidation adjustment for this inventory now i.e., at 30 June 2028, when it is sold to external parties by Upper Ltd? Assume no tax.
What is the total cost for the above quantity : What is the total cost for the above Quantity(including Purchase cost)? (round to next integer)
Design a two-day training program for a group of employees : Design a two-day training program for a group of 20 employees. Identify 2-3 training needs through a training needs analysis (TNA) and justify an approach for.
What would be the capital balances of nakakkapagtataka : Nakakapagtak is to join the partnership upon contributing P72,000. What would be the capital balances of Nakakkapagtataka in the new partnership?
Performance measurement baseline : Few programs can proceed through their life cycle without changes to the performance measurement baseline (PMB).

Reviews

Write a Review

Accounting Basics Questions & Answers

  Suppose you save 1 the first day of a month 5 the second

this lab requires you tofind particular terms of a sequence from the general term.use recursion formulas.use factorial

  Determine the accrual basis net income of retry company

The Retry Company uses cash-basis accounting for their records Determine the accrual basis net income of Retry Company for the year ended December 31, 2020.

  Results of the premium plan

The purchase price of each mug to the company is 90 cents; in addition it costs 60 cents to mail each mug. The results of the premium plan for the years 2006 and 2007 are as follows (assume all purchases and sales are for cash)

  What is a notice of federal tax lien

For 2015, the maximum contribution to a qualifying deferred compensation plan by a 45-year old employee is.

  Dividends on common and cumulative preferred stock lo c2

dividends on common and cumulative preferred stock l.o. c2 wades outstanding stock consists of 46000 shares of

  Describe the accounting for treasury stock

Discuss the characteristics of the corporate form of organization? Describe the accounting for treasury stock

  Allocate occupancy costs to the diaz

City Bank has several departments that occupy both floors of a two-story building. The depart mental accounting system has a single account, Building Occupancy.

  What would be tiny component cost of preferred stock

Tiny has preferred stock selling for 109.2 percent of par that pays an 9.0 percent annual coupon. What would be Tiny's component cost of preferred stock

  If you were going to develop a computer-based tool to help

if you were going to develop a computer-based tool to help an analyst interview users and then easily create an e-r

  Determine the samanthas break-even sales volume was

Determine the Samanthas break-even sales volume was,In 2018, Samantha's Bath and Body Shop had variable costs of $27,000, fixed costs of $18,000

  At the end of the year actual direct labor-hours for the

at the beginning of the year manufacturing overhead for the year was estimated to be 363200. at the end of the year

  What are the differences and similarities between

what are the differences and similarities between nonprofit and for-profit organizations in terms of strategic planning

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd