User Account

All Pages

What the consolidation adjustment entry will eliminate

Assignment Help Financial Accounting
Reference no: EM132928148

Problem 1: A subsidiary sold inventories to its parent for $30 000. The inventories originally cost the subsidiary $12 000. At balance sheet date, the parent had 40% of the inventories still on hand. The consolidation adjustment entry (excluding tax effects) will eliminate unrealised profit amounting to:

Select one:

Option 1: $18 000

Option 2: $10 800

Option 3: $7 200

Option 4: $12 000

Reference no: EM132928148

Questions Cloud

What adjustment necessary on consolidation to reflect tax : non-current asset at a loss to its parent entity, Sun Limited. The adjustment necessary on consolidation to reflect the tax effect of this transaction?
Relationship between risk and return on investment : What is the relationship between risk and return on investment (ROI)? What level of risk are you currently able to accept? What are the factors your decision is
What would happen if both GAAP and IFRS adopted : What would happen if both GAAP and IFRS adopted fair value accounting? Consider both our consolidation work and international matters
Diploma community services case : Angela is 2 years old and for the last four months, she attends a children's service. Her mother Jackie is 23years old. The staff of the children's service note
What the consolidation adjustment entry will eliminate : the parent had 40% of the inventories still on hand. The consolidation adjustment entry (excluding tax effects) will eliminate unrealised profit amounting to
Post the transaction in the relevant ledger accounts : Post the above transaction in the relevant ledger accounts and balance them off as the date of transactions. Trial balance as at 26th October 2015
What the adjustment necessary on consolidation as at june : City Ltd sold an item of machinery, What the adjustment necessary on consolidation as at 30 June 2019 in relation to the sale of Machinery will result in
What purpose does hrm serve in an organization : What purpose does HRM serve in an organization? What does "strategic" HRM sound like it means, in your opinion?
Prepare journal entries to record accrual of interest : Prepare journal entries to record the following. (a) The issuance of the bonds. (b) The accrual of interest on December 31, 2017

Reviews

Write a Review

Financial Accounting Questions & Answers

  Bond related transaction through journal entries

Accounting for bond related transaction through journal entries and Purpose the journal entries to record the conversion, amortization, and interest in connection with the bonds as of the following dates.

  What amount of credit sales for must have been

Uncollectible accounts expense for the year was $9400. Based on this information they amount of credit sales for 2017 must have been

  What was the budgeted receivables balance

Verna's makes all sales on account, subject to the following collection pattern: 30% are collected in the month of sale; 60% are collected in the first month after sale; and 10% are collected in the second month after sale. If sales for October, Nove..

  Compute DJ diluted EPS

There were 100, 000 call options at December 31, 2019, On January 1, Common shares 360,000. Compute DJ diluted EPS for 2019

  Compute the product margins for the extreme

Compute the product margins for the Extreme and the Pathfinder products under the company's traditional costing system

  How much net income must be expected to warrant

Return on the invested capital, which means that the firm must have an ROE of 13.5%. How much net income must be expected to warrant starting the business?

  What is the amount of net income using fifo

What is the amount of net income using FIFO, LIFO, and weighted average? Compute the amount of ending inventory using (1) FIFO, (2) LIFO, and (3) weighted average

  Repaid the note payable to supplier with interest

Moulton Corporation opened for business on January 1, Year 13. It uses the accrual basis of accounting. Acquired equipment on December 31 costing $80,000 and signed a 6% note payable to the supplier. The note is due on June 30, Year 13. The equipment..

  Prepare summary journal entries for 2011 and 2012

Prepare summary journal entries for 2011 and 2012 to account for the installment sales and cash collections. The company uses the perpetual inventory system.

  Explain what ex dividend means

Explain what ex dividend means. also explain the accounting implication of the 20000 dividend declared by binod ltd, if payable from pre-acquisition profit

  What is the stock price according to the constant growth

The required rate of return on this stock is 9.96 percent. What is the stock price according to the constant growth dividend model

  What is the depreciation expense

On Jan. 2019 Company A purchased an equipment for 100,000 SR on credit, its useful live is 5 years, what is the depreciation expense for 2019

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