Which consolidation entry to eliminate transaction in year

Assignment Help Managerial Accounting
Reference no: EM132982827

Problem 1: During the year ended 30 June 2020, a subsidiary sold inventory to its parent at a profit of $15,000. The inventory originally cost the subsidiary $98,000. At 30 June 2020 all the inventory was still on hand and it was all sold to an external party in July 2020. The perpetual inventory system is used. The consolidation entry to eliminate this transaction in the year ended 30 June 2021 would include which of the following line items?

a. Dr Cost of sales $15 000

b. Dr Cost of sales $98 000

c. Cr Cost of sales $15 000

d. Cr Cost of sales $98 000

Reference no: EM132982827

Questions Cloud

What are the implications of these developments for hrm : The recent rise of digital labour platforms and the 'gig economy' is transforming the world of work. As new platform companies have emerged in a range of market
What would harsh monthly loan payments : What would Harsh's monthly loan payments have to be in order to achieve his goal? What will be the total interest paid
Which lines is correct for ann ltd to account for the costs : Costs of issuing these 20,000 shares amounted to $5,000. Which of the following lines is correct for Ann Ltd to account for the costs of issuing the shares?
How much will you have to invest today : You may want to own a home one day. If you are 20 years old and plan on buying a $200,000 house when you turn 30, how much will you have to invest today
Which consolidation entry to eliminate transaction in year : The consolidation entry to eliminate this transaction in the year ended 30 June 2021 would include which of the following line items?
Should you purchase the system outright : Your firm can borrow at an interest rate of 6% APR with monthly compounding. Should you purchase the system outright by paying $150,000 now
CIS100 Information Technology Skills Assignment : CIS100 Information Technology Skills Assignment Help and Solution, Emirates College of Technology - Assessment Writing Service
What the correct consolidation data adjustment entry is : With regard to the copyright asset, the correct consolidation data adjustment entry is? Fiona Ltd obtained control of Belinda Ltd on 1 January 20X2
At what value should the land be recorded : On December 22, Obermayer Repair Service was offered $157,000 for the land by a national retail chain. At what value should the land be recorded

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Manage budgets and financial plans

Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.

  Prepare a retained earnings statement

Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.

  Prepare a master budget for the three-month period

Prepare a master budget for the three-month period.

  Construct the companys direct labor budget

Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.

  Evaluate the predetermined overhead rate

Evaluate the Predetermined Overhead Rate

  Determine the company''s bid

Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.

  Compute the pool rates for the different activities

Complete the schedule to compute the pool rates for the different activities.

  Prepare Company financial statements

Prepare Company financial statements

  Prepare an analysis of terracycles

This individual assignment is based on the TerraCycle Inc.

  Discuss the ethical issues

Discuss the ethical issues

  Political resources in emerging markets

Calculate the GDP in Income Approach  and Expenditure Approach

  Management accounting - ehsan electronics company

A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.

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