During the previous year of 30 June 2019, Sydney Ltd sold inventory to Melbourne Ltd for $10,000,

Fantastic news! We've Found the answer you've been seeking!

Question:

During the previous year of 30 June 2019, Sydney Ltd sold inventory to Melbourne Ltd for $10,000, recording a before-tax profit of $4,000. On 1 July 2019, 50% of this inventory was still on hand with Melbourne Ltd. . Prepare the journal entries for the consolidation worksheet for 30 June 2020. Details of intra-group transactions that are relevant to the consolidation for 30 June 2020 are as follows:Assume an income tax rate of 30%.

Posted Date: May 17, 2024 08:00 AM

See More Questions

Sydney Ltd incorporated the subsidiary Melbourne Ltd by contributing $500,000 for all the 400,000 issued shares. Prepare the journal entries for the consolidation worksheet for 30 June 2020. Details...
On 1 July 2015, Richard Ltd acquired all the issued shares of Elizabeth Ltd. The following information relates to the inter entity transactions that have occurred between Richard and Elizabeth to...
Faqa Ltd acquired 100% of the shares of Kalu Ltd on 1 July 2017 for $600 000, when the equity of Kalu Ltd consisted of: Share capital $450 000 General Reserve 70 000 Retained earnings 45 000 Asset...
Activity-based costing systems should be used instead of traditional costing systems if ________. A. indirect production costs are a large percentage of production costs B. different products consume...
Auditors must have a thorough knowledge of generally accepted accounting principles (GAAP) if they are to properly perform an audit of the financial statements of a company. Explain why this is so....
Southeastern Airlines daily flight from Atlanta to Charlotte uses a Boeing 737, with all-coach seating for 120 people. In the past, the airline has priced every seat at $140 for the oneway flight. An...
_____________ is a pictorial display of personal relationship among related or unrelated parties. a. Timeline b. Entity charts c. Genogram d. Graphology e. Full-inclusion
Assume that Denis Savard Inc. has the following accounts at the end of the current year. 1. Common Stock. 2. Discount on Bonds Payable. 3. Treasury Stock (at cost). 4. Notes Payable, short-term. 5....
. On January 1, 2022, Novak Corporation purchased a building to use as its factory, as well as some equipment in order to manufacture its product. The following information was determined at the...
For the current year, the Beech Corporation has net income on its books of $60,000, including the following items: Net capital losses $15,000 Federal income tax expense $25,000 Federal tax...
Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows: 1 st Quarter 2 nd Quarter 3 rd Quarter...
Watch the two videos from Shakespears in Love https://youtu.be/WydbcNQpN7Q At the beginning of the movie we see Mr. Henslow being dragged away by Mr. Fennyman and his men over a debt. Without...
What revenue categories do you think needs to be added to the master chart of accounts to reflect the new economy?
Watch the video on the investigation of the homicide to complete the following sections on the case: 1. Write the background information on your case. Explain what happened? Make sure to identify the...
On June 1 of the current year, Pamela Schatz established a business to manage rental property. She completed the following transactions during June: Opened a business bank account with a deposit of $...
Suggest two strategies for the company to minimise the impact of the strike on business operation?
Tanaka Company's cost and production data for two recent months included the following: March April Production (units).........300................600 Rent.....................$1,800............$1,800...
Change $456.142 \times 10^{5}$ by moving the decimal two places to the left.
Write the following numbers in scientific notation form: 1. 428.9 2. -0.00000981 3. 8
Change $12.3 \times 10^{2}$ by moving the decimal five places to the right.

During the previous year of 30 June 2019, Sydney Ltd sold inventory to Melbourne Ltd for $10,000,

Question:

Expert Answer:

Students also viewed these accounting questions