Question: What would the consolidation journal entry for journal reference i have been: a. Dr Opening retained earnings 21 Dr Income tax expense 9 Cr Opening

What would the consolidation journal entry for journal reference i have been:

a.

Dr Opening retained earnings

21

Dr Income tax expense

9

Cr Opening inventory (P&L)

30
b.

Dr Opening retained earnings

9

Dr Income tax expense

21

Cr Opening inventory (P&L)

30
c.

Dr Opening inventory (P&L)

30

Dr Income tax expense

9

Cr Opening retained earnings

39
d.

Dr Opening inventory (P&L)

30

Cr Income tax expense

9

Cr Opening retained earnings

21

What would the consolidation journal entry for journal reference i have been:

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Explain whether each of the following is a source of experimental error: A student obtains three Erlenmeyer flasks, and he washes and rinses them. He dries the outside of each flask, but not the...

Q:

What would the consolidation journal entry for journal reference i have been: a. Dr Opening retained earnings 21 Dr Income tax expense 9 Cr Opening inventory (P&L) 30 b. Dr Opening inventory (P&L) 30...

Q:

QUESTION 2 S Ltd acquired land from its parent company P Ltd for $1 000 000. The land had originally cost P Ltd $100 000 (assume a tax rate of 30%). Two years later S sold the land outside the group...

Q:

During the year ended 30 June 2017, a subsidiary entity sold inventories to a parent entity for $30 000. The inventories had previously cost the subsidiary entity $24 000. By 30 June 2017 the parent...

Q:

hi these are my questions, hopefully it can be answers in 10 minutes as i am in the quiz now thankyou Question 13 During the consolidation process, it may be necessary to make the following...

Q:

hi these are my questions, hopefully it can be answers in 10 minutes as i am in the quiz now thankyou Question 13 During the consolidation process, it may be necessary to make the following...

Q:

Multiple choice 1. Which of the following statements is not correct regarding preparing consolidated financial statements? a) The subsidiary's investment in each parent is offset against the...

Q:

During the year ended 30 June 2017, a subsidiary entity sold inventories to a parent entity for $30 000. The inventories had previously cost the subsidiary entity $24 000. By 30 June 2017 the parent...

Q:

I need the T Account Analysis. I filled in some of what I believe the answers are but I dont know the "Time showing the amount of Unearned Revenue" D E G B General Journal Date Credit Account Debit...

Q:

The following data applies to the company XYZ: Profit before tax for the year to 30 June 2020 - $200,000 Taxable income for the year to 30 June 2020 - $ 450,000 Deferred tax liability 1 July 2019 -...

Q:

LMN Ltd declared an final dividend on 30th June 2020 of 10 cents per share and paid it on 10th July 2020. The company has 500,000 issued shares. The journal entry on 30th June 2020 would include: a....

Q:

In 1998, Jennifer Shroeger was promoted to district manager for UPS operations in Buffalo, NY. When she took over, she faced a serious problem: turnover was out of control. Part-time workers, who...

Q:

Insurance does not work well If losses are less than 20 percent of one's wealth. O In tornado alley (if we are talking about property insurance). If losses are not random. O If utility curves are...

Q:

Dave, Ella and Jia share their electricity bills in the ratio 3 : 4 : 5. a How much does each of them pay when their electricity bill is i $168 ii $192 iii $234? b Show how to check your answers to...

Q:

9. (15 points) A company is considering a new project that requires an investment of \$5 million. The project is expected to generate cash flows of $2 million in year 1,$3 million in year 2, and $4...

Q:

2. Define communication.

Q:

2. Analyzing Cultural Patterns. Find a text or speech that discusses some intercultural or cultural issues, and analyze the cultural patterns present in the text. Consider, for example, the I Have a...

Q:

f. What was your neighborhood like? Discuss your answers with classmates. Analyze how your own cultural position is unique and how it is similar to that of others.