Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Question - Adam Ltd acquires all the share capital of Luke Ltd for 5290.000. The equities of Luke Ltd at the date of acquisition were as follows:
Share Capital $150,000
General Reserve $30,000
Retained Earnings $60,000
Goodwill $10,000
All assets and liabilities of Luke Ltd were of fair value at DOA except the land had the fair value of $160,000. The carrying amount of the land is recorded at $140,000.
Provide the workings of necessary worksheet consolidation entries (no marks given) and complete the worksheet below.
Aden Ltd
It Ltd
Adj. Dr.
Adj. Cr.
Group
Income
$50,000
$34,000
Other income
$14,000
312.000
Expenses
$21,000
315.000
Income tax expense
$8,000
58.000
Profit for the period
$35.000
525.000
Retained earnings (117115)
$90.000
580.000
Transfer from general reserve
$0
Retained earnmas (3041151
$125,000
$105,000
Share capital
$558,000
$150,000
General reserve
$92,000
$30,000
FairValue Adjustment
Provisions
Payables
315,000
$25,000
Deferred tax liability
Loans
$110,000
Total equities and &babes
$970,000
$450,000
Plant
$600,000
$820,000
Accumulated depreciation
$295,000
-$550,000
Factures
$300,000
$120.000
Accumulated depredation
$180,000
$80,000
Land
$200,000
$140,000
Brands
Shares in Luke Ltd
$230,000
Inventory
$45,000
$40,000
Cash
$5,000
$7,000
Receivables
$15,000
$13,000
Deferred tax asset
Bobcat Company uses a job-order costing system. During April, the following costs appeared in the work in Process Inventory account: Beginning balance $24,000, Direct material used 70,000, direct labor incurred 60,000, applied overhead 48,000, cos..
slip systems had no prior short-term investments prior to 2013. it had the following transactions involving short-term
cinnamon buns co. cbc started 2011 with 52700 of merchandise on hand. during 2011 286000 in merchandise was purchased
(a) Is it a major industrial or emerging market currency? (b) Does the currency exchange rate operate under a pegged or target rate regime? (c) Can funds freely moved into or out of the country?
If Halibut Company pays the invoice within the discount period, what is the amount of cash required for the payment?
an income statement is not necessary if a statement of cash flows is prepared.a statement of cash flows is not necessary if an income statement is prepared.a statement of cash flows and an income statement are prepared regardless.
a business is operating at 70 of capacity and is currently purchasing a part used in its manufacturing operations for
May Inc., has one shareholder,Paula, whose basis in May's stock was $100,000 on 1/1/10. During 2010, May distributed $300,000 to Paula. What is the amount of the distribution that would be treated as a dividend by Paula?
1 janet and james purchased their personal residence 15 years ago for 300000. for the current year they have an 80000
oklahoma manufacturing company uses a standard cost accounting system. in 2012 the company produced 28300 units. each
on may 5 2008 nancy sells her stock adjusted basis of13000 in lime inc. a publicly traded company for 17000. onmay 31
What are consolidated financial statements and what do they attempt to accomplish?
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd