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Question 1: Based on the information provided below, advis appropriate consolidation journal entries for possible account adjustment or elimination.
Question 2: Reference appropriate accounting standards to explain the approach which needs to be taken for the adjusting journals.
Parent paid $110 000 on 30 June for all the shares of Subsidiary, whose equity at that date is share capital $72 000 and retained profits $28 000. However, the assets of Subsidiary are not all recorded at their fair value. Assume that all companies adopt the revaluation model under AASB 116. The discrepancies are:
Carrying Amount Fair Value
$ $
Investments 26 000 54 000
Accounts receivable 14 000 8 000
PPE 26 000 12 000
Inventory 70 000 76 000
Franchise Nil 10 000
Assuming an income tax rate of 30% for all years, the effect of this accounting change on prior periods should be reported by a credit of?
George did not sleep at all the night following the start of Daylight Savings Time.
Determine the dividends per share and the total dividends paid to common stockholders and preferred stockholders in 2011, 2012, 2013, and 2014.
Samuel, head of household with two dependents, has 2014 wages of $26,000, paid alimony of $3,000, has taxable interest income of $2,000, and a $12,000 0%/15%/20% net long-term capital gain. Samuel uses the standard deduction and is age 38. What is hi..
Discuss the advantages of positive and negative confirmations, and ascertain whether or not email and oral confirmations are acceptable to increase customer
Determine the range of annual cash inflows for each of the two projects. Do parts a and b provide consistent views of the two projects? Explain.
Determine the present value at 10-year bends payable with taee value at $86,000 and stated interest rate at 14%, paid semiannually.
What amount of installment accounts receivable should Dolce report in its December 31, year 2 balance sheet?
What will be profit or loss at the time of exercising the contract? Describe whether should exercise the contract or not? What will be profit or loss of seller?
If the equipment is sold on June 30, 2017 for $96,700. The entry to record the depreciation adjustment on the equipment in the year 2017 will be?
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2016 ($ in 000s): Net sales $ 29,000 Cost of goods sold $ 16,000 Interest income 310 Selling and administrative expenses 3,600 Interest expense 570 Restr..
Bryon Industries manufactures 21,800 components per year. The manufacturing cost of the components was determined as follows: An outside supplier has offered to sell the component for $26.00. If Bryon purchases the component from the outside supplier..
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