User Account

All Pages

Provide adjustment journal entries for the events

Assignment Help Accounting Basics
Reference no: EM132702724

Flexi Ltd owns all the share capital of Jason Ltd. The following transactions relate to the period ended June 2020.

a. On 1 July 2019, Flexi sold a motor vehicle to Jason Ltd for $15,000. This had a carrying amount to Flexi Ltd of $12,000. Both entities depreciate motor vehicles at a rate of 10% p.a. on cost.

b. Flexi Ltd manufactures certain items which it then markets through Jason Ltd. During the current period, Flexi sold $12,000 of items to Launceston at cost plus 20%. Jason Ltd has sold 75% of these transferred items (external) at 30 June 2020.

c. Jason Ltd also sells second-hand machinery. Flexi sold one of its depreciable assets (original cost $40,000, accumulated depreciation $32,000) to Jason Ltd for $5,000 on 1 January 2020. Jason Ltd had not resold the item by 30 June 2020.

Problem 1: Provide adjustment journal entries for the events listed above that should be included in the consolidation worksheet as at 30 June 2020. Assume an income tax rate of 30%.

Reference no: EM132702724

Questions Cloud

Determine the patient bmi and present how you calculated it : Determine the patient's BMI and present how you calculated it. How is BMI used in health assessment, promotion and disease prevention?
Determine practical preventative internal control procedure : Okawa Limited is a leading automotive repair centre, Determine a practical preventative internal control procedure that would assist in mitigating the risks
What arekey ideas discussed in the assigned pages : What are three (at least) key ideas discussed in the assigned pages? What struck you the most in reading these pages? How does the reading affect your.
Venture management-employee motivation : So far, you have learned the responsibilities of the manager's job, entrepreneurship and new venture management, employee motivation
Provide adjustment journal entries for the events : Provide adjustment journal entries for the events listed above that should be included in the consolidation worksheet as at 30 June 2020.
What is the due date for the deposit of these taxes : Vulcan Company is a monthly depositor whose tax liability for March 20-- is $2,505. What is the due date for the deposit of these taxes
How much control government should over rental properties : Discuss whether rental properties are a good investment. Talk about how much control the government should have over rental properties
Delayed response and inefficiency in preparing financial : What is the main reason behind delayed response and inefficiency in preparing the financial statements on time?
Make journal entries to record each of the transactions : Prepare journal entries to record each of the transactions of a merchandise company. The company uses a perpetual inventory system

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd