User Account

All Pages

Provide consolidation adjustment entries

Assignment Help Accounting Basics
Reference no: EM132846740

Question - Zhang Ltd is the wholly owned subsidiary of Lang Ltd. The following transactions occur between the two entities during the financial year ending 31 January 2021:

a)  In 2020, Zhang Ltd sold Lang Ltd goods, which cost $40,000 for $60,000. At 31 January 2021, Lang Ltd. had not sold 40% of these goods.

b)  In 2019, Lang Ltd sold Zhang Ltd goods, which cost $35,000 for $50,000. At 31 January 2021, Zhang Ltd. had not sold 20% of these goods.

Required - Assuming a tax rate of 30%, provide consolidation adjustment entries for the above inter-entity transactions to enable preparation of the consolidated report for the year ending 31 January 2021.

Reference no: EM132846740

Questions Cloud

Explain the strengths of the fourteenth amendment : Explain the strengths and weaknesses of the Fourteenth Amendment. What liberties and freedoms did it extend in the nineteenth century-and to whom?
What is the combined gain realized by Nunu and JYP : Cheer acquired a one-fifth interest in the net assets and profits of the firm. What is the combined gain realized by Nunu and JYP
What did freedom mean for the ex-slaves : What did freedom mean for the ex-slaves? Be sure to address economic opportunities, gender roles, religious independence, and family security.
Illustrate the common obstacles the indian communities faced : Illustrate the common obstacles the Indian communities faced and the ways they tried to unite to overcome their hardships during the eighteenth century.
Provide consolidation adjustment entries : Provide consolidation adjustment entries for the above inter-entity transactions to enable preparation of the consolidated report for the year ending
Explain the impact of seven years war on colonial society : Explain the impact of the Seven Years' War on colonial society. Pay particular attention to how the war and its outcome shaped colonial identities
MKT103A Integrated Marketing Communications Assignment : MKT103A Integrated Marketing Communications Assignment Help and Solution, Laureate International Universities - Assessment Writing Service
What role did african religions play : Compare and contrast the impact of the Enlightenment with the Great Awakening. How do both contribute to the thinking behind the American Revolution?
How much tax will he owe on these transactions : Anakin sold stock that he held for 5 years for $40,000. His basis in the stock was $15,000. How much tax will he owe on these transactions

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