User Account

All Pages

What the adjustment necessary on consolidation as at june

Assignment Help Financial Accounting
Reference no: EM132928146

Problem 1: City Ltd sold an item of machinery to its subsidiary West Ltd on 1 April 2017 for $100 000. The asset had cost City Ltd $80 000 when acquired on 1 April 2016. At that time the remaining useful life of the machinery was assessed at 6 years. The adjustment necessary on consolidation as at 30 June 2019 in relation to the sale of Machinery will result in:

Select one:

Option 1: an increase in retained earnings and a decrease in current year profit
Option 2: a decrease in retained earnings and a decrease in current year profit
Option 3: A decrease in retained earnings and an increase in current year profit
Option 4: an increase in retained earnings and an increase in current year profit

Reference no: EM132928146

Questions Cloud

What would happen if both GAAP and IFRS adopted : What would happen if both GAAP and IFRS adopted fair value accounting? Consider both our consolidation work and international matters
Diploma community services case : Angela is 2 years old and for the last four months, she attends a children's service. Her mother Jackie is 23years old. The staff of the children's service note
What the consolidation adjustment entry will eliminate : the parent had 40% of the inventories still on hand. The consolidation adjustment entry (excluding tax effects) will eliminate unrealised profit amounting to
Post the transaction in the relevant ledger accounts : Post the above transaction in the relevant ledger accounts and balance them off as the date of transactions. Trial balance as at 26th October 2015
What the adjustment necessary on consolidation as at june : City Ltd sold an item of machinery, What the adjustment necessary on consolidation as at 30 June 2019 in relation to the sale of Machinery will result in
What purpose does hrm serve in an organization : What purpose does HRM serve in an organization? What does "strategic" HRM sound like it means, in your opinion?
Prepare journal entries to record accrual of interest : Prepare journal entries to record the following. (a) The issuance of the bonds. (b) The accrual of interest on December 31, 2017
How might hr professionals implement solutions : How might HR professionals implement solutions while using a Grievance procedure? Be sure to define Just Cause and Due Process in your response.
Which adjustments must be included as part of consolidation : A subsidiary entity sold goods to its parent entity. Which adjustments must be included as part of the consolidation entry to eliminate this transaction?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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