FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Needed Journal entry for the following 1.During the year ended 30 June 2021, a parent entity rents a warehouse from a subsidiary entity for $200

Needed Journal entry for the following

1.During the year ended 30 June 2021, a parent entity rents a warehouse from a subsidiary entity for $200 000. The company tax rate is 30%. Which of the following is the consolidation adjustment entry needed at reporting date to eliminate the transaction?

2.Chancellor Limited provided a loan of $1 500 000 to its subsidiary Park Limited. On consolidation, which of the following adjustments is needed in relation to this intragroup loan?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Intermediate Accounting

Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones

10th Edition

324300980, 978-0324300987

More Books

Students also viewed these Accounting questions

Question

★★★★★
Find and examine the website of The Kiosk Factory. What would be an industry that you would target for integrating self-serve technology?

Answered: 1 week ago

Question

★★★★★
6. In its 2016 financial statements, if Gum is organized on an industry basis, it should disclose foreign operations data on a specific country if revenues from that countrys operations are at least:...

Answered: 1 week ago

Question

★★★★★
You know that you cannot absorb this increase and that you must pass it on to your customers. However, you are concerned about the consequences of an open price increase. Discuss three alternative...

Answered: 1 week ago

Question

★★★★★
Fuzzy Monkey Technologies, Inc., purchased as a long-term investment $80 million of 8% bonds, dated January 1, on January 1, 2011. Management intends to have the investment available for sale when...

Answered: 1 week ago

Question

★★★★★
create an office supply budget for a financial year during the restraints of R250 000.00 as well as create a control plan that can supervise the supplies on the office. ( plan should regard to...

Answered: 1 week ago

Question

★★★★★
Express the alternative hypothesis in symbolic form. A psychologist claims that the mean amount of time (in hours) that females spend in talk therapy is more than that of men. Assume that two samples...

Answered: 1 week ago

Question

★★★★★
What are Linked lists, Stacks, Queues, Trees and graphs in Data structures?

Answered: 1 week ago

Question

★★★★★
XYZ Corporation uses a predetermined overhead application rate of P.30 per direct labor hour. During the year it incurred P345,000 dollars of actual overhead, but it planned to incur P360,000 of...

Answered: 1 week ago

Question

★★★★★
Lacy is a single taxpayer. In 2021, her taxable income is $44,600. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule, Dividends and Capital Gains Tax...

Answered: 1 week ago

Question

★★★★★
Explain about operations on Data Structure?

Answered: 1 week ago

Question

★★★★★
Two spherical bobs, one metallic and the other of glass, of the same size are allowed to fall freely from the same height above the ground. Which of the two wduld reach earlier and why?

Answered: 1 week ago

Previous Question Next Question