Question
On 30 April 2022, Snake Ltd transferred inventory costing $50,000 to Carpet Ltd for $80,000. Carpet Ltd treated this item as plant. The item was
On 30 April 2022, Snake Ltd transferred inventory costing $50,000 to Carpet Ltd for $80,000. Carpet Ltd treated this item as plant. The item was still on hand at 30 June 2022. Carpet Ltd applied a 10% depreciation rate to this plant.
The corporate tax rate is 30%.
Prepare a consolidated statement of financial position using account format, for Carpet Ltd as at 30 June 2022.
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Managerial Accounting Creating Value in a Dynamic Business Environment
Authors: Ronald W. Hilton
9th edition
78110912, 978-0078110917
