PLEASE SOLVE PART E QUESTION 4 Part (E)Josh Ltd sold inventory to Edie Ltd for $50,000 during the previous financial year on 2 February2021. The original cost of the inventory to Josh Ltd was $30,000. All of the inventory remained onhand on 30 June 2021. Three quarters (75%) of the inventory was sold to an external party duringthe year ended 30 June 2022, and the remaining one quarter (25%) of the inventory was still onhand by the end of the year. 0QUESTION 4:This question consists of 6 parts (Parts A, B, C, D, E, and F). All parts must be attempted.The following transactions occurred between Edie Ltd and its wholly owned subsidiary, Josh Ltd. Alltransactions occurred during the year ended 30 June 2022 unless specifically stated otherwise. Thecompany tax rate is 30%.Required:Prepare the adjustment entries required to eliminate the intra-group transactions in the consolidationworksheet of Edie Ltd Group on 30 June 2022.Details of the transactions are provided below in Parts A-F. Provide the journal entries in the text boxbelow the description of each transaction.There is no worksheet provided in this question and therefore you are not required to post the entries to aworksheet. When making adjustments to the relevant accounts, you can assume that each account thatyou need to adjust exists in the worksheet.Show all calculations.Formatting requirements: In all journal entries, you must specify whether the entry is a debit or creditentry by including "Dr" or "Cr" before the account name. Credit entries must also be indented. Journalentries which do not follow these requirements will be awarded a mark of zero. Below are examples ofcorrectly formatted journal entries:Dr Cash1000Cr Cash1000

Josh Ltd is the subsidiary [wholly owned] of Edie Ltd . So Edie Ltd will prepare…

Answered: osh Ltd sold inventory to Edie Ltd for…

Business

Accounting

osh Ltd sold inventory to Edie Ltd for $: during the previou

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 2MC: The following items were included in Venicio Corporations inventory account on December 31, 2019:...

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Question: ClipRite sold ProForm inventory costing $72,000 during the last six months of 2020 for $120,000. At year-end, 30 percent remained ClipRite sold ProForm inventory costing $200,000 during 2021. At yearend, 1 percent is left. What are the consolidated balances? Proform acquired 70 percent of ClipRite on June 30, 2020, for $910,00 in cash. Based on ClipRites acquistion-date fair value, an unrecorded intangible of $400,000 was recognized and is being amortized at the rate of $10,000 per year. No goodwill was recognized in the acuisition. The noncontrolling interest fair value was assessed at $390,000 at the acquisition date. The 2021 financial statements are as follows: Proform ClipRite Sales -800,000 -600,000 Costs of goods sold 535,000 400,000 Operating expenses 100,000 100,000 Dividend Income -35,000 Net Income -200,000 -100,000 Retained earning, 1/1/21 -1,300,000 -850,000 Net Income -200,000 -100,000 Dividend declared 100,000…
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Exhibit7.5 Sullivan Produce Co. switched from FIFO to LIFO on January1,2018, for external reporting and income tax purposes, while retaining FIFO for internal reports. On that date, the FIFO inventory equaled $360,000. The ensuing three-year period resulted in the following: December31,2018 Year-End Costs $438,000 Cost Index 1.05 December 31,2019 Year-End Costs $460,000 Cost Index 1.15 December 31, 2020 Year-End Costs $520,000 Cost Index 1.25 Refer to Exhibit 7-5, The ending inventory at December 31,2020, using the dollar-value LIFO method would be a. $422,000 b. $402,000 c $426,000 d. $420,400 Refer to Exhibit7-5, the ending inventory at December 31,2019, at base-year price is: a.$400,000 b. $402,000 c.$406,000 d.$424,000
Part B The company completed the following transactions during 2020. Jan 10 sold inventory to Natty Paul, $11,000, on account May 15 wrote off as uncollectible the accounts of Terry Carter, $2,500 and Maggie Cube $400 August 04 received 70% of the amount owed by Natty Paul and wrote off the remainder as uncollectible October 26 received 30% of the funds owed from Maggie Cube as part payment of her account which had been written off earlier as uncollectible. December 31, The Aging schedule showed an estimated $116,500 as uncollectible Requirements: Prepare journal entries for each transaction (No narrations required) Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account. Prepare the balance sheet extract as at Dec 31, 2020, to show the net realizable value for the Accounts Receivable.
Part B The company completed the following transactions during 2020. Jan 10 sold inventory to Natty Paul, $11,000, on account May 15 wrote off as uncollectible the accounts of Terry Carter, $2,500 and Maggie Cube $400 August 04 received 70% of the amount owed by Natty Paul and wrote off the remainder as uncollectible October 26 received 30% of the funds owed from Maggie Cube as part payment of her account which had been written off earlier as uncollectible. December 31, The Aging schedule showed an estimated $116,500 as uncollectible Requirements: Prepare journal entries for each transaction (No narrations required) this part was completed and is provided in the image belowhelp needed for questions below Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account. Prepare the balance sheet extract as at Dec 31, 2020, to show the net realizable value for the Accounts Receivable.
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Current Attempt in Progress Blossom Corporation began operations on December 1, 2024. The only inventory transaction in 2024 was the purchase of inventory on December 10, 2024, at a cost of $25 per unit. None of this inventory was sold in 2024. Relevant information is as follows. Ending inventory units December 31, 2024 December 31, 2025, by purchase date December 2, 2025 127 July 20, 2025 127 50 177 During the year, the following purchases and sales were made. Purchases Sales March 15 327 units at $30 April 10 227 July 20 327 units at 32 August 20 327 September 4 227 units at 36 November 18 177 December 2 127 units at 38 December 12 227 The company uses the periodic inventory method. (a1) Your answer is correct. Calculate the weighted-average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Weighted-average cost $ (a2) eTextbook and Media Your answer is partially correct. 32.11 Attempts: 1 of 4 used Determine ending inventory under (1) specific identification, (2) FIFO,…
Problem 2 Pine Company holds 60% of Spruce Company stock. Pine has sold inventory to Spruce Company as follows: year Cost to Pine Sales price to spruce Percen of Sold Held at Year Pine Spruce Year end 2017 $193,000 $347,000 30% 2018 $206,000 $310,000 20% 2019 $360,000 $450,000 25% 2020 $150,000 $250,000 30% The following balances were included in the individual financial statements of each company for the year ended 12/31/2020: Pine Co. Spruce Sales $ 5,100,000 3,900,000 Cost of goods sold $ 3,570,000 2,400,000 Merchandise inventory $ 580,000 390,000 What will be reported as consolidated inventory at 12/31/2020? note: Find the profit margin…
Problem 10 The inventory count of King Company on December 31, 2020 was P1,350,000 and the followingadditional information are available:  Goods on consignment from Frodo Company amounting to P50,000 was included in thecount. Customized item for Vishnu costing P100,000 was included in the physical count. Saiditem remains to be approved by Vishnu. Goods marked “RESERVED FOR ZEUS” found in the shipping section was not included inthe count because King is waiting for LBC to pick it up. Its selling price is P120,000 andits gross profit is 20% of selling price. Goods on consignment to Belle Company with sales price of P30,000 which is 150% ofcost was excluded from count. Goods sold to Kong Company Ex-Ship is on-board the carrier vessel as of the end of theyear. They cost P120,000 including freight charges of P20,000 and were excluded fromthe ending inventory. Purchased goods from Manila FOB Shipping Point is on transit worth P60,000 and freightof P10,000 were excluded from the…