The parent sold inventory to the subsidiary on 1 September 2018 for $38000. This inventory had cost the parent $21000. One-third of the inventory was sold by the subsidiary to ABC Ltd (an external party) for $16700 and one-third to DEF Ltd (an external party) for $15300. Assume an income tax rate of 30%. Prepare the consolidation worksheet adjusting entries for preparation of the consolidated financial statements as at 30 June 2019. Note: Round your answers to the nearest dollar. Answer: Inventory ÷ Dr Your last answer was interpreted as follows: 38000 Retained earnings Cr $17000 Your last answer was interpreted as follows: 17000 Cost of sales Cr $21000 Your last answer was interpreted as follows: 21000 Income tax expense ÷ Dr ÷ $12667 Your last answer was interpreted as follows: 12667 (No answer given) ÷ Cr $12667 Your last answer was interpreted as follows: 12667 $ 38000

The parent sold inventory to the subsidiary on 1 September 2018 for $38000. This inventory had cost the parent $21000. One-third of the inventory was sold by the subsidiary to ABC Ltd (an external party) for $16700 and one-third to DEF Ltd (an external party) for $15300. Assume an income tax rate of 30%. Prepare the consolidation worksheet adjusting entries for preparation of the consolidated financial statements as at 30 June 2019. Note: Round your answers to the nearest dollar. Answer: Inventory ÷ Dr Your last answer was interpreted as follows: 38000 Retained earnings Cr $17000 Your last answer was interpreted as follows: 17000 Cost of sales Cr $21000 Your last answer was interpreted as follows: 21000 Income tax expense ÷ Dr ÷ $12667 Your last answer was interpreted as follows: 12667 (No answer given) ÷ Cr $12667 Your last answer was interpreted as follows: 12667 $ 38000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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