Solved

In May 2017, a Parent Entity Sold Inventories to a Subsidiary

Question 3

Multiple Choice

In May 2017, a parent entity sold inventories to a subsidiary entity for $30 000. The inventories had previously cost the parent entity $24 000. The entire inventories are still held by the subsidiary at reporting date, 30 June 2017. Ignoring tax effects, the adjustment entry in the consolidation worksheet at reporting date is:


A) In May 2017, a parent entity sold inventories to a subsidiary entity for $30 000. The inventories had previously cost the parent entity $24 000. The entire inventories are still held by the subsidiary at reporting date, 30 June 2017. Ignoring tax effects, the adjustment entry in the consolidation worksheet at reporting date is: A) B) C) D)
B) In May 2017, a parent entity sold inventories to a subsidiary entity for $30 000. The inventories had previously cost the parent entity $24 000. The entire inventories are still held by the subsidiary at reporting date, 30 June 2017. Ignoring tax effects, the adjustment entry in the consolidation worksheet at reporting date is: A) B) C) D)
C) In May 2017, a parent entity sold inventories to a subsidiary entity for $30 000. The inventories had previously cost the parent entity $24 000. The entire inventories are still held by the subsidiary at reporting date, 30 June 2017. Ignoring tax effects, the adjustment entry in the consolidation worksheet at reporting date is: A) B) C) D)
D) In May 2017, a parent entity sold inventories to a subsidiary entity for $30 000. The inventories had previously cost the parent entity $24 000. The entire inventories are still held by the subsidiary at reporting date, 30 June 2017. Ignoring tax effects, the adjustment entry in the consolidation worksheet at reporting date is: A) B) C) D)

Correct Answer:

verifed

Verified

Related Questions

Q1: When an entity sells during the current

Q2: The adjustments included in the consolidation worksheet

Q4: During the current period, a subsidiary entity

Q5: During the year ended 30 June 2017,

Q6: Which of the following statements is incorrect:
A)

Q7: During the year ended 30 June 2017,

Q8: The tax effect of eliminating the unrealised

Q9: Which of the following statements is incorrect:
A)

Q10: During the current period, a subsidiary entity

Q11: Which of the following questions is not

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents