In relation to the above intragroup transactions, prepare adjusting journal entries for the consolidation worksheet at 30 June 2020. Only the adjusting entries need be shown. Narrations are not required.
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![a. In June 2020, Genie Ltd sells inventories to
Aladdin Ltd for $10 000 in cash. These
inventories had previously cost Aladdin Ltd $6
000, and are on-sold externally on 30 June
2020 for $15 000.
Required
In relation to the above intragroup
transactions, prepare adjusting journal entries
for the consolidation worksheet at 30 June
2020. Only the adjusting entries need be
shown. Narrations are not required.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb11635da-aabe-4fc6-89c6-405af1935790%2F7fa1ac6a-917b-4803-b9df-81bd2526e351%2Frq5ruf9_processed.jpeg&w=3840&q=75)
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- Hybrid dealers bought computer equipment for R54000 on 1 July 2018.The equipment is deprecated at 20% to the diminishing balance method. prepare the depreciation and closing transfer entries in the general journal of hybrid dealers on 31 March 2019 and 31 March 2020Hybrid Dealers bought computer equipment for R54 000 on 1 July 2018. The equipment is depreciated at 20% according to the diminishing balance method. Required: Prepare the depreciation and closing transfer entries in the general journal of Hybrid Dealers on 31 March 2019 and 31 March 2020. Please see attached for answer formatFlint Corp. has the following securities (all purchased in 2023) in its investment portfolio on December 31, 2023: 2,570 Anderson Corp.common shares, which cost $49,344; 10,700 Munter Ltd. common shares, which cost $580,700; and 6,700 King Corp. preferred shares, which cost $256,400. Their fair values at the end of 2023 were as follows: Anderson $50,980; Munter $570,200; and King $256,500. In 2024, Flint completed the following transactions: On January 15, sold 2,570 Anderson common shares at $21 per share less fees of $2,290. 2. On April 17, purchased 1,350 Castle Ltd. common shares at $34.20 per share plus fees of $2,120. 1. The company adds transaction costs to the cost of acquired investments and deducts them from cash received on the sale of investments. On December 31, 2024, the fair values per share of the securities were as follows: Munter $68; King $26; and Castle $22. Flint's accounting supervisor tells you that all these securities have fair values that can be readily…
- On December 31, 2020, Riverbed Inc. has a machine with a book value of $1,410,000. The original cost and related accumulated depreciation at this date are as follows. Machine $1,950,000 Less: Accumulated depreciation 540,000 Book value $1,410,000 Depreciation is computed at $90,000 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposal. (a) Your answer is correct. A fire completely destroys the machine on August 31, 2021. An insurance settlement of $645,000 was received for this casualty. Assume the settlement was received immediately. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and…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: 1. Prepare journal entries for each transaction (No narrations required) 2. Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account. 3. Prepare the balance sheet extract as at Dec 31, 2020, to show the net realizable value for the Accounts Receivable. 4. Assume credit sales for 2019 were $312,000 and that on December 31, 10% of credit…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: 1. Prepare journal entries for each transaction (No narrations required) 2. Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account. 3. Prepare the balance sheet extract as at Dec 31, 2020, to show the net realizable value for the Accounts Receivable. 4. Assume credit sales for 2019 were $312,000 and that on December 31, 10% of credit sales are estimated…
- On April 2, 2020 Happy Company purchased MDSE from Enjoy Corporation with a list price of P450,000; less:10% 2/10, n/30. Terms is FOB shipping point freight prepaid. Amount of freight paid by Enjoy Corporation is P6,500. Happy Company returned to Enjoy Corporation damaged MDSE worth P10,000 at list price. On April 12, Happy Company paid in full the account with Enjoy Corporation. Prepare the correct entries to record the above transaction in the books of Happy Company. Happy uses the periodic system of recording inventory.On April 2, 2020 Happy Company purchased MDSE from Enjoy Corporation with a list price of P450,000; less:10% 2/10, n/30. Terms is FOB shipping point freight prepaid. Amount of freight paid by Enjoy Corporation is P6,500. Happy Company returned to Enjoy Corporation damaged MDSE worth P10,000 at list price. On April 12, Happy Company paid in full the account with Enjoy Corporation. Prepare the correct entries to record the above transaction in the books of Happy Company. Happy uses the periodic system of recording inventory. Prepare: -two separate Journal entry for both buyer and seller company using periodic system.Company is considering purchasing EKC Company. EKCs balance sheet at December 31, 2019, is as follows: At December 31, 2019, Elm discovered the following about EKC: a. No allowance for uncollectible accounts has been established. An allowance of 5,000 is considered appropriate. b. The LIFO inventory method has been used. The FIFO inventory method would be used if EKC were purchased by Elm. The FIFO inventors-valuation of the December 31, 2019, ending inventors-would be 180,000. c. The fair value of the property, plant, and equipment (net) is 730,000. d. The company has an unrecorded patent that is worth 120,000. e. The book values of the current liabilities and bonds payable are the same as their market values. Required: 1. Compute the value of the goodwill if Elm pays 1,350,000 for EKC. 2. Next Level Why would the book value of a companys identifiable net assets differ from its market value?
- Respond to the requirements in each situation. Instructions a. On January 1, 2020, Zarle Inc. sold computer equipment to Daniell Co. The sales price of the equipment was $520,000 and its carrying amount is $400,000. Record any journal entries necessary for Zarle from the sale of the computer equipment in 2020. b. Use the information from part a. Assume that, on the same day the sale occurred, Zarle enters into an agreement to lease the equipment from Daniell for 10 years with annual lease payments of $67,342.42 at the end of each year, beginning on December 31, 2020. If Zarle has an incremental borrowing rate of 5% and the equipment has an economic useful life of 10 years, record any journal entries necessary for Zarle from the sale and leaseback of computer equipment in 2020. c. Use the information from part b. Now, instead of 10 years, the lease term is only 3 years with annual lease payments of $67,342.42 at the beginning of each year. Record any journal entries necessary…Dynasty Company sells gift certificates redeemable only whenmerchandise is purchased. Upon redemption, Dynasty Companyrecognizes the unearned revenue as realized. Information for 2019 is asfollows: Unearned Revenue, January 1, 2019 P650,000; Gift certificatessold P2,250,000; Gift certificates redeemed P1,950,000; Gift certificatesunredeemed for a long time P100,000; Cost of Goods Sold 60%. Whatamount should be reported as Unearned Revenue on December 31, 2019,following the ruling by the Department of Trade and Industry that giftcertificates no longer have an expiration period?Sandhill Corp. sells idle machinery to Hollis Company on July 1, 2020, for $33,000. Sandhill agrees to repurchase this equipment from Hollis on June 30, 2021, for a price of $34,320 (an imputed interest rate of 4%). Prepare any other necessary journal entries for Sandhill in 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Interest Expense enter a debit amount enter a credit amount Liability to Hollis Company enter a debit amount enter a credit amount
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