Advanced Accounting
7th Edition
ISBN: 9781119373209
Author: JETER, Paul K. Chaney
Publisher: WILEY
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Chapter 6, Problem 1E
Prepare in general journal form all consolidated financial statement workpaper entries necessary at the end of the year to eliminate the effects of the 2019 intercompany sales.
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Subject: Advanced Financial Accounting
Question has been provided on attached picture below,
Required:(i) Determine the issue price of the debenture.(ii) Provide the journal entries at 1 July 2018 and 30 June 2019.
On January 1, 2019, Northern Manufacturing Company bought a piece of
equipment by signing a non-interest-bearing $80,000, 1-year note. The
face value of the note includes the price of the equipment and the interest.
The effective interest rate is an annual rate of 16%, and the note is to be
paid in four $20,000 quarterly installments on March 31, June 30,
September 30, and December 31. The price of the equipment is the
present value of the four payments discounted at the effective interest
rate.
Prepare the consolidated balance sheet and eliminating entries on January 1, 2019.
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- Comprehensive Selected transactions of Lizard Lick Corporation during 2019 are as follows: Required: Prepare journal entries to record the preceding transactions for 2019. Include year-end interest accruals.arrow_forwardComprehensive Selected transactions of Shadrach Computer Corporation during November and December of 2019 are as follows: Required: Prepare journal entries to record the preceding transactions of Shadrach Computer Corporation for 2019. Include year-end accruals. Round all calculations to the nearest dollar.arrow_forwardPrepare the necessary journal entries and statement of financial position for the month ending January 31, 2020arrow_forward
- An entity is preparing half-yearly financial information in line with PAS 34. The period to be covered by the financial statements is the six months to June 30, 2016. A new PFRS has been published that is effective for periods beginning on or after January 1, 2016. The entity must adopt the PFRS A. In the financial statements for the year to December 31, 2016, only B. At its own discretion C. In its interim financial statements to June 30, 2016, and its annual financial statement to December 31, 2016 D. In its interim financial statements to June 30, 2016, onlyarrow_forwardREQUIRED: (a) Prepare the journal entries to record the transactions over the hedging period from 2019 to 2020. Show all workings.arrow_forwardrequired: prepare a classified balance sheet for year ended november 30 2020arrow_forward
- Interim financial reports should be published a. Within a month of the half year-end b. Once a year at any time in that year c. Whenever the entity wishes d. On a quarterly basisarrow_forwardRequired to prepare : A) Trading and profit and loss appropriation account for the year ended 31 December 2019. B) A balance sheet as at 31 December 2019arrow_forwardPrepare the set of consolidated financial statements at the end of the year.arrow_forward
- Explain briefly the items generally included in a compa-ny’s annual report. (You may use the financial statements appearing in Appendix A to support your answer.)arrow_forwardNeed assistance with this please Prepare a corrected classified balance sheet for the Hubbard Corporation at December 31, 2021.arrow_forwardPrepare the Note to the financial statements for inventories and prepare the Statement of Comprehensive Income for the year ending 31 August 2020 according to the nature of expense method. Proper identification of the statement and layout according to IAS1 – Presentation of financial statements is required. Ignore the Other Comprehensive Income section of the statement.arrow_forward
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