A group of entities comprised of Mark Ltd (parent entity) and Roger Ltd (subsidiary entity)...
90.2K
Verified Solution
Link Copied!
Question
Accounting
A group of entities comprised of Mark Ltd (parent entity) and Roger Ltd (subsidiary entity) have the following inventory balances at 30 June 2021.
| Mark Ltd | $68 000 |
| Roger Ltd | $50 000 |
There are two intra-group transactions incurred during the year ended on 30 June 2021. On 1 October 2020, Mark Ltd recorded $2 000 of profit (before-tax) from sale of the inventory to Roger Ltd, then on 20 May 2021, Roger Ltd recorded $5 000 of loss from sale of the inventory to Mark Ltd. All inventories transferred between Roger Ltd and Mark Ltd have not been sold to external parties. The company tax rate is 30%.
Required:
What is the amount of total consolidated Inventory balance shown on the consolidation worksheet at 30 June 2021?
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.