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

Question 13

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)

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