The December 31, 20x8, balance sheets for Pint Corporation and its 70 percent-owned subsidiary Saloon Company contained thefollowing summarized amounts:AssetsCash and ReceivablesInventoryBuildings and Equipment (net)Investment in Saloon CompanyTotal AssetsLiabilities and EquityAccounts PayableCommon StockRetained EarningsTotal Liabilities and EquityPINT CORPORATION AND SALOON COMPANYBalance SheetsDecember 31, 20x8view transaction listConsolidationWorksheet EntriesA B<Pint acquired the shares of Saloon Company on January 1, 20X7. On December 31, 20X8, assume Pint sold Inventory to Saloon during20X8 for $105,000 and Saloon sold Inventory to Pint for $309,000. Pint's balance sheet contains Inventory Items purchased fromSaloon for $100,000. The Items cost Saloon $60,000 to produce. In addition, Saloon's Inventory contains goods it purchased from Pintfor $27,000 that Pint had produced for $16,200. Assume Saloon reported net Income of $72,000 and dividends of $14,400.Record the basic consolidation entry.Required:a. Prepare all consolidation entries needed to complete a consolidated balance sheet worksheet as of December 31, 20X8.Note: If no entry is required for a transaction/event, select "No Journal entry required" in the first account fleld. Do not roundIntermediate calculations.Note: Enter debits before credits.Entry1Pint Corporation$ 118,000167,000327,000234,900$ 846,900$ 142,900182,000522,000$ 846,900AccountsSaloon Company$ 48,000107,000291,000$ 446,000Debit$ 55,000146,000245,000$ 446,000Credit

Consolidation is the process of combining the financial statements of Parent Company and the…

a. Prepare all consolidation entries needed to complete a consolidated balance sheet worksheet as of December 31, 20X8. Note: If no entry is required for a transaction/event, select "No Journal entry required" in the first account field. Do not round Intermediate calculations. view transaction list Consolidation Worksheet Entries A B < Record the basic consolidation entry. Note: Enter debits before credits. Entry 1 Accounts Debit Credit

a. Prepare all consolidation entries needed to complete a consolidated balance sheet worksheet as of December 31, 20X8. Note: If no entry is required for a transaction/event, select "No Journal entry required" in the first account field. Do not round Intermediate calculations. view transaction list Consolidation Worksheet Entries A B < Record the basic consolidation entry. Note: Enter debits before credits. Entry 1 Accounts Debit Credit

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter24: Analysis Of Financial Statements

Section: Chapter Questions

Problem 5CE

See similar textbooks

Similar questions

ABC Industry and Trade Inc. Balance Sheet as of 31.12.2020 (TL) transactions ASSETS(Assets) I-Current Assets Ready Values Securities Commercial debts Stocks Other Current Assets Current Assets Total I-Fixed Assets Financial Fixed Assets Tangible Fixed Assets Total Fixed Assets TOTAL ASSETS 31.12.2020 Amount Vertical Percent (%) 360.000 12 45.000 1.5 870.000 29 840.000 28 255.000 8.5 2.370.000 79 390.000 13 240.000 8. 630.000 21 3.000.000 100 LIABILITIES(RESOURCES) l-Short Term Liv. resources Financial Debts Trade payables Short Term Foreign Resource Total Il-Long-Term Liabilities Financial Debts Long Term Liv. Source Ball. III-Equity Paid-in capital Profit Reserves Net profit for the period Previous Year's profit Total Equity TOTAL LIABILITIES (RESOURCES) 39.000 1.3 120.000 4 159.000 5.3 81.000 2.7 81.000 2.7 120.000 4 420.000 14 1.950.000 65 270.000 9 2.760.000 92 3.000.000 100 Requested: Calculate the vertical percentages of the Balance Sheet items of ABC Sanayi ve Ticaret A.Ş. dated…
XYZ provided the following financial information: XYZBalance SheetAs of 12/31/19 Assets: Liabilities and Equity: Cash and marketable securities $27,476 Accounts payable and accruals $154,860 Accounts receivable $143,519 Short-term notes payable $21,255 Inventory $212,379 Total current liabilities $176,115 Total current assets $383,374 Long term debt $155,510 Net plant and equipment $602,704 Total liabilities $331,625 Goodwill and other assets $42,422 Common stock $312,719 Retained earnings $384,156 Total assets $1,028,500 Total liabilities and equity $1,028,500 In addition, it was reported that the firm had a net income of: $158,402 and net sales of: $4,272,431 Calculate the following ratios for this firm (Use 365 days for calculation. Round answers to 2 decimal places, e.g. 52.75.): Current Ratio ? times…
Following are preacquisition financial balances for Padre Company and Sol Company as of December 31. Also included are fair values for Sol Company accounts. Cash Receivables Inventory Land Building and equipment (net) Franchise agreements Accounts payable Accrued expenses Longterm liabilities Common stock-$20 par value Common stock-$5 par value Additional paid-in capital Retained earnings, 1/1 Revenues Expenses Padre Company Book Values $ 12/31 354, 750 242, 250 482, 500 Sol Company Book Values 12/31 56,700 $ 312,000 174,000 194, 000 720,000 837,500 332,000 242,000 252,000 (352,000) (152,000) (189,000) (54,500) (1,132,500) (532,500) (660, 000) (210, 000) (70,000) (90, 000) (422,500) (260, 000) Fair Values (1,000,000) (354,700) 947,000 333,000 12/31 56, 700 312, 000 229, 900 171, 200 395, 300 290, 800 (152,000) (54,500) (532, 500) Note: Parentheses indicate a credit balance. On December 31, Padre acquires Sol's outstanding stock by paying $228,000 in cash and issuing 14,500 shares of…
Putt Corporation acquired 70 percent of Slice Company's voting common stock on January 1, 20X3, for $158,900. Slice reported common stock outstanding of $100,000 and retained earnings of $85,000. The fair value of the noncontrolling interest was $68,100 at the date of acquisition. Buildings and equipment held by Slice had a fair value $25,000 higher than book value. The remainder of the differential was assigned to a copyright held by Slice. Buildings and equipment had a 10-year remaining life and the copyright had a 5- year life at the date of acquisition. Trial balances for Putt and Slice on December 31, 20X5, are as follows: Putt Corporation Slice Company Debit Credit Debit Credit Cash $ 15,850 $ 58,000 Accounts Receivable 65,000 70,000 Interest & Other Receivables 30,000 10,000 Inventory 150,000 180,000 Land 80,000 60,000 Buildings & Equipment 315,000 240,000 Bond Discount 15,000 Investment in Slice Company 157,630 Cost of Goods Sold 375,000 110,000 Depreciation Expense 25,000…
Separate balance sheets of Pellman Corporation and Shire Company on May 31 20X1, together with fair values of Shire's identifiable net assets, is as follows: Pellman Corporation and Shire Company Separate Balance Sheets (prior to business combination) May 31, 20X1 Pellman Shire Shire Fair Value Corporation Carry Value Asserts $550,000 700,000 1,400,000 $10,000 60,000 140,000 Cash Trade accounts Receivable (net) Inventories Plant Assets(net) Total Assets Liabilities and Stockholders Equity Current Liabilities Long Term Debt Common Stock $10 par Additional Paid in Capital Retained Earnings Total Liabilities and stockholders Equity $10,000 60,000 120,000 2,850,000 $5,500,000 610,000 $800,000 690,000 $500,000 1,000,000 1,500,000 1,200,000 1,300,000 $5,500,000 $80,000 400,000 100,000 40,000 $80,000 440,000 180,000 $800,000 On May 31, 20X1, Pellman acquired all 10,000 shares if Shire's outstanding common stock by paying $300,000 cash to Shire's stockholders and $50,000 cash for finders and…
The following information is available in respect of Vegas plc for the last 2 years ended 31 December. Non-current Assets (at Net Book Value) Current Assets: Inventory Trade receivables Cash at bank Equity and Liabilities: Equity Share capital £1 Share premium Revenue reserve Vegas plc: Statement of Financial Position 31.12.2021 Non-current Liabilities: Loan Current Liabilities: Trade payables Taxation (accrual) Operating profit Taxation £000 390 462 80 88 142 £000 2,100 932 3.032 900 50 852 1,802 1,000 230 3.032 274 (156) 118 (87) 31 31.12.2020 Vegas plc: Income Statement (Extract) for the year ended 31.12.2021 £000 Dividends Retained profit for the year The following information is also available: • There were no non-current asset disposals during the year. • Depreciation for the year was £240,000. £000 210 346 50 73 137 £000 1,975 606 2.581 700 821 1,521 850 210 2.581 Prepare, in a suitable format, the Statement of Cash Flow for Vegas plc for the year ended 31.12.2021, presenting…
Following are preacquisition financial balances for Padre Company and Sol Company as of December 31. Also included are fair values for Sol Company accounts. Cash Receivables Inventory Land Building and equipment (net) Franchise agreements Accounts payable Accrued expenses Longterm liabilities Common stock-$20 par value Common stock-$5 par value Additional paid-in capital Retained earnings, 1/11 Revenues Expenses Padre Company Sol Company Book Values Book Values Fair Values $ 12/31 12/31 306,750 62,450 $ 257,250 376,000 590,000 291,000 805,000 140,000 697,500 335,000 12/31 (210,000) (70,000) (90,000) (625,000) (297,000) (990,500) (364,700) 934,000 337,000 62,450 376,000 344,200 119,800 402,500 285,200 (205,000) 230,000 250,000 (364,000) (205,000) (156,000) (955,000) (585,000) (585,000) (39,750) (39,750) (660,000) Note: Parentheses indicate a credit balance. On December 31, Padre acquires Sol's outstanding stock by paying $137,000 in cash and issuing 17,700 shares of its own common stock…
Net cash flows from operating activities were: Multiple Choice O O O O $15,700. $41,050. $20,700. $41,400.
1. Given below are the consolidated statements of financial position and the consolidated statement of comprehensive income for Pelangi Berhad and its subsidiary Mentari Berhad: Consolidated Statement of Financial Position as at 31 December 2020 2019 RM'000 RM'000 Property, plant and equipment 1,350 1,300 Investment in associates company 1,000 900 Inventory 900 500 Trade receivables 500 700 Bank 300 150 4,050 3,550 Ordinary shares of RM1 each 2,500 2,500 Retained profits 560 260 Non-controlling interest 590 490 Trade payables 400 300 4,050 3,550 Consolidated Statement of Comprehensive Income for the year ended 31 December 2020 2020 RM'000 Profit 495 Share of profits of associate company (less impairment of goodwill) 130 Profit before tax 625 Тах (50) Profit after tax 575 Profit after tax attributable to: Equity holders of parent company 425 Non-controlling interest 150 575 Additional information: i. Tax charge for the year has been paid. ii. Group depreciation on property, plant and…
Vertical Analysis of Balance Sheet Balance sheet data for a company for the years ended December 31, 20Y2 and 20Y1, are shown below. 20Y2 20Υ1 Current assets $ 752,000 $ 602,000 Property, plant, and equipment 6,248,000 5,397,000 Intangible assets 1,000,000 1,001,000 Current liabilities 504,000 427,000 Long-term liabilities 1,504,000 1,197,000 Common stock 1,248,000 1,253,000 Retained earnings 4,744,000 4,123,000 | Prepare a comparative balance sheet for 20Y2 and 20Y1, stating each asset as a percent of total assets and each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity. Round your answers to one decimal place. Comparative Balance Sheet December 31, 20Y2 and 20Y1 20Y2 Amount 20Y2 Percent 20Y1 Amount 20Y1 Percent Assets Current assets $752,000 % $602,000 % Property, plant, and equipment 6,248,000 5,397,000 Intangible assets 1,000,000 1,001,000
Lewis Company was formed on January 1, 20X6, Selected balances from the historical cost balance sheet at December 31, 20X7, were as follows: Land (purchased in (20X6)…………………… P120,000Investment in nonconvertible bonds (purchased in 20X6, and expected to be held to maturity)…………60,000 Long-term debt……….80,000 The average cpnsumer price index was 100 for 20X6, and 110 for 20X7. In a constant peso balance sheet (adjusted for changing prices) at December 31, 20X7, these selected account balances should be shown at Land Investment Long-term debt 120,000 60,000 88,000 120,000 66,000 88,000 132,000 60,000 80,000 132,000 66,000 80,000
account balance. Assume that nt of downstream intra-entity profits against its share of Sheridan's income. b. Prepare a consolidated worksheet to determine appropriate balances for external financial reporting as of December 31, 2024. Complete this question by entering your answers in the tabs below. Required A Required B Show how Pulaski determined the $409,651 Investment in Sheridan account balance. Assume that Pulaski defi of downstream intra-entity profits against its share of Sheridan's income. Note: Amounts to be deducted should be indicated with a minus sign. Consideration transferred Increase in Sheridan's retained earnings 1/1/23 to 1/1/24 Excess fair value amortization 2023 ending inventory profit deferral Pulaski's equity in earnings of Stinson for 2024 Sheridan 2024 dividends declared to Pulaski Investment account balance 12/31/24 Required A $(20,340) + $362,400 (20,340) $342,060 Required B >