The Statement of Comprehensive Income for the year ended 31 December 2014 Parent plc Subsid plc 235,000 142,500 92,500 60,000 Sales Revenue 830,000 Cost of Sales Gross Profit Expenses Dividend received from Subsid plc Profit before tax 597,500 232,500 76,750 4,500 160,250 25,750 134,500 90,000 44,500 32,500 16,750 15,750 6,000 9,750 Income Tax expense Profit after tax Dividends paid Retained Earnings brought forward from previous 211,500 256,000 124,500 134,250 years Parent plc acquired 75% of the shares in Subsid plc on 1 January 2010 when Subsid's retained earnings were £70,000. Non-controlling interests are measured using Method 1. During the year Parent plc sold Subsid plc goods for £30,000 which represented cost plus 25%. 30% of these goods were still in stock at the end of the year. During the year Parent plc and Subsid plc paid dividends of £90,000 and £6,000 respectively. The opening balances of retained eamings for the two companies were £211,500 and £124,500 respectively. Required: (a) Prepare a consolidated statement of income for the year ended 31 December 2014; (b) Prepare a consolidated statement of changes in equity for the year

The Statement of Comprehensive Income for the year ended 31 December 2014 Parent plc Subsid plc 235,000 142,500 92,500 60,000 Sales Revenue 830,000 Cost of Sales Gross Profit Expenses Dividend received from Subsid plc Profit before tax 597,500 232,500 76,750 4,500 160,250 25,750 134,500 90,000 44,500 32,500 16,750 15,750 6,000 9,750 Income Tax expense Profit after tax Dividends paid Retained Earnings brought forward from previous 211,500 256,000 124,500 134,250 years Parent plc acquired 75% of the shares in Subsid plc on 1 January 2010 when Subsid's retained earnings were £70,000. Non-controlling interests are measured using Method 1. During the year Parent plc sold Subsid plc goods for £30,000 which represented cost plus 25%. 30% of these goods were still in stock at the end of the year. During the year Parent plc and Subsid plc paid dividends of £90,000 and £6,000 respectively. The opening balances of retained eamings for the two companies were £211,500 and £124,500 respectively. Required: (a) Prepare a consolidated statement of income for the year ended 31 December 2014; (b) Prepare a consolidated statement of changes in equity for the year

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.1E

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