Required: Prepare a consolidated balance sheet worksheet. Note: Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Assets Cash and receivables Inventory Land Buildings and equipment (net) Investment in Solution Dairy Total Assets Liabilities & Equity Current payables Long-term liabilities Common stock Retained earnings NCI in Net assets of Solution Dairy Total Liabilities & Equity PROBLEM COMPANY AND SUBSIDIARY Consolidated Balance Sheet Worksheet Solution Dairy Problem Company $ $ 0 $ 0 $ 0 $ 0 $ Consolidation Entries Debit Credit 0$ 0 $ Consolidated 0 $ 0 s 0 0

Required: Prepare a consolidated balance sheet worksheet. Note: Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Assets Cash and receivables Inventory Land Buildings and equipment (net) Investment in Solution Dairy Total Assets Liabilities & Equity Current payables Long-term liabilities Common stock Retained earnings NCI in Net assets of Solution Dairy Total Liabilities & Equity PROBLEM COMPANY AND SUBSIDIARY Consolidated Balance Sheet Worksheet Solution Dairy Problem Company $ $ 0 $ 0 $ 0 $ 0 $ Consolidation Entries Debit Credit 0$ 0 $ Consolidated 0 $ 0 s 0 0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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, 250 482,500 720,000 Sol Company Book Values 12/31 56,700 $ 312,000 174,000 194,000 837,500 332,000 242,000 252,000 (352,000) (152,000) Fair Values (210,000) (70,000) (90,000) (422,500) (260,000) (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) (189,000) (54,500) (54,500) (1,132,500) (532,500) (532,500) (660,000) 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 its own common…
The following financial information was extracted from the accounting records of Eytan Ltd for the year end 30 June 2021: Issued share capital Authorised share capital Sales (Turnover) Gross margin on sales percentage Total asset turnover Return on total assets after interest and tax Net working capital Current ratio Acid test ratio Current liabilities (including Dividends payable) Debt to equity ratio (using interest bearing debt) Retained earnings at the beginning of the year Dividends proposed and paid Notes 500 Class A (Ordinary shares of R1 each) 500 000 Class A (Ordinary shares of R1 each) R100 000 15% 1.60 : 1 11.52 % R30 000 2.5:1 1.3:1 R20 000 0.55 : 1 (55%) R22 000 R4.40 per Class A share 1. Taxation is calculated at 28 % of Net Profit before Taxation. 2. Interest expense is 27.78 % of Net Profit after Taxation. REQUIRED: Prepare the Statement of Comprehensive Income and the Statement of Financial Position as at 30 June 2021. You are required to provide only the details which…
The December 31, 20X8, balance sheets for Pint Corporation and its 70 percent-owned subsidiary Saloon Company contained the following summarized amounts: PINT CORPORATION AND SALOON COMPANY Balance Sheets December 31, 20x8 Pint Corporation Saloon Company Assets Cash and Receivables Inventory Buildings and Equipment (net) Investment in Saloon Company Total Assets Liabilities and Equity Accounts Payable Common Stock Retained Earnings Total Liabilities and Equity $ 118,000 162,000 315,000 224,900 $ 819,900 $ 115,900 185,000 $19,000 $ 819,900 $ 60,000 103,000 281,000 $ 444,000 $ 65,000 131,000 248,000 $ 444,003 Pint acquired the shares of Saloon Company on January 1, 20X8. On December 31, 20XB, assume Pint sold inventory to Saloon during 20X8 for $107,000 and Saloon sold inventory to Pint for $312,000. Pint's balance sheet contains inventory items purchased from Saloon for $97,000. The items cost Saloon $57,000 to produce. In addition, Saloon's inventory contains goods it purchased from…
Some selected financial statement items belonging to MNO Company are given in the table below. According to this information, which of the following is Return on Assets (ROA)? Inventory 12,500Current Assets 50,000Current Liabilities 40,000Non-current Assets 90,000Net Profit 12,000Shareholders' Equity 65,000 Select one:a. 18.5%b. 12.2%c. 9.23%d. 13.3%
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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…
The financial statements of Company Permanent and its subsidiary Company Senior are shown below. Statement of Financial Position As at 31 December 2019: Permanent Senior $ $ Investment in Senior 450,000 - Other net assets 4,653,400 605,550 5,103,400 605,550 Share capital 2,350,000 300,000 Retained earnings 2,753,400 305,550 5,103,400 605,550 Income Statement and Partial Statement of Changes in Equity For the Year Ended 31 December 2019 Permanent Senior $ $ Sales 10,000,000 3,300,000 Cost of sales (9,000,000) (3,139,450) Dividend income from Senior 24,000 - Profit before tax 1,024,000 160,550 Tax (220,000) (35,000) Profit after tax 804,000 125,550 Retained earnings, 1 January 2019 2,050,000 210,000 Dividends declared (100,600)…
The financial statements of Company Permanent and its subsidiary Company Senior are shown below. Statement of Financial Position As at 31 December 2019: Permanent Senior $ $ Investment in Senior 450,000 - Other net assets 4,653,400 605,550 5,103,400 605,550 Share capital 2,350,000 300,000 Retained earnings 2,753,400 305,550 5,103,400 605,550 Income Statement and Partial Statement of Changes in Equity For the Year Ended 31 December 2019 Permanent Senior $ $ Sales 10,000,000 3,300,000 Cost of sales (9,000,000) (3,139,450) Dividend income from Senior 24,000 - Profit before tax 1,024,000 160,550 Tax (220,000) (35,000) Profit after tax 804,000 125,550 Retained earnings, 1 January 2019 2,050,000 210,000 Dividends declared (100,600)…
The separate condensed balance sheets of Patrick Corporation and its wholly-owned subsidiary, Sean Corporation, are as follows: Cash Accounts receivable (net) Inventories BALANCE SHEETS December 31, 2020 Plant and equipment (net) Investment in Sean Total assets Accounts payable Long-term debt Common stock ($10 par) Additional paid-in capital Retained earnings Total liabilities and shareholders' equity Additional Information: Patrick 76,000 148,000 96,000 632,000 462,000 $1,414,000 $ Sean $ 56,000 24,000 80,000 270,000 $430,000 98,000 22,000 66,000 8,000 832,000 236,000 $1,414,000 $ 430,000 142,000 110,000 330,000 • On December 31, 2020, Patrick acquired 100 percent of Sean's voting stock in exchange for $462,000. • At the acquisition date, the fair values of Sean's assets and liabilities equaled their carrying amounts, respectively, except that the fair value of certain items in Sean's inventory were $20,000 more than their carrying amounts. In the December 31, 2020, consolidated…
Required: Compute basic and diluted EPS for the consolidated entity for 20X7. (Round your intermediate calculations and final answers to two decimal places.) Basic earnings per share Diluted earnings per share.
The summarized balance sheets of Cullumber Company and Vaughn Company as of December 31, 2021 are as follows: Cullumber CompanyBalance SheetDecember 31, 2021 Assets $2440000 Liabilities $310000 Capital stock 1220000 Retained earnings 910000 Total equities $2440000 Vaughn CompanyBalance SheetDecember 31, 2021 Assets $1840000 Liabilities $420000 Capital stock 1170000 Retained earnings 250000 Total equities $1840000 If Cullumber Company acquired a 30% interest in Vaughn Company on December 31, 2021 for $450000 and during 2022 Vaughn Company had net income of $151000 and paid a cash dividend of $61000, applying the equity method would give a debit balance in the Equity Investments (Vaughn) account at the end of 2022 of $431700. $495300. $477000. $450000.
On 31 December 20X2, the balances of Argon Enterprises Inc.’s shareholders’ equity accounts were as follows (all are credit balances): Capital stock $ 303,000 Contributed surplus 5,230 Retained earnings 105,400 Currency translation differences 1,400 Mark-to-market adjustments on available for sale investments 26,700 Cash flow hedges 2,000 Actuarial gains and losses 1,400 $ 445,130 Argon’s statement of comprehensive income for the year ending 31 December 20X3 showed the following amounts, from “net profit for the year” through “comprehensive income”: 31 December 20X3 31 December 20X2 Net profit for the year $ 44,900 $ 68,300 Other comprehensive income (loss) net of applicable income tax: Currency translation differences (4,200 ) 2,800 Mark-to-market adjustments on available for sale investments (34,300 ) 8,000 Actuarial gains (losses) 2,100 (6,500 ) Cash…