Following are financial statements for Moore Company and Kirby Company for 2018:
Moore | Kirby | ||||||
Sales | $ | (800,000 | ) | $ | (600,000 | ) | |
Cost of goods sold | 500,000 | 400,000 | |||||
Operating and interest expenses | 100,000 | 160,000 | |||||
Net income | $ | (200,000 | ) | $ | (40,000 | ) | |
Retained earnings, 1/1/18 | $ | (990,000 | ) | $ | (550,000 | ) | |
Net income | (200,000 | ) | (40,000 | ) | |||
Dividends declared | 130,000 | 0 | |||||
Retained earnings, 12/31/18 | $ | (1,060,000 | ) | $ | (590,000 | ) | |
Cash and receivables | $ | 217,000 | $ | 180,000 | |||
Inventory | 224,000 | 160,000 | |||||
Investment in Kirby | 657,000 | 0 | |||||
Equipment (net) | 600,000 | 420,000 | |||||
Buildings | 1,000,000 | 650,000 | |||||
Accumulated depreciation—buildings | (100,000 | ) | (200,000 | ) | |||
Other assets | 200,000 | 100,000 | |||||
Total assets | $ | 2,798,000 | $ | 1,310,000 | |||
Liabilities | $ | (1,138,000 | ) | $ | (570,000 | ) | |
Common stock | (600,000 | ) | (150,000 | ) | |||
Retained earnings, 12/31/18 | (1,060,000 | ) | (590,000 | ) | |||
Total liabilities and equity | $ | (2,798,000 | ) | $ | (1,310,000 | ) | |
Determine all consolidated balances computationally.
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Following are financial statements for Moore Company and Kirby Company for 2018: Moore Kirby Sales $...
Following are financial statements for Moore Company and Kirby Company for 2018: Moore Kirby Sales $ (800,000 ) $ (600,000 ) Cost of goods sold 500,000 400,000 Operating and interest expenses 100,000 160,000 Net income $ (200,000 ) $ (40,000 ) Retained earnings, 1/1/18 $ (990,000 ) $ (550,000 ) Net income (200,000 ) (40,000 ) Dividends declared 130,000 0 Retained earnings, 12/31/18 $ (1,060,000 ) $ (590,000 ) Cash and receivables $ 217,000 $ 180,000 Inventory 224,000 160,000 Investment...
Following are financial statements for Moore Company and Kirby Company for 2018: Moore Kirby Sales $ (800,000 ) $ (600,000 ) Cost of goods sold 500,000 400,000 Operating and interest expenses 100,000 160,000 Net income $ (200,000 ) $ (40,000 ) Retained earnings, 1/1/18 $ (990,000 ) $ (550,000 ) Net income (200,000 ) (40,000 ) Dividends declared 130,000 0 Retained earnings, 12/31/18 $ (1,060,000 ) $ (590,000 ) Cash and receivables $ 217,000 $ 180,000 Inventory 224,000 160,000 Investment...
Following are financial statements for Moore Company and Kirby Company for 2018: $ Kirby (600,000) 400,000 160,000 (40,000) (550,000) (40,000) $ $ Sales Cost of goods sold Operating and interest expenses Net income Retained earnings, 1/1/18 Net income Dividends declared Retained earnings, 12/31/18 Cash and receivables Inventory Investment in Kirby Equipment (net) Buildings Accumulated depreciation—buildings Other assets Total assets Liabilities Common stock Retained earnings, 12/31/18 Total liabilities and equity Moore $ (800,000) 500,000 100,000 $ (200,000) $ (990,000) (200,000) 130,000...
Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2018 (768,000) (381,000) 380,000 182,000 (24,000) (230,000) % (108,000) Sales Cost of goods sold Operating expenses Dividend income 204,000 69,000 Net incone $ (761,000) (230,000) 50,000 (451,000) 108,000) 40,000 Retained earnings, 1/1/18 Net income Dividends declared Retained earnings, 12/31/18 $(941,0) (519,000) Cash and receivables Inventory Investment in Davis $245,400 582,000 552,660 598,000 443,000 495 090 2,421,000 $1,427,0e0 72,000 220,000 Buildings (net) Equipment (net) 640,000...
Nascent, Inc., acquires 60 percent of Sea-Breeze Corporation for $414,000 cash on January 1, 2015. The remaining 40 percent of the Sea-Breeze shares traded near a total value of $276,000 both before and after the acquisition date. On January 1, 2015 Sea-Breeze had the following assets and liabilities: Book Value Fair Value Current assets $ 150,000 $ 150,000 Land 200,000 200,000 Buildings (net) (6-year remaining life) 300,000 360,000 Equipment (net) (4-year remaining life) 300,000 280,000 Patent (10-year remaining life) 0...
Following are selected accounts for Mergaronite Company and Hill, Inc., as of December 31, 2018. Several of Mergaronite’s accounts have been omitted. Credit balances are indicated by parentheses. Dividends were declared and paid in the same period. Mergaronite Hill Revenues $(600,000) $(250,000) Cost of goods sold 280,000 100,000 Depreciation expense 120,000 50,000 Investment income Not given NA Retained earnings, 1/1/18 (900,000) (600,000) Dividends declared 130,000 40,000 Current assets 200,000 690,000 Land 300,000 90,000 Buildings (net) 500,000 140,000 Equipment (net) 200,000...
Following are selected accounts for Mergaronite Company and Hill, Inc., as of December 31, 2018. Several of Mergaronite’s accounts have been omitted. Credit balances are indicated by parentheses. Dividends were declared and paid in the same period. Mergaronite Hill Revenues $(600,000) $(250,000) Cost of goods sold 280,000 100,000 Depreciation expense 120,000 50,000 Investment income Not given NA Retained earnings, 1/1/18 (900,000) (600,000) Dividends declared 130,000 40,000 Current assets 200,000 690,000 Land 300,000 90,000 Buildings (net) 500,000 140,000 Equipment (net) 200,000...
Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2021: Sales Cost of goods sold Operating expenses Dividend income Net income Retained earnings, 1/1/21 Net income Dividends declared Retained earnings, 12/31/21 Cash and receivables Inventory Investment in Davis Buildings (net) Equipment (net) Total assets Liabilities Common stock Retained earnings, 12/31/21 Total liabilities and stockholders' equity Gibson $ (666,000) 308,000 181,000 (18,000) $ (195,000) $ (760,000) (195,000) 70,000 $ (885,000) $ 306,200 512,000 583,800...
On July 1, 2018, Truman Company acquired a 70 percent interest in Atlanta Company in exchange for consideration of $835,275 in cash and equity securities. The remaining 30 percent of Atlanta's shares traded closely near an average price that totaled $357,975 both before and after Truman's acquisition. In reviewing its acquisition, Truman assigned a $140,000 fair value to a patent recently developed by Atlanta, even though it was not recorded within the financial records of the subsidiary. This patent is...
Following are separate financial statements of Michael Company and Aaron Company as of December 31, 2018 (credit balances indicated by parentheses). Michael acquired all of Aaron’s outstanding voting stock on January 1, 2014, by issuing 20,000 shares of its own $1 par common stock. On the acquisition date, Michael Company’s stock actively traded at $36.00 per share. Michael Company 12/31/18 Aaron Company 12/31/18 Revenues $ (742,000 ) $ (406,500 ) Cost of goods sold 336,000 158,250 Amortization expense 133,200 93,000...
> For operating expenses can you explain how you got the 18,000 and 3,000
Megan Horton Tue, Oct 11, 2022 7:46 PM