Homework Answers
1. Current assets. $275000
To cash. $275000
2. Depreciation $315000
To assets $315000
3. Investment in shipping corp. $125000
To cash. $125000
4. Other expenses. $145000
To cash. $145000
5. Profit and loss. $35000
To depreciation expense. $35000
6. Retained earnings. $45000
To dividend payable. $45000
7. Cash. $45000
To current liability. $45000
8. Long term debt payable. $125000
To cash. $125000
9. Common stock. $150000
To trading $150000
10. Retained earnings. $310000
To current liabilities. $310000
11. Cash /debtors. $295000
To sales $295000
12. Cash $15000
To dividend payable. $15000
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This question is asking to provide all consolidating entries
required to prepare a full set of...
Required information SB On January 1, 20X8, Potter Corporation acquired... On January 1, 20X8, Potter Corporation...
Required information SB On January 1, 20X8, Potter Corporation acquired... On January 1, 20X8, Potter Corporation acquired 90 percent of Shoemaker Company’s voting stock, at underlying book value. The fair value of the noncontrolling interest was equal to 10 percent of the book value of Shoemaker at that date. Potter uses the fully adjusted equity method in accounting for its ownership of Shoemaker. On December 31, 20X9, the trial balances of the two companies are as follows: Potter Company Shoemaker...
Consolidating entries (market value differs from book value) Assume that on January 1, 2013, an investor...
Consolidating entries (market value differs from book value) Assume that on January 1, 2013, an investor company acquired 100% of the outstanding voting common stock of an investee company. The following financial statement information was prepared immediately after the acquisition and presents the acquisition-date balance sheet for the pre-consolidation investor company, the investee company and the consolidated financial statements for the investor and investee. Investor Investee Consolidated Cash & receivables $1,500,000 $187,500 $1,687,500 Inventory 1,125,000 468,750 1,593,750 Property & equipment...
Consolidating entries (market value differs from book value) Assume that on January 1, 2013, an investor...
Consolidating entries (market value differs from book value) Assume that on January 1, 2013, an investor company acquired 100% of the outstanding voting common stock of an investee company. The following financial statement information was prepared immediately after the acquisition and presents the acquisition date balance sheet for the pre-consolidation investor company, the investee company and the consolidated financial statements for the investor and investee. Investor Investee Consolidated Cash & receivables $500,000 $62,500 $562,500 Inventory 375,000 156,250 531,250 Property &...
Project: Using Microsoft Excel, prepare CONSOLIDATION WORKSHEET (spreadsheet) for Salmon and Perch. See project details below....
Project: Using Microsoft Excel, prepare CONSOLIDATION WORKSHEET (spreadsheet) for Salmon and Perch. See project details below. o On December 31, 20X8, Defoe Corporation acquired 80 percent of Crusoe Company's common stock for $104,000 cash. The fair value of the non-controlling interest at that date was determined to be $26,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Defoe Corporation $90,000 80,000 100,000 40,000 300,000 (100,000) 104,000 $614,000 $120,000 200,000...
consolidation of a subsidiary of assets from downstream? . Project: Using Microsoft Excel, prepare CONSOLIDATION WORKSHEET...
consolidation of a subsidiary of assets from downstream? . Project: Using Microsoft Excel, prepare CONSOLIDATION WORKSHEET (spreadsheet) for Salmon and Perch. See project details below. o On December 31, 20X8, Defoe Corporation acquired 80 percent of Crusoe Company's common stock for $104,000 cash. The fair value of the non-controlling interest at that date was determined to be $26,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: On that date,...
Project: Using Microsoft Excel, prepare CONSOLIDATION WORKSHEET (spreadsheet) for Salmon and Perch. See project details...
Project: Using Microsoft Excel, prepare CONSOLIDATION
WORKSHEET (spreadsheet) for Salmon and
Perch. See project details below.
o On December 31, 20X8, Defoe Corporation acquired 80 percent of
Crusoe Company's common
stock for $104,000 cash. The fair value of the non-controlling
interest at that date was determined to be $26,000. Data from the
balance sheets of the two companies included the following amounts
as of the date of acquisition:
On that date, the book values of Crusoe's assets and liabilities...
Consolidated Worksheet at End of the First Year of Ownership (Equity Method) Peanut Company acquired 100...
Consolidated Worksheet at End of the First Year of
Ownership (Equity Method)
Peanut Company acquired 100 percent of Snoopy Company’s
outstanding common stock for $300,000 on January 1, 20X8, when the
book value of Snoopy’s net assets was equal to $300,000. Peanut
uses the equity method to account for investments. Trial balance
data for Peanut and Snoopy as of December 31, 20X8, are as
follows:
Cash P2. Consolidated Worksheet at End of the First Year of Ownership (Equity Method) Peanut...
On December 31, 20X8, Pancake Company acquired controlling ownership of Syrup Company. A consolidated balance sheet...
On December 31, 20X8, Pancake Company acquired controlling ownership of Syrup Company. A consolidated balance sheet was prepared immediately. Partial balance sheet data for the two companies and the consolidated entity at that date follow: Pancake Syrup Consolidated Company Company Entity Cash $ 80,000 $ 30,000 $ 110,000 Accounts Receivable 50,000 ? 78,000 Inventory 60,000 50,000 115,000 Buildings and Equipment 200,000 140,000 365,000 Less: Accumulated Depreciation (50,000 ) (28,000 ) (78,000 ) Investment in Syrup Stock ? Goodwill 15,000 Total...
B C D H Pepper Company Item E F G Consolidation Entries Debit Credit Salsa Company...
B C D H Pepper Company Item E F G Consolidation Entries Debit Credit Salsa Company Consolidated Current Assets Buildings & Equipment Land Investment in Salsa Co. Stock Other Assets Total Debits 140,000 375,000 40,000 475,000 500,000 175,000 300,000 50,000 1,500,000 615,000 875,000 215,000 300,000 70,000 2,075,000 20,000 575,000 Accumulated Depreciation Current Liabilities Bonds Payable Common Stock Additional Paid-in Capital Retained Earings Total Credits 100,000 100,000 200,000 130,000 670,000 300,000 1,500,000 75,000 100,000 100,000 20,000 180,000 100,000 575,000 175,000 200,000...
Question Information: Submission Format: Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for...
Question Information:
Submission Format:
Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $270,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $300,000. Problem 3-27 summarizes the first year of Peanut's ownership of Snoopy. Peanut uses the equity method to account for investments. The following trial balance summarizes the financial position and operations for Peanut and Snoopy as of December 31, 20x9: Cash Accounts Receivable Inventory Investment in Snoopy Company...
Consolidating entries (market value differs from book value) Assume that on January 1, 2013, an investor company acquired 100% of the outstanding voting common stock of an investee company. The following financial statement information was prepared immediately after the acquisition and presents the acquisition-date balance sheet for the pre-consolidation investor company, the investee company and the consolidated financial statements for the investor and investee. Investor Investee Consolidated Cash & receivables $1,500,000 $187,500 $1,687,500 Inventory 1,125,000 468,750 1,593,750 Property & equipment...
Consolidating entries (market value differs from book value) Assume that on January 1, 2013, an investor company acquired 100% of the outstanding voting common stock of an investee company. The following financial statement information was prepared immediately after the acquisition and presents the acquisition date balance sheet for the pre-consolidation investor company, the investee company and the consolidated financial statements for the investor and investee. Investor Investee Consolidated Cash & receivables $500,000 $62,500 $562,500 Inventory 375,000 156,250 531,250 Property &...
Project: Using Microsoft Excel, prepare CONSOLIDATION WORKSHEET (spreadsheet) for Salmon and Perch. See project details below. o On December 31, 20X8, Defoe Corporation acquired 80 percent of Crusoe Company's common stock for $104,000 cash. The fair value of the non-controlling interest at that date was determined to be $26,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Defoe Corporation $90,000 80,000 100,000 40,000 300,000 (100,000) 104,000 $614,000 $120,000 200,000...
consolidation of a subsidiary of assets from downstream? . Project: Using Microsoft Excel, prepare CONSOLIDATION WORKSHEET (spreadsheet) for Salmon and Perch. See project details below. o On December 31, 20X8, Defoe Corporation acquired 80 percent of Crusoe Company's common stock for $104,000 cash. The fair value of the non-controlling interest at that date was determined to be $26,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: On that date,...
Project: Using Microsoft Excel, prepare CONSOLIDATION
WORKSHEET (spreadsheet) for Salmon and
Perch. See project details below.
o On December 31, 20X8, Defoe Corporation acquired 80 percent of
Crusoe Company's common
stock for $104,000 cash. The fair value of the non-controlling
interest at that date was determined to be $26,000. Data from the
balance sheets of the two companies included the following amounts
as of the date of acquisition:
On that date, the book values of Crusoe's assets and liabilities...
Consolidated Worksheet at End of the First Year of
Ownership (Equity Method)
Peanut Company acquired 100 percent of Snoopy Company’s
outstanding common stock for $300,000 on January 1, 20X8, when the
book value of Snoopy’s net assets was equal to $300,000. Peanut
uses the equity method to account for investments. Trial balance
data for Peanut and Snoopy as of December 31, 20X8, are as
follows:
Cash P2. Consolidated Worksheet at End of the First Year of Ownership (Equity Method) Peanut...
B C D H Pepper Company Item E F G Consolidation Entries Debit Credit Salsa Company Consolidated Current Assets Buildings & Equipment Land Investment in Salsa Co. Stock Other Assets Total Debits 140,000 375,000 40,000 475,000 500,000 175,000 300,000 50,000 1,500,000 615,000 875,000 215,000 300,000 70,000 2,075,000 20,000 575,000 Accumulated Depreciation Current Liabilities Bonds Payable Common Stock Additional Paid-in Capital Retained Earings Total Credits 100,000 100,000 200,000 130,000 670,000 300,000 1,500,000 75,000 100,000 100,000 20,000 180,000 100,000 575,000 175,000 200,000...
Question Information:
Submission Format:
Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $270,000 on January 1, 20X8, when the book value of Snoopy's net assets was equal to $300,000. Problem 3-27 summarizes the first year of Peanut's ownership of Snoopy. Peanut uses the equity method to account for investments. The following trial balance summarizes the financial position and operations for Peanut and Snoopy as of December 31, 20x9: Cash Accounts Receivable Inventory Investment in Snoopy Company...
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