B)
Prepare the workpaper eliminating entries for a workpaper
on December 31, 2015.
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B)
Prepare the workpaper eliminating entries for a workpaper
on December 31, 2015.
Exercise 4-7 On...
Exercise 4-7 On January 1, 2014, Pert Company purchased 85% of the outstanding common stock of...
Exercise 4-7 On January 1, 2014, Pert Company purchased 85% of the outstanding common stock of Sales Company for $361,700. On that date, Sales Company's stockholders' equity consisted of common stock, $93,900; other contributed capital, $37,000; and retained earnings, $148,500. Pert Company paid more than the book value of net assets acquired because the recorded cost of Sales Company's land was significantly less than its fair value. During 2014 Sales Company earned $134,900 and declared and paid a $50,500 dividend....
Exercise 4-7 On January 1, 2014, Pert Company purchased 85% of the outstanding common stock of...
Exercise 4-7 On January 1, 2014, Pert Company purchased 85% of the outstanding common stock of Sales Company for $361,700. On that date, Sales Company's stockholders' equity consisted of common stock, $93,900; other contributed capital, $37,000; and retained earnings, $148,500. Pert Company paid more than the book value of net assets acquired because the recorded cost of Sales Company's land was significantly less than its fair value. During 2014 Sales Company earned $134,900 and declared and paid a $50,500 dividend....
Exercise 4-6 On January 1, 2014, Pert Company purchased 85% of the outstanding common stock of...
Exercise 4-6 On January 1, 2014, Pert Company purchased 85% of the outstanding common stock of Sales Company for $352,500. On that date, Sales Company's stockholders' equity consisted of common stock, $100,400; other contributed capital, $40,500; and retained earnings, $143,800. Pert Company paid more than the book value of net assets acquired because the recorded cost of Sales Company's land was significantly less than its fair value. During 2014 Sales Company earned $153,600 and declared and paid a $50,300 dividend....
Exercise 4-5 On January 1, 2014, Plate Company purchased a 90% interest in the common stock...
Exercise 4-5 On January 1, 2014, Plate Company purchased a 90% interest in the common stock of Set Company for $597,840, an amount $20,400 in excess of the book value of equity acquired. The excess relates to the understatement of Set Company's land holdings. Excerpts from the consolidated retained earnings section of the consolidated statements workpaper for the year ended December 31, 2014, follow: 1/1/14 retained earnings Net income from above Set Company 171,200 119,700 (50,300 ) 240,600 Consolidated Balances...
On January 1, 2014, Pert Company purchased 85% of the outstanding common stock of Sales Company...
On January 1, 2014, Pert Company purchased 85% of the outstanding common stock of Sales Company for $370,700. On that date, Sales Company’s stockholders’ equity consisted of common stock, $108,900; other contributed capital, $43,800; and retained earnings, $137,700. Pert Company paid more than the book value of net assets acquired because the recorded cost of Sales Company’s land was significantly less than its fair value. During 2014 Sales Company earned $159,100 and declared and paid a $52,800 dividend. Pert Company...
EXERCISE 4-1 Parent Company Entries, Liquidating Dividend LO 2 Perey Company purchased 80% of the outstanding...
EXERCISE 4-1 Parent Company Entries, Liquidating Dividend LO 2 Perey Company purchased 80% of the outstanding voting shares of Song Company at the beginning of 2014 for $387,000. At the time of purchase, Song Company's total stockholders' equity amounted to $475,000. Income and dividend distributions for Song Company from 2014 through 2016 are as follows: 2016 Net income (loss) Dividend distribution 2014 563,500 25,000 2015 $52,500 50,000 (555,000) 35,000 Required: Prepare journal entries on the books of Perey Company from...
Exercise 4-1 Percy Company purchased 80% of the outstanding voting shares of Song Company at the...
Exercise 4-1 Percy Company purchased 80% of the outstanding voting shares of Song Company at the beginning of 2014 for $406,000. At the time of purchase, Song Company's total stockholders' equity amounted to $496,800. Income and dividend distributions for Song Company from 2014 through 2016 are as follows: Net Income (loss) Dividend distribution 2014 2015 2016 $60,600 $53,900 ($57,200 ) 23,800 50,600 36,300 Prepare journal entries on the books of Percy Company from the date of purchase through 2016 to...
Exercise 4-1 Percy Company purchased 80% of the outstanding voting shares of Song Company at the...
Exercise 4-1 Percy Company purchased 80% of the outstanding voting shares of Song Company at the beginning of 2014 for $406,000. At the time of purchase, Song Company's total stockholders' equity amounted to $496,800. Income and dividend distributions for Song Company from 2014 through 2016 are as follows: Net Income (loss) Dividend distribution 2014 2015 2016 $60,600 $53,900 ($57,200 ) 23,800 50,600 36,300 Prepare journal entries on the books of Percy Company from the date of purchase through 2016 to...
Prepare the Adjusting Journal Entries (AJEs) that should be made on December 31, 2015, the end...
Prepare the Adjusting Journal Entries (AJEs) that should be made on December 31, 2015, the end of the accounting year, for each of the following independent situations. If no AJE is required, indicate “none.” Assume the firm only makes AJEs at the end of the accounting year. . In addition, identify the impact, if any, on the financial statements if you failed to make the appropriate AJE. Indicate NE for no impact, U for understatement, and O for overstatement. Use...
Before closing entries were recorded at the end of the accounting period (December 31, 2015), the...
Before closing entries were recorded at the end of the accounting period (December 31, 2015), the following data were taken from the accounts of Buynow Corporation: Capital Stock, par $10 (20,000 shares issued) Contributed capital in excess of par Retained earnings, balance December 31, 2014 Revenues earned during 2015 Expenses incurred during 2015 Cash dividends declared and paid (during 2015) Treasury stock (1,000 shares at cost) $200.000 15,000 80,000 400.000 344.000 30,000 17,000 The total amount of owners' equity that...
Exercise 4-7 On January 1, 2014, Pert Company purchased 85% of the outstanding common stock of Sales Company for $361,700. On that date, Sales Company's stockholders' equity consisted of common stock, $93,900; other contributed capital, $37,000; and retained earnings, $148,500. Pert Company paid more than the book value of net assets acquired because the recorded cost of Sales Company's land was significantly less than its fair value. During 2014 Sales Company earned $134,900 and declared and paid a $50,500 dividend....
Exercise 4-7 On January 1, 2014, Pert Company purchased 85% of the outstanding common stock of Sales Company for $361,700. On that date, Sales Company's stockholders' equity consisted of common stock, $93,900; other contributed capital, $37,000; and retained earnings, $148,500. Pert Company paid more than the book value of net assets acquired because the recorded cost of Sales Company's land was significantly less than its fair value. During 2014 Sales Company earned $134,900 and declared and paid a $50,500 dividend....
Exercise 4-6 On January 1, 2014, Pert Company purchased 85% of the outstanding common stock of Sales Company for $352,500. On that date, Sales Company's stockholders' equity consisted of common stock, $100,400; other contributed capital, $40,500; and retained earnings, $143,800. Pert Company paid more than the book value of net assets acquired because the recorded cost of Sales Company's land was significantly less than its fair value. During 2014 Sales Company earned $153,600 and declared and paid a $50,300 dividend....
Exercise 4-5 On January 1, 2014, Plate Company purchased a 90% interest in the common stock of Set Company for $597,840, an amount $20,400 in excess of the book value of equity acquired. The excess relates to the understatement of Set Company's land holdings. Excerpts from the consolidated retained earnings section of the consolidated statements workpaper for the year ended December 31, 2014, follow: 1/1/14 retained earnings Net income from above Set Company 171,200 119,700 (50,300 ) 240,600 Consolidated Balances...
EXERCISE 4-1 Parent Company Entries, Liquidating Dividend LO 2 Perey Company purchased 80% of the outstanding voting shares of Song Company at the beginning of 2014 for $387,000. At the time of purchase, Song Company's total stockholders' equity amounted to $475,000. Income and dividend distributions for Song Company from 2014 through 2016 are as follows: 2016 Net income (loss) Dividend distribution 2014 563,500 25,000 2015 $52,500 50,000 (555,000) 35,000 Required: Prepare journal entries on the books of Perey Company from...
Exercise 4-1 Percy Company purchased 80% of the outstanding voting shares of Song Company at the beginning of 2014 for $406,000. At the time of purchase, Song Company's total stockholders' equity amounted to $496,800. Income and dividend distributions for Song Company from 2014 through 2016 are as follows: Net Income (loss) Dividend distribution 2014 2015 2016 $60,600 $53,900 ($57,200 ) 23,800 50,600 36,300 Prepare journal entries on the books of Percy Company from the date of purchase through 2016 to...
Exercise 4-1 Percy Company purchased 80% of the outstanding voting shares of Song Company at the beginning of 2014 for $406,000. At the time of purchase, Song Company's total stockholders' equity amounted to $496,800. Income and dividend distributions for Song Company from 2014 through 2016 are as follows: Net Income (loss) Dividend distribution 2014 2015 2016 $60,600 $53,900 ($57,200 ) 23,800 50,600 36,300 Prepare journal entries on the books of Percy Company from the date of purchase through 2016 to...
Before closing entries were recorded at the end of the accounting period (December 31, 2015), the following data were taken from the accounts of Buynow Corporation: Capital Stock, par $10 (20,000 shares issued) Contributed capital in excess of par Retained earnings, balance December 31, 2014 Revenues earned during 2015 Expenses incurred during 2015 Cash dividends declared and paid (during 2015) Treasury stock (1,000 shares at cost) $200.000 15,000 80,000 400.000 344.000 30,000 17,000 The total amount of owners' equity that...
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