Required information
Use the following information to answer questions 19-20
[The following information applies to the questions displayed below.]
The separate condensed balance sheets of Patrick Corporation and its wholly owned subsidiary, Sean Corporation, are as follows:
BALANCE SHEETS | |||||||||||
December 31, 2017 | |||||||||||
Patrick | Sean | ||||||||||
Cash | $ | 74,000 | $ | 52,000 | |||||||
Accounts receivable (net) | 130,000 | 40,000 | |||||||||
Inventories | 86,000 | 72,000 | |||||||||
Plant and equipment (net) | 622,000 | 278,000 | |||||||||
Investment in Sean | 468,000 | - | |||||||||
Total assets | $ | 1,380,000 | $ | 442,000 | |||||||
Accounts payable | 156,000 | 84,000 | |||||||||
Long-term debt | 116,000 | 20,000 | |||||||||
Common stock ($10 par) | 308,000 | 44,000 | |||||||||
Additional paid-in capital | 10,000 | ||||||||||
Retained earnings | 800,000 | 284,000 | |||||||||
Total liabilities and shareholders' equity | $ | 1,380,000 | $ | 442,000 | |||||||
Additional Information:
Problem 2-20 (LO 2-4, 2-5)
In the December 31, 2017, consolidated balance sheet of Patrick and its subsidiary, what amount of total stockholders’ equity should be reported?
In the consolidated balance sheet of 31 Dec. 2017, Total amount of stockholders' equity will be same that of parent company i.e. Patrick's amounting to $ 800,000+308,000 = 11,08,000.
Common stock, additional paid in capital and retained earnings of Sean will be eliminated as a part of consolidation procedures.
Required information Use the following information to answer questions 19-20 [The following information applies to the...
The separate condensed balance sheets of Patrick Corporation and its wholly-owned subsidiary, Sean Corporation, are as follows: BALANCE SHEETS December 31, 2020 Patrick Sean Cash $ 78,000 $ 66,000 Accounts receivable (net) 130,000 38,000 Inventories 88,000 72,000 Plant and equipment (net) 632,000 276,000 Investment in Sean 464,000 - Total assets $ 1,392,000 $ 452,000 Accounts payable 152,000 94,000 Long-term debt 116,000 32,000 Common stock ($10 par) 320,000 54,000 Additional paid-in capital 8,000 Retained earnings 804,000 264,000 Total liabilities and shareholders'...
Required information [The following information applies to the questions displayed below.] The separate condensed balance sheets of Patrick Corporation and its wholly-owned subsidiary, Sean Corporation, are as follows: BALANCE SHEETS December 31, 2020 Patrick Sean Cash $ 70,000 $ 50,000 Accounts receivable (net) 136,000 34,000 Inventories 94,800 52,800 Plant and equipment (net) 620,000 264,000 Investment in Sean 440,000 Total assets $1,360,000 $ 400,000 Accounts payable 144,000 82,000 Long-term debt 106,000 34,000 Common stock ($10 par) 330,000 64,000 Additional paid in...
The separate condensed balance sheets of Patrick Corporation and its wholly-owned subsidiary, Sean Corporation, are as follows: BALANCE SHEETS December 31, 2020 Patrick Sean Cash $ 78,000 $ 66,000 Accounts receivable (net) 130,000 38,000 Inventories 88,000 72,000 Plant and equipment (net) 632,000 276,000 Investment in Sean 464,000 - Total assets $ 1,392,000 $ 452,000 Accounts payable 152,000 94,000 Long-term debt 116,000 32,000 Common stock ($10 par) 320,000 54,000 Additional paid-in capital 8,000 Retained earnings 804,000 264,000 Total liabilities and shareholders'...
choices are A) 1,110,000 B)1,128,000 C) 1,146,000 D) 1,336,000 Required information (The following informe on applies to the questions displayed below.) The separate conde sed balance sheets of Patrick Corporation and its wholly-owned subsidiary, Sean Corporation, are as follows: Sean $ 72,000 24,000 50,000 268,000 BALANCE SHEETS December 31, 2020 Patrick Cash $ 72,000 Accounts receivable (net) 130,000 Inventories 80,000 Plant and equipment (net) 634,000 Investment in Sean 472,000 Total assets $1,388,000 Accounts payable 160,000 Long-term debt 100,000 Connon stock...
choices are A) 1,368,000 B) 1,388,000 C) 1,502,000 D) 1,974,000 Saved Required information (The following information applies to the questions displayed below.) The separate condensed balance sheets of Patrick Corporation and its wholly-owned subsidiary, Sean Corporation, are as follows: Sean $ 72,000 24,000 50,000 268,000 BALANCE SHEETS December 31, 2020 Patrick Cash $ 72,000 Accounts receivable (net) 130,000 Inventories 80,000 Plant and equipment (net) 634,000 Investment in Sean 472,000 Total assets $1,388,000 Accounts payable 160,000 Long-term debt 100,000 Common stock...
The separate condensed balance sheets of Patrick Corporation and its wholly owned subsidiary, Sean Corporation, are as follows: $ Sean 70,000 32,000 62,000 262,000 BALANCE SHEETS December 31, 2017 Patrick Cash 72,000 Accounts receivable (net) 140,000 Inventories 100,000 Plant and equipment (net) 634,000 Investment in Sean 464,000 Total assets $ 1,410,000 Accounts payable 144,000 Long-term debt 112,000 Common stock ($10 par) 328,000 Additional paid-in capital Retained earnings 826,000 Total liabilities and shareholders' $ 1,410,000 equity $ 426,000 96,000 34,000 68,000...
The separate condensed balance sheets of Patrick Corporation and its wholly owned subsidiary, Sean Corporation, are as follows: $ Sean 70,000 32,000 62,000 262,000 BALANCE SHEETS December 31, 2017 Patrick Cash 72,000 Accounts receivable (net) 140,000 Inventories 100,000 plant and equipment (net) 634,000 Investment in Sean 464,000 Total assets $ 1,410,000 Accounts payable 144,000 Long-term debt 112.000 Common stock ($10 par) 328,000 Additional paid-in capital Retained earnings 826,000 Total liabilities and shareholders $ 1,410,000 equity $426,000 96,000 34,000 68,000 14,000...
The separate condensed balance sheets of Patrick Corporation and its wholly owned subsidiary, Sean Corporation, are as follows: $ Sean 70,000 32,000 62,000 262,000 BALANCE SHEETS December 31, 2017 Patrick Cash 72,000 Accounts receivable (net) 140,000 Inventories 100,000 plant and equipment (net) 634,000 Investment in Sean 464,000 Total assets $ 1,410,000 Accounts payable 144,000 Long-term debt 112.000 Common stock ($10 par) 328,000 Additional paid-in capital Retained earnings 826,000 Total liabilities and shareholders $ 1,410,000 equity $426,000 96,000 34,00 68,000 14,000...
19 and 20 with solutions BALANCE SHEETS December 31, 2017 Seon 259 Patrick $ 80,000 140,000 90.000 625,000 460,000 $1,395,000 $ 160,000 110,000 340,000 28058 Cash Accounts receivable (net). Inventories.. . Plant and equipment (net).... Investment in Sean.... Total assets Accounts payable............. Long-term debt Common stock ($10 par).............. Additional pald-in capital............ Retained earnings............ Total liabilities and shareholders' equity $4150 $ 950 3050 5090 105305 785.000 $1,395,000 230001 $415.000 tock in exchange for equaled their carty Sean's inventory were Additional Information:...
$ Sean 72, 38,800 44,099 262,000 BALANCE SHEETS December 31, 2017 Patrick Cash 74,000 Accounts receivable (net) 146,000 Inventories 82,000 Plant and equipment (net) 640,089 Investment in Sean 476,000 Total assets $ 1,418,800 Accounts payable 168,888 Long-term debt 120,000 Common stock ($10 par) 332,000 Additional paid-in capital Retained earnings 806, 889 Total liabilities and shareholders' 1,418,000 equity $ 416,00 94,000 38,000 54,000 14,000 216,000 S 416,000 Additional Information: . On December 31, 2017, Patrick acquired 100 percent of Sean's voting...