Homework Answers
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1.PREPRATION OF
CONSOLIDATED BALANCE SHEET OF PEREZ INC. AS AT
31.12.19
2. ALL RELATED WORKING
NOTS
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Perez Company purchased 90% of the common stock of Sanchez, Inc. on January 1, 2018, for...
Student: CL01 Assignment 1 Perez Company purchased 90% of the common stock of Sanchez, Inc. on...
Student: CL01 Assignment 1 Perez Company purchased 90% of the common stock of Sanchez, Inc. on January 1, 2018, for $85,000. Sanchez Inc had capital stock of $70,000 and retained earnings of $12,000 at that time. Trial balances at the end of 2019 for the companies were: Sanchez Perez Cash $13,000 S14,000 Accounts Receivable 22.000 36,000 Inventory, 1/1 14,000 8,000 Advance to Sanchez Company 8,000 Purchases 84,000 20.000 Other Expenses 10.000 16,000 Plant Assets 67,800 50,000 Dividends Declared 10.000 12,000...
Assignment 1 CL02 Place Company purchased 92% of the common stock of Shaw, Inc. on January...
Assignment 1 CL02 Place Company purchased 92% of the common stock of Shaw, Inc. on January 1, 2019, for $400,000. Trial balances at the end of 2019 for the companies were: Place Shaw Cash $80,350 $87,000 Accounts and Notes Receivable 200,000 210,000 Inventory, 1/1/2019 70,000 50,000 Purchases 240,000 150,000 Selling and Other Expenses 43,000 33,000 Plant Assets 300,000 200,000 Dividends Declared 35,000 22.000 Investment in Shaw Inc. 400,000 Total Debits $ 1,368,350 $ 752,000 Accounts and Notes Payable 99,110 38,000...
Problem 4-7 Price Company purchased 90% of the outstanding common stock of Score Company on January...
Problem 4-7 Price Company purchased 90% of the outstanding common stock of Score Company on January 1, 2011, for $445,950. At that time, Score Company had stockholders' equity consisting of common stock, $201,100; other contributed capital, $158,500; and retained earnings, $89,500. On December 31, 2015, trial balances for Price Company and Score Company were as follows: Cash Accounts Receivable Note Receivable Inventory Investment in Score Company Plant and Equipment Land Dividends Declared Cost of Goods Sold Other Expenses Total Debits...
10) P Company purchased 90% of the outstanding common stock of S Company on January 1,...
10) P Company purchased 90% of the outstanding common stock of S Company on January 1, 2013 . S Company’s stockholders’ equity at various dates was: 1/1/13 1/1/17 12/31/17 Common stock $400,000 $400,000 $400,000 Retained earnings 120,000 380,000 460,000 Total $520,000 $780,000 $860,000 The workpaper entry to establish reciprocity under the cost method in the preparation of a consolidated statements workpaper on December 31, 2017 should include a credit to P Company’s retained earnings of: a) $80,000. b) $234,000. c)...
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...
Plexi Company purchased 85% of the outstanding common stock of Senor Company on January 1, 2009...
Plexi Company purchased 85% of the outstanding common stock of Senor Company on January 1, 2009 for $57000. NOTE: COST METHOD USED BY PARENT Debit Jan. 1, 2009 Investment in Subsidiary-Sesnor 5,700,000 $ 5,700,000 The Sesnor Company balance aheet on 1/1/09 and 12/31/12 are as follows: Fair Value 120,000 $260,000 350,000 $ 450,000 1,275,000 $ 950,000 3,200,000 $ 3,450,000 1,000,000 1,000,000 250,000 120,000 $ 350,000 $1275,000 3,200,000 $2,500,000 Cash Accounts Receivable Net Plant Assets Other Assets $ 1,500,000 Total Assets...
Module # 1 Homework Problem 1 rom the following information for McStuffin Co. for the year...
Module # 1 Homework Problem 1 rom the following information for McStuffin Co. for the year ended 12/31/18, prepare the Financial tatements. There were 100 shares of common stock issued on April 1, 2018 and a dividend of $5,000 was paid on November 30, 2018. Beginning Common Stock was $9,000 and beginning Retained Earnings was $57,500 Advertising Expense as Common Stock (1,000 shares) Capital in Excess Par Inventory Note Payable, Long-term Interest Expense Goodwill $ 1,000 47,000 1,000 9,000 25,000...
Plexi Company purchased 85% of the outstanding common stock of Sesnor Company on January 1, 2009...
Plexi Company purchased 85% of the outstanding common stock of Sesnor Company on January 1, 2009 for ss,70am NOTE COST METHOD USED BY PARENT Credit REAL Entn Jan. 1, 2009 Investment in Subsidiary -Sesnor 5,700,000 $ 5,700,000 The Sesnor Company bslance shet on i/i/09 and 12/31/12 are as follows: Fair Value 120,000 $ 260,000 350,000 450,000 1,275,000 $ 950,000 3200,000 $ 3,450,000 1,000,000 1,000,000 120,000 $ 350,000 1,275,000 $3,200,000 $2,500,000 Accounts Recelvable Net Plant Assets 1,500,000 Other Assets Total Assets...
Liberty Inc. acquired 100% of the voting common stock of Valance Inc. on January 1, 2018...
Liberty Inc. acquired 100% of the voting common stock of Valance Inc. on January 1, 2018 by issuing 4,000 shares of Liberty Inc. $40 par value common stock that had a fair value of $120 per share. Valance Inc. will dissolve after the acquisition. Liberty incurred $40,000 of legal and accounting fees; and paid $25,000 in stock issuance costs as a result of this acquisition. The book value and fair value of Valance’s accounts on that date (prior to creating...
Question 1 The following information is available for XYZ Company: January 1, 2022 December 31, 2022...
Question 1 The following information is available for XYZ Company: January 1, 2022 December 31, 2022 ASSETS Cash Accounts receivable Supplies Land Equipment Accumulated depreciation Patent $31,000 74,000 10,000 50,000 20,000 6,000 $20,000 80,000 7,000 40,000 36,000 8,000 6,000 LIABILITIES + EQUITY Accounts payable Short-term notes payable Salaries payable Common stock Retained earnings $15,000 22,000 17,000 40,000 85,000 $19,000 13,000 1,000 50,000 98,000 During 2022, XYZ Company paid dividends of $12,000, recorded depreciation expense of $2,000, and sold land costing...
Student: CL01 Assignment 1 Perez Company purchased 90% of the common stock of Sanchez, Inc. on January 1, 2018, for $85,000. Sanchez Inc had capital stock of $70,000 and retained earnings of $12,000 at that time. Trial balances at the end of 2019 for the companies were: Sanchez Perez Cash $13,000 S14,000 Accounts Receivable 22.000 36,000 Inventory, 1/1 14,000 8,000 Advance to Sanchez Company 8,000 Purchases 84,000 20.000 Other Expenses 10.000 16,000 Plant Assets 67,800 50,000 Dividends Declared 10.000 12,000...
Assignment 1 CL02 Place Company purchased 92% of the common stock of Shaw, Inc. on January 1, 2019, for $400,000. Trial balances at the end of 2019 for the companies were: Place Shaw Cash $80,350 $87,000 Accounts and Notes Receivable 200,000 210,000 Inventory, 1/1/2019 70,000 50,000 Purchases 240,000 150,000 Selling and Other Expenses 43,000 33,000 Plant Assets 300,000 200,000 Dividends Declared 35,000 22.000 Investment in Shaw Inc. 400,000 Total Debits $ 1,368,350 $ 752,000 Accounts and Notes Payable 99,110 38,000...
Problem 4-7 Price Company purchased 90% of the outstanding common stock of Score Company on January 1, 2011, for $445,950. At that time, Score Company had stockholders' equity consisting of common stock, $201,100; other contributed capital, $158,500; and retained earnings, $89,500. On December 31, 2015, trial balances for Price Company and Score Company were as follows: Cash Accounts Receivable Note Receivable Inventory Investment in Score Company Plant and Equipment Land Dividends Declared Cost of Goods Sold Other Expenses Total Debits...
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...
Plexi Company purchased 85% of the outstanding common stock of Senor Company on January 1, 2009 for $57000. NOTE: COST METHOD USED BY PARENT Debit Jan. 1, 2009 Investment in Subsidiary-Sesnor 5,700,000 $ 5,700,000 The Sesnor Company balance aheet on 1/1/09 and 12/31/12 are as follows: Fair Value 120,000 $260,000 350,000 $ 450,000 1,275,000 $ 950,000 3,200,000 $ 3,450,000 1,000,000 1,000,000 250,000 120,000 $ 350,000 $1275,000 3,200,000 $2,500,000 Cash Accounts Receivable Net Plant Assets Other Assets $ 1,500,000 Total Assets...
Module # 1 Homework Problem 1 rom the following information for McStuffin Co. for the year ended 12/31/18, prepare the Financial tatements. There were 100 shares of common stock issued on April 1, 2018 and a dividend of $5,000 was paid on November 30, 2018. Beginning Common Stock was $9,000 and beginning Retained Earnings was $57,500 Advertising Expense as Common Stock (1,000 shares) Capital in Excess Par Inventory Note Payable, Long-term Interest Expense Goodwill $ 1,000 47,000 1,000 9,000 25,000...
Plexi Company purchased 85% of the outstanding common stock of Sesnor Company on January 1, 2009 for ss,70am NOTE COST METHOD USED BY PARENT Credit REAL Entn Jan. 1, 2009 Investment in Subsidiary -Sesnor 5,700,000 $ 5,700,000 The Sesnor Company bslance shet on i/i/09 and 12/31/12 are as follows: Fair Value 120,000 $ 260,000 350,000 450,000 1,275,000 $ 950,000 3200,000 $ 3,450,000 1,000,000 1,000,000 120,000 $ 350,000 1,275,000 $3,200,000 $2,500,000 Accounts Recelvable Net Plant Assets 1,500,000 Other Assets Total Assets...
Question 1 The following information is available for XYZ Company: January 1, 2022 December 31, 2022 ASSETS Cash Accounts receivable Supplies Land Equipment Accumulated depreciation Patent $31,000 74,000 10,000 50,000 20,000 6,000 $20,000 80,000 7,000 40,000 36,000 8,000 6,000 LIABILITIES + EQUITY Accounts payable Short-term notes payable Salaries payable Common stock Retained earnings $15,000 22,000 17,000 40,000 85,000 $19,000 13,000 1,000 50,000 98,000 During 2022, XYZ Company paid dividends of $12,000, recorded depreciation expense of $2,000, and sold land costing...
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