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Student: CL01 Assignment 1 Perez Company purchased 90% of the common stock of Sanchez, Inc. on...
Perez Company purchased 90% of the common stock of Sanchez, Inc. on January 1, 2018, for...
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 $14,000 36,000 8,000 Perez $13,000 22,000 14,000 8,000 84,000 10,000 67.800 10,000 85,000 $ 313,800 6,000 37,000 Cash Accounts Receivable Inventory, 1/1 Advance to Sanchez Company Purchases Other Expenses Plant Assets Dividends Declared Investment in Sanchez...
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...
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...
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...
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...
1) The balance of common stock of S Co. at acquisition date was: * a) $1,625,000...
1) The balance of common stock of S Co. at acquisition
date was: *
a) $1,625,000
b) $1,850,000
c) $2,000,000
d) $1,960,000
2) The eliminating entries for a consolidated statements workpaper
on December 31, 2019, will include: *
a) Debit Investment in S Co. $2,080,000
b) Credit Retained Earnings $600,000
c) Credit Dividends Declared $160,000
d) Debit Dividend Income $128,000
3) The difference between implied and book value at acquisition
date was: *
a) $120,000
b) $175,000
c) $125,000
d)...
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...
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....
On January 1, 2020, Pharoah Inc. had the following stockholders' equity balances. Common Stock (480,000 shares...
On January 1, 2020, Pharoah Inc. had the following stockholders' equity balances. Common Stock (480,000 shares issued) $960,000 Paid-in Capital in Excess of Par-Common Stock 560,000 Common Stock Dividends Distributable 140,000 Retained Earnings 520,000 During 2020, the following transactions and events occurred. 1. Issued 70,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2021. 2. Issued 35,000 shares of common stock for cash at $4 per share. 3. Purchased 21,000...
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 $14,000 36,000 8,000 Perez $13,000 22,000 14,000 8,000 84,000 10,000 67.800 10,000 85,000 $ 313,800 6,000 37,000 Cash Accounts Receivable Inventory, 1/1 Advance to Sanchez Company Purchases Other Expenses Plant Assets Dividends Declared Investment in Sanchez...
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...
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...
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...
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...
1) The balance of common stock of S Co. at acquisition
date was: *
a) $1,625,000
b) $1,850,000
c) $2,000,000
d) $1,960,000
2) The eliminating entries for a consolidated statements workpaper
on December 31, 2019, will include: *
a) Debit Investment in S Co. $2,080,000
b) Credit Retained Earnings $600,000
c) Credit Dividends Declared $160,000
d) Debit Dividend Income $128,000
3) The difference between implied and book value at acquisition
date was: *
a) $120,000
b) $175,000
c) $125,000
d)...
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...
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....
On January 1, 2020, Pharoah Inc. had the following stockholders' equity balances. Common Stock (480,000 shares issued) $960,000 Paid-in Capital in Excess of Par-Common Stock 560,000 Common Stock Dividends Distributable 140,000 Retained Earnings 520,000 During 2020, the following transactions and events occurred. 1. Issued 70,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2021. 2. Issued 35,000 shares of common stock for cash at $4 per share. 3. Purchased 21,000...
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