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AutoSave OFF QEU = Pepper & Salsa Year 3 Workpaper (2) View Tell me Home Insert Draw Page Layout Formulas Data Review Share Comments Arial v 22 vi A General I A7 4 Conditional Formatting 12 Format as Table & Cell Styles v vo LİL Insert X Delete v Format v TV Paste B I U BV Ideas $ % ) Sensitivity Sort & Filter Find & Select A35 fix On December 31, Year 1, Pepper Company acquired 100% of...
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only need part b worksheet
Illustration #3 Pepper Company, which is a calendar-year-reporting company, purchased 100% of the common stock of Salt Inc. for $325,000 on 12/31/17. On the acquisition date, the following net assets of Salt had fair values different than book value: Cost FMV Inventory 80,000 75,000 Turnover 6 times per year Land 70,000 100,000 Building and equipment 220,000 210,000 10 year life Accumulated depreciation (60,000) Covenant-not-to-complete 40,000 4 year life Bonds payable 150,000 175,000 10 years to...
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Pepper Company, which is a calendar-year-reporting company, purchased 100% of the common stock of Salt Inc. for $325,000 on 12/31/15. Pepper declared dividends of $80,000 and Salt declared dividends of $10,000 during 2015. Each company's financial statements for the year ended 12/31/15 immediately after the acquisition are as follows: Income Statement (2015) Sales Cost of sales Expenses Net Income Pepper Co. (900,000) 500,000 260,000 (140,000) Salt Co. (500,000) 250,000 202,000 (48,000) 20,000 70,000 80,000 Balance Sheet (as of 12/31/15) Cash...
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c. Complete the consolidating entries according to the
C-E-A-D-I sequence and complete the consolidation
worksheet.
Use negative signs with answers in the
Consolidated column for Cost of goods sold, Operating expenses and
Dividends.
Consolidation Worksheet
Income statement
Parent
Subsidiary
Debit
Credit
Consolidated
Sales
$3,045,000
$560,000
[Isales]
Answer
Answer
Cost of goods sold
(2,135,000)
(336,000)
[Icogs]
Answer
Answer
[Icogs]
Answer
Answer
[Isales]
Gross profit
910,000
224,000
Answer
Equity income
10,500
-
[C]
Answer
Answer
Operating expenses
(581,000)
(140,000)
[D]
Answer
Answer...
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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...
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Prepare consolidation spreadsheet for intercompany sale of land - Equity method Assume that a parent company acquired its subsidiary on January 1, 2014, at a purchase price that was $300,000 in excess of the book value of the subsidiary's Stockholders' Equity on the acquisition date. Of that excess, $200,000 was assigned to an unrecorded Patent owned by the subsidiary that is being amortized over a 10-year period. The [A] Patent asset has been amortized as part of the parent's equity...
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A B D E Venus Corporation purchases 70% of the common stock of Starnes Company for $700,000. At the time of purchase, Starnes has the following balance sheet: Starnes Company Balance Sheet December 31, 2019 90,000 300,000 Assets Cash equivalents Inventory Land Building (net) Equipment (net) $ $ $ $ $ Liabilities and Equity 110,000 Accounts Payable $ 200,000 Bonds Payable $ 80,000 Stockholder's Equity 400,000 Common Stock ($5 par) $ 210,000 Paid-in Capital in excess of par $ Retained...
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Complete the bond related consolidation entries. The
information you need is in Additional Information item #3. Do not
do the full consolidation.
On January 1, 20X5, Pond Corporation purchased 75 percent of Skate Company's stock at underlying book value. At that date, the fair value of the noncontrolling interest was equal to 25 percent of Skate's book value. The balance sheets for Pond and Skate at January 1, 20XS, and December 31, 20X8, and income statements for 20X8 were reported...
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A43 N A B C D E F G Н. к L M 3 PART A: 4 5 Accounting Equation: 6 ASSETS LIABILITIES EQUITY 7 Transaction Accounts Accounts Notes Common --Retained Earnings- Cash Equipment Receivable Supplies Payable Payable Stock Account 9 1 10 2 11 3 12 4 13 5 14 6 15 7 16 17 18 TOTALS SO $0 $ $0 $0 $0 $o 19 20 Total Assets = so Total Liabilities SO Total Equity = $0 21 22...
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B C D E F H I J K M N O P Q R S T U V W X Y 31-Dec INSTRUCTIONS: Given the information provided, prepare the statement of cash flow in proper format You may use the worksheet if it is helpful. The worksheet is not required. Jeffers Corp. Statement of Cash Flows For the Year Ended December 31, 2019 BEGINNING ADJUSTHENTSENDING BALANCES DEBITS CREDITS BALANCES 7 DEBIT BALANCE ACCOUNTS 8 Cash 17,000 39,000 9...
AutoSave OFF QEU = Pepper & Salsa Year 3 Workpaper (2) View Tell me Home Insert Draw Page Layout Formulas Data Review Share Comments Arial v 22 vi A General I A7 4 Conditional Formatting 12 Format as Table & Cell Styles v vo LİL Insert X Delete v Format v TV Paste B I U BV Ideas $ % ) Sensitivity Sort & Filter Find & Select A35 fix On December 31, Year 1, Pepper Company acquired 100% of...
only need part b worksheet
Illustration #3 Pepper Company, which is a calendar-year-reporting company, purchased 100% of the common stock of Salt Inc. for $325,000 on 12/31/17. On the acquisition date, the following net assets of Salt had fair values different than book value: Cost FMV Inventory 80,000 75,000 Turnover 6 times per year Land 70,000 100,000 Building and equipment 220,000 210,000 10 year life Accumulated depreciation (60,000) Covenant-not-to-complete 40,000 4 year life Bonds payable 150,000 175,000 10 years to...
Pepper Company, which is a calendar-year-reporting company, purchased 100% of the common stock of Salt Inc. for $325,000 on 12/31/15. Pepper declared dividends of $80,000 and Salt declared dividends of $10,000 during 2015. Each company's financial statements for the year ended 12/31/15 immediately after the acquisition are as follows: Income Statement (2015) Sales Cost of sales Expenses Net Income Pepper Co. (900,000) 500,000 260,000 (140,000) Salt Co. (500,000) 250,000 202,000 (48,000) 20,000 70,000 80,000 Balance Sheet (as of 12/31/15) Cash...
c. Complete the consolidating entries according to the
C-E-A-D-I sequence and complete the consolidation
worksheet.
Use negative signs with answers in the
Consolidated column for Cost of goods sold, Operating expenses and
Dividends.
Consolidation Worksheet
Income statement
Parent
Subsidiary
Debit
Credit
Consolidated
Sales
$3,045,000
$560,000
[Isales]
Answer
Answer
Cost of goods sold
(2,135,000)
(336,000)
[Icogs]
Answer
Answer
[Icogs]
Answer
Answer
[Isales]
Gross profit
910,000
224,000
Answer
Equity income
10,500
-
[C]
Answer
Answer
Operating expenses
(581,000)
(140,000)
[D]
Answer
Answer...
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...
Prepare consolidation spreadsheet for intercompany sale of land - Equity method Assume that a parent company acquired its subsidiary on January 1, 2014, at a purchase price that was $300,000 in excess of the book value of the subsidiary's Stockholders' Equity on the acquisition date. Of that excess, $200,000 was assigned to an unrecorded Patent owned by the subsidiary that is being amortized over a 10-year period. The [A] Patent asset has been amortized as part of the parent's equity...
A B D E Venus Corporation purchases 70% of the common stock of Starnes Company for $700,000. At the time of purchase, Starnes has the following balance sheet: Starnes Company Balance Sheet December 31, 2019 90,000 300,000 Assets Cash equivalents Inventory Land Building (net) Equipment (net) $ $ $ $ $ Liabilities and Equity 110,000 Accounts Payable $ 200,000 Bonds Payable $ 80,000 Stockholder's Equity 400,000 Common Stock ($5 par) $ 210,000 Paid-in Capital in excess of par $ Retained...
Complete the bond related consolidation entries. The
information you need is in Additional Information item #3. Do not
do the full consolidation.
On January 1, 20X5, Pond Corporation purchased 75 percent of Skate Company's stock at underlying book value. At that date, the fair value of the noncontrolling interest was equal to 25 percent of Skate's book value. The balance sheets for Pond and Skate at January 1, 20XS, and December 31, 20X8, and income statements for 20X8 were reported...
A43 N A B C D E F G Н. к L M 3 PART A: 4 5 Accounting Equation: 6 ASSETS LIABILITIES EQUITY 7 Transaction Accounts Accounts Notes Common --Retained Earnings- Cash Equipment Receivable Supplies Payable Payable Stock Account 9 1 10 2 11 3 12 4 13 5 14 6 15 7 16 17 18 TOTALS SO $0 $ $0 $0 $0 $o 19 20 Total Assets = so Total Liabilities SO Total Equity = $0 21 22...
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B C D E F H I J K M N O P Q R S T U V W X Y 31-Dec INSTRUCTIONS: Given the information provided, prepare the statement of cash flow in proper format You may use the worksheet if it is helpful. The worksheet is not required. Jeffers Corp. Statement of Cash Flows For the Year Ended December 31, 2019 BEGINNING ADJUSTHENTSENDING BALANCES DEBITS CREDITS BALANCES 7 DEBIT BALANCE ACCOUNTS 8 Cash 17,000 39,000 9...