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The summarized balance sheet of Separate Company on January 1, 20X3, contained the following amounts: Total...
Sound Manufacturing Corporation prepared the following balance sheet as of January 1, 20X8 50,000 200,000 100,000...
Sound Manufacturing Corporation prepared the following balance sheet as of January 1, 20X8 50,000 200,000 100,000 70,000 280,000 $700,000 $ 40,000 Accounts Payable Cash Accounts Receivable Inventory Buildings & Equipment Less: Accumulated Depreciation Total Assets 90,000 Bonds Payable 180,000 Common 500,000 Additional Paid-In Capital Stock (110,000) Retained Earnings 700,000 Total Liabilities &Equities The company is considering a 2-for-1 stock split, a stock dividend of 4,000 shares, or a stock dividend of 1,500 shares on its $10 par value common stock....
Pencil Company acquired 80 percent of Stylus Corporation’s stock on January 2, 20X3, for $88,000 cash....
Pencil Company acquired 80 percent of Stylus Corporation’s stock on January 2, 20X3, for $88,000 cash. Summarized balance sheet data for the companies on December 31, 20X2, follow: Pencil Company Stylus Corporation Book Value Fair Value Book Value Fair Value Cash $ 215,000 $ 215,000 $ 55,000 $ 55,000 Other Assets 420,000 420,000 131,000 131,000 Total Debits $ 635,000 $ 186,000 Current Liabilities $ 96,000 96,000 $ 76,000 76,000 Common Stock 297,000 55,000 Retained Earnings 242,000 55,000 Total Credits $...
Pencil Company acquired 80 percent of Stylus Corporation's stock on January 2, 20X3, for $98,400 cash....
Pencil Company acquired 80 percent of Stylus Corporation's stock on January 2, 20X3, for $98,400 cash. Summarized balance sheet data for the companies on December 31, 20X2, follow. Cash Other Assets Total Debits Current Liabilities Common Stock Retained Earnings Total Credits Pencil Company Book Value Fair Value $216,000 $216,080 418,000 418,000 $634,000 $100,000 100,000 298,000 236,000 $634,000 Stylus Corporation Book Value Fair Value $ 63,000 $ 63,000 140,000 140,000 $203,000 $ 80,000 80.000 63,000 60,000 $200,000 Required: Prepare a consolidated...
Pencil Company acquired 80 percent of Stylus Corporation's stock on January 2, 20X3, for $85,600 cash....
Pencil Company acquired 80 percent of Stylus Corporation's stock on January 2, 20X3, for $85,600 cash. Summarized balance sheet data for the companies on December 31, 20X2, follow: Pencil Company Stylus Corporation Book Value Fair Value Book Value Fair Value Cash $ 201,000 $201,000 $ 52,000 $ 52,000 Other Assets 409,000 409,000 128,000 128,000 Total Debita $610,000 $180,000 Current Liabilities $ 93,000 93,000 $ 73,000 73,000 Common Stock 285,000 52,000 Retained Earnings 232,000 55,000 Total Credits $610,000 $180,000 Required: Prepare...
Consolidated Balance Sheet with Reciprocal OwnershipTalbott Company purchased 80 percent of Short Company’s stock on January...
Consolidated Balance Sheet with Reciprocal OwnershipTalbott Company purchased 80 percent of Short Company’s stock on January 1, 20X8, at underlying book value. At that date, the fair value of the noncontrolling interest was equal to 20 percent of the book value of Short Company. On December 31, 20X9, Short purchased 10 percent of Talbott’s stock. Balance sheets for the two companies on December 31, 20X9, are as follows: TALBOTT COMPANYCondensed Balance SheetDecember 31, 20X9CashAccounts ReceivableInventoryBuildings and Equipment (net)Investment in Short...
PROUD CORPORATION AND SUBSIDIARY Consolidated Income Statement Year Ended December 31, 20X3 Total expenses 0 Consolidated...
PROUD CORPORATION AND SUBSIDIARY Consolidated Income Statement Year Ended December 31, 20X3 Total expenses 0 Consolidated net income 0 Income to controlling interest $ 0 PROUD CORPORATION AND SUBSIDIARY Consolidated Retained Earnings Statement Year Ended December 31, 20X3 Retained Earnings, January 1, 20X3 Income to Controlling Interest, 20X3 $ 0 Dividends Declared, 20X3 Retained Earnings, December 31, 20X3 c. Prepare a consolidated balance sheet, Income statement, and retained earnings statement for 20X3. (Amounts to be deducted should be indicated with...
Pencil Company acquired 80 percent of Stylus Corporation's stock on January 2, 20X3, for $81,600 cash....
Pencil Company acquired 80 percent of Stylus Corporation's stock on January 2, 20X3, for $81,600 cash. Summarized balance sheet data for the companies on December 31, 20X2, follow: Cash Other Assets Total Debits Current Liabilities Common Stock Retained Earnings Total Credits Pencil Company Book Value Fair Value $212,000 $212,000 415,000 415,000 $627,000 $100,000 100,000 287,000 240,000 $627,000 Stylus Corporation Book Value Fair Value $ 58,000 $ 58,000 124,000 124,000 $182,000 $ 80,000 80,000 58,000 44,000 $182,000 Required: Prepare a consolidated...
Bilge Pumpworks and Seaworthy Rope Company agreed to merge on January 1, 20X3. On the date...
Bilge Pumpworks and Seaworthy Rope Company agreed to merge on January 1, 20X3. On the date of the merger agreement, the companies reported the following data: Bilge Pumpworks Seaworthy Rope Company Fair Value Fair Value Balance Sheet Items Assets Cash & Receivables Inventory Land lant & Equipment Less: Accumulated Depreciation Book Value Book Value $ 98,000 108,000 108,000 416,000 (140,000) $98,000 160,000 152,000 318,000 $ 17000 27,000 7,000 213,000 (79,000) $ 17000 39,000 12,000 130,000 Total Assets S590,000 $728,000 185,000...
Proud Corporation acquired 80 percent of Spirited Company’s voting stock on January 1, 20X3, at underlying...
Proud Corporation acquired 80 percent of Spirited Company’s voting stock on January 1, 20X3, at underlying book value. The fair value of the noncontrolling interest was equal to 20 percent of the book value of Spirited at that date. Assume that the accumulated depreciation on depreciable assets was $56,000 on the acquisition date. Proud uses the equity method in accounting for its ownership of Spirited. On December 31, 20X4, the trial balances of the two companies are as follows: ...
Blake Corporation acquired 100 percent of Shaw Corporation's voting shares on January 1, 20X3, at underlying...
Blake Corporation acquired 100 percent of Shaw Corporation's voting shares on January 1, 20X3, at underlying book value. At that date, the book values and fair values of Shaw's assets and liabilities were equal. Blake uses the equity method in accounting for its investment in Shaw. Adjusted trial balances for Blake and Shaw on December 31, 20X3, are as follows: Blake Corporation Shaw Corporation Item Debit Credit Debit Credit Current Assets $ 156,000 $ 125,000 Depreciable Assets...
Sound Manufacturing Corporation prepared the following balance sheet as of January 1, 20X8 50,000 200,000 100,000 70,000 280,000 $700,000 $ 40,000 Accounts Payable Cash Accounts Receivable Inventory Buildings & Equipment Less: Accumulated Depreciation Total Assets 90,000 Bonds Payable 180,000 Common 500,000 Additional Paid-In Capital Stock (110,000) Retained Earnings 700,000 Total Liabilities &Equities The company is considering a 2-for-1 stock split, a stock dividend of 4,000 shares, or a stock dividend of 1,500 shares on its $10 par value common stock....
Pencil Company acquired 80 percent of Stylus Corporation's stock on January 2, 20X3, for $98,400 cash. Summarized balance sheet data for the companies on December 31, 20X2, follow. Cash Other Assets Total Debits Current Liabilities Common Stock Retained Earnings Total Credits Pencil Company Book Value Fair Value $216,000 $216,080 418,000 418,000 $634,000 $100,000 100,000 298,000 236,000 $634,000 Stylus Corporation Book Value Fair Value $ 63,000 $ 63,000 140,000 140,000 $203,000 $ 80,000 80.000 63,000 60,000 $200,000 Required: Prepare a consolidated...
Pencil Company acquired 80 percent of Stylus Corporation's stock on January 2, 20X3, for $85,600 cash. Summarized balance sheet data for the companies on December 31, 20X2, follow: Pencil Company Stylus Corporation Book Value Fair Value Book Value Fair Value Cash $ 201,000 $201,000 $ 52,000 $ 52,000 Other Assets 409,000 409,000 128,000 128,000 Total Debita $610,000 $180,000 Current Liabilities $ 93,000 93,000 $ 73,000 73,000 Common Stock 285,000 52,000 Retained Earnings 232,000 55,000 Total Credits $610,000 $180,000 Required: Prepare...
PROUD CORPORATION AND SUBSIDIARY Consolidated Income Statement Year Ended December 31, 20X3 Total expenses 0 Consolidated net income 0 Income to controlling interest $ 0 PROUD CORPORATION AND SUBSIDIARY Consolidated Retained Earnings Statement Year Ended December 31, 20X3 Retained Earnings, January 1, 20X3 Income to Controlling Interest, 20X3 $ 0 Dividends Declared, 20X3 Retained Earnings, December 31, 20X3 c. Prepare a consolidated balance sheet, Income statement, and retained earnings statement for 20X3. (Amounts to be deducted should be indicated with...
Pencil Company acquired 80 percent of Stylus Corporation's stock on January 2, 20X3, for $81,600 cash. Summarized balance sheet data for the companies on December 31, 20X2, follow: Cash Other Assets Total Debits Current Liabilities Common Stock Retained Earnings Total Credits Pencil Company Book Value Fair Value $212,000 $212,000 415,000 415,000 $627,000 $100,000 100,000 287,000 240,000 $627,000 Stylus Corporation Book Value Fair Value $ 58,000 $ 58,000 124,000 124,000 $182,000 $ 80,000 80,000 58,000 44,000 $182,000 Required: Prepare a consolidated...
Bilge Pumpworks and Seaworthy Rope Company agreed to merge on January 1, 20X3. On the date of the merger agreement, the companies reported the following data: Bilge Pumpworks Seaworthy Rope Company Fair Value Fair Value Balance Sheet Items Assets Cash & Receivables Inventory Land lant & Equipment Less: Accumulated Depreciation Book Value Book Value $ 98,000 108,000 108,000 416,000 (140,000) $98,000 160,000 152,000 318,000 $ 17000 27,000 7,000 213,000 (79,000) $ 17000 39,000 12,000 130,000 Total Assets S590,000 $728,000 185,000...
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