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| CASH FROM OPERATING ACTIVTIES | |||
| Consolidated net income | $ 230,000 | ||
| Adjustment from accrual to cash: | |||
| Depreciation and amortization | $ 100,000 | ||
| Gain on sale of building | $ (20,000) | ||
| Decrease in accounts receivable | $ 10,000 | ||
| Increase in inventory | $ (140,000) | ||
| Decrease in accounts payable | $ (40,000) | ||
| Net cash flow from operating activities | $ 140,000 | ||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Sale of building | $30,000+$20,000 | $ 50,000 | |
| Purchase of equipment | $ (175,000) | ||
| Net cash flow from investing activities | $ (125,000) | ||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Dividends paid | $100,000+$10,000*20% | $ (102,000) | |
| Issuance of bonds | $ 100,000 | ||
| Issuance of common stock | Diff of stock and paid in capital | $ 57,000 | |
| Net cash flow from financing activities | $ 55,000 | ||
| Net increase in cash during 2018 | $ 70,000 | ||
| Cash, January 1, 2018 | $ 80,000 | ||
| Cash, December 31, 2018 | $ 150,000 | ||
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Bolero Company holds 80 percent of the common stock of Rivera, Inc., and 30 percent of this subsidiary's con...
Bolero Company holds 80 percent of the common stock of Rivera, Inc., and 40 percent of...
Bolero Company holds 80 percent of the common stock of Rivera, Inc., and 40 percent of this subsidiary's convertible bonds. The following consolidated financial statements are for 2017 and 2018: $ 2017 (860,000) 602,000 92,000 0 32,000 (134,000) 11,000 (123,000) S Revenues Cost of goods sold Depreciation and amortization Gain on sale of building Interest expense Consolidated net income to noncontrolling interest to parent company Retained earnings, 1/1 Net income Dividends declared Retained earnings, 12/31 Cash Accounts receivable Inventory Buildings...
Bolero Company holds 80 percent of the common stock of Rivera, Inc., and 40 percent of...
Bolero Company holds 80 percent of the common stock of Rivera, Inc., and 40 percent of this subsidiary's convertible bonds. The following consolidated financial statements are for 2017 and 2018: Revenues Cost of goods sold Depreciation and amortization Gain on sale of building Interest expense Consolidated net income to noncontrolling interest to parent company Retained earnings, 1/1 Net income Dividends declared Retained earnings, 12/31 Cash Accounts receivable Inventory Buildings and equipment (net) Databases Total assets Accounts payable Bonds payable Noncontrolling...
Bolero Company holds 70 percent of the common stock of Rivera, Inc., and 30 percent of this subsidiary's convertible b...
Bolero Company holds 70 percent of the common stock of Rivera, Inc., and 30 percent of this subsidiary's convertible bonds. The following consolidated financial statements are for 2017 and 2018: $ 2017 (905,000) 611,000 101,000 0 Revenues Cost of goods sold Depreciation and amortization Gain on sale of building Interest expense Consolidated net income to noncontrolling interest to parent company Retained earnings, 1/1 Net income Dividends declared Retained earnings, 12/31 Cash Accounts receivable Inventory Buildings and equipment (net) Databases Total...
Bolero Company holds 80 percent of the common stock of Rivera, Inc., and 30 percent of...
Bolero Company holds 80 percent of the common stock of Rivera,
Inc., and 30 percent of this subsidiary’s convertible bonds. The
following consolidated financial statements are for 2017 and
2018:
2017
2018
Revenues
$
(920,000
)
$
(1,050,000
)
Cost of goods sold
614,000
654,000
Depreciation and amortization
104,000
128,000
Gain on sale of building
0
(34,000
)
Interest expense
44,000
44,000
Consolidated net income
(158,000
)
(258,000
)
to noncontrolling interest
23,000
25,000
to parent company
$
(135,000
)...
Check my wor Hat Company holds 75 percent of the common stock of Ties, Inc., and...
Check my wor Hat Company holds 75 percent of the common stock of Ties, Inc., and 40 percent of this subsidiary's convertible bonds. The following consolidated financial statements are for 2017 and 2018: $ 2017 (935,000) 617.000 107.000 points eBook Revenues Cost of goods sold Depreciation and amortization Gain on sale of building Interest expense Consolidated net income to noncontrolling interest to parent company Retained earnings, 1/1 Net incone Dividenda declared Retained earnings, 12/31 Print 3 2018 $1,065, 000) 657.000...
Additional Information for 2018 The parent issued bonds during the year for cash. Amortization of...
We were unable to transcribe this imageAdditional Information for 2018 The parent issued bonds during the year for cash. Amortization of databases amounts to $26,000 per year. The parent sold a building with a cost of $102,000 but a $51,000 book value for cash on May 11 . The subsidiary purchased equipment on July 23 for $249,000 in cash .Late in November, the parent issued stock for cash During the year, the subsidiary paid dividends of $52,000. Both parent and...
Sub Company is an 80%-owned subsidiary of Parent Company. Company was purchased on Jan stockholders' equity of...
Sub Company is an 80%-owned subsidiary of Parent Company. Company was purchased on Jan stockholders' equity of $325,000. The interest in Sub uary 1, 2010 for $310,000 cash. At that date, Sub had 000. The excess price was attributed to equipment with a olidated trial ely ,0oodwill The following are comparative o consolidated trial balances 2010 Cash $ 17,000 60,000 100,000 1,500,000J (540,000) S 27,750 80,000 150,000 675,000 (640,000) 122,250 36,000 104,000) 200,000) (75,500) Accounts receivable PP&E 3r 25,000 31...
ProForm acquired 80 percent of ClipRite on June 30, 2020, for $1,280,000 in cash. Based on...
ProForm acquired 80 percent of ClipRite on June 30, 2020, for
$1,280,000 in cash. Based on ClipRite's acquisition-date fair
value, an unrecorded intangible of $560,000 was recognized and is
being amortized at the rate of $14,000 per year. No goodwill was
recognized in the acquisition. The noncontrolling interest fair
value was assessed at $320,000 at the acquisition date. The 2021
financial statements are as follows:
ProForm
ClipRite
Sales
$
(980,000
)
$
(960,000
)
Cost of goods sold
625,000
490,000...
2. Allen Co. held 80% of the common stock of Brewer Inc. and 40% of this...
2. Allen Co. held 80% of the common stock of Brewer Inc. and 40% of this subsidiary's convertible bonds. The following consolidated financial statements were for 2012 and 2013. Revenues Cost of goods sold Depreciation and amortization Gain on sale of building Interest expense Non-controlling interest Net income to controlling interest 2012 2013 $ 1,064,000 $1,232,000 (714,000 (756,000) 126,000) 140,000) -0- 28.000 42.000 42.000 $ 12.600 $ 15.400 $ 169,400 $ 306,600 $ Retained earnings, January 1 Net income (from...
2. Allen Co. held 80% of the common stock of Brewer Inc. and 40% of this...
2. Allen Co. held 80% of the common stock of Brewer Inc. and 40% of this subsidiary's convertible bonds. The following consolidated financial statements were for 2012 and 2013. 2012 $ 1,064.000 (714,000) ( 126,000) Revenues Cost of goods sold Depreciation and amortization Gain on sale of building Interest expense Non-controlling interest Net income to controlling interest 2013 $ 1,232.000 (756,000) (140,000) 28.000 ( 42.000) $ 15,400 $ 306,600 $ $ 42.000) 12.600 169,400 $ Retained earnings, January 1 Net...
Bolero Company holds 80 percent of the common stock of Rivera, Inc., and 40 percent of this subsidiary's convertible bonds. The following consolidated financial statements are for 2017 and 2018: $ 2017 (860,000) 602,000 92,000 0 32,000 (134,000) 11,000 (123,000) S Revenues Cost of goods sold Depreciation and amortization Gain on sale of building Interest expense Consolidated net income to noncontrolling interest to parent company Retained earnings, 1/1 Net income Dividends declared Retained earnings, 12/31 Cash Accounts receivable Inventory Buildings...
Bolero Company holds 80 percent of the common stock of Rivera, Inc., and 40 percent of this subsidiary's convertible bonds. The following consolidated financial statements are for 2017 and 2018: Revenues Cost of goods sold Depreciation and amortization Gain on sale of building Interest expense Consolidated net income to noncontrolling interest to parent company Retained earnings, 1/1 Net income Dividends declared Retained earnings, 12/31 Cash Accounts receivable Inventory Buildings and equipment (net) Databases Total assets Accounts payable Bonds payable Noncontrolling...
Bolero Company holds 70 percent of the common stock of Rivera, Inc., and 30 percent of this subsidiary's convertible bonds. The following consolidated financial statements are for 2017 and 2018: $ 2017 (905,000) 611,000 101,000 0 Revenues Cost of goods sold Depreciation and amortization Gain on sale of building Interest expense Consolidated net income to noncontrolling interest to parent company Retained earnings, 1/1 Net income Dividends declared Retained earnings, 12/31 Cash Accounts receivable Inventory Buildings and equipment (net) Databases Total...
Bolero Company holds 80 percent of the common stock of Rivera,
Inc., and 30 percent of this subsidiary’s convertible bonds. The
following consolidated financial statements are for 2017 and
2018:
2017
2018
Revenues
$
(920,000
)
$
(1,050,000
)
Cost of goods sold
614,000
654,000
Depreciation and amortization
104,000
128,000
Gain on sale of building
0
(34,000
)
Interest expense
44,000
44,000
Consolidated net income
(158,000
)
(258,000
)
to noncontrolling interest
23,000
25,000
to parent company
$
(135,000
)...
Check my wor Hat Company holds 75 percent of the common stock of Ties, Inc., and 40 percent of this subsidiary's convertible bonds. The following consolidated financial statements are for 2017 and 2018: $ 2017 (935,000) 617.000 107.000 points eBook Revenues Cost of goods sold Depreciation and amortization Gain on sale of building Interest expense Consolidated net income to noncontrolling interest to parent company Retained earnings, 1/1 Net incone Dividenda declared Retained earnings, 12/31 Print 3 2018 $1,065, 000) 657.000...
We were unable to transcribe this imageAdditional Information for 2018 The parent issued bonds during the year for cash. Amortization of databases amounts to $26,000 per year. The parent sold a building with a cost of $102,000 but a $51,000 book value for cash on May 11 . The subsidiary purchased equipment on July 23 for $249,000 in cash .Late in November, the parent issued stock for cash During the year, the subsidiary paid dividends of $52,000. Both parent and...
Sub Company is an 80%-owned subsidiary of Parent Company. Company was purchased on Jan stockholders' equity of $325,000. The interest in Sub uary 1, 2010 for $310,000 cash. At that date, Sub had 000. The excess price was attributed to equipment with a olidated trial ely ,0oodwill The following are comparative o consolidated trial balances 2010 Cash $ 17,000 60,000 100,000 1,500,000J (540,000) S 27,750 80,000 150,000 675,000 (640,000) 122,250 36,000 104,000) 200,000) (75,500) Accounts receivable PP&E 3r 25,000 31...
ProForm acquired 80 percent of ClipRite on June 30, 2020, for
$1,280,000 in cash. Based on ClipRite's acquisition-date fair
value, an unrecorded intangible of $560,000 was recognized and is
being amortized at the rate of $14,000 per year. No goodwill was
recognized in the acquisition. The noncontrolling interest fair
value was assessed at $320,000 at the acquisition date. The 2021
financial statements are as follows:
ProForm
ClipRite
Sales
$
(980,000
)
$
(960,000
)
Cost of goods sold
625,000
490,000...
2. Allen Co. held 80% of the common stock of Brewer Inc. and 40% of this subsidiary's convertible bonds. The following consolidated financial statements were for 2012 and 2013. Revenues Cost of goods sold Depreciation and amortization Gain on sale of building Interest expense Non-controlling interest Net income to controlling interest 2012 2013 $ 1,064,000 $1,232,000 (714,000 (756,000) 126,000) 140,000) -0- 28.000 42.000 42.000 $ 12.600 $ 15.400 $ 169,400 $ 306,600 $ Retained earnings, January 1 Net income (from...
2. Allen Co. held 80% of the common stock of Brewer Inc. and 40% of this subsidiary's convertible bonds. The following consolidated financial statements were for 2012 and 2013. 2012 $ 1,064.000 (714,000) ( 126,000) Revenues Cost of goods sold Depreciation and amortization Gain on sale of building Interest expense Non-controlling interest Net income to controlling interest 2013 $ 1,232.000 (756,000) (140,000) 28.000 ( 42.000) $ 15,400 $ 306,600 $ $ 42.000) 12.600 169,400 $ Retained earnings, January 1 Net...
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