Homework Answers
Consolidated Net income will be $9434
Since no further information is given regarding adjustment entries, consolidated income will be $9434
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Below is the equity section of the consolidated worksheet between a parent and its subsidiary Subsidiary...
Below is the equity section of the consolidated worksheet between a parent and its subsidiary Parent...
Below is the equity section of the consolidated worksheet between a parent and its subsidiary Parent Subsidiary Accounts Payable 1,584 668 Long-term Debt 3,264 1,314 Common Stock 4,285 1,695 Retained Earnings 6,621 4,619 Here is the separate income and dividends paid during the year Separate Net Income Dividends Declared Parent 7,836 2,467 Subsidiary 2,118 881 When the consolidation entry is prepared the debit to Retained Earnings will be $____
A parent owns less than 100% of the voting stock of its subsidiary. On its consolidated...
A parent owns less than 100% of the voting stock of its subsidiary. On its consolidated income statement, the earnings per share number is calculated using which of the following amounts in the numerator? A. Consolidated net income less consolidated dividends B. Consolidated net income C. Consolidated net income plus noncontrolling interest in net income D. Consolidated net income less noncontrolling interest in net income
Provided are the consolidated trial balances of a parent and its less-than-wholly-owned subsidiary. Account Dr (Cr)...
Provided are the consolidated trial balances of a parent and its less-than-wholly-owned subsidiary. Account Dr (Cr) Current assets $ 4,000 Property, net 95,000 Intangible assets, net 15,000 Goodwill 100,000 Liabilities (180,140) Capital stock (10,000) Retained earnings, beginning (16,000) Accumulated other comprehensive income, beginning (500) Noncontrolling interest (2,000) Dividends 500 Sales revenue (390,000) Cost of sales and operating expenses 385,000 Other comprehensive income (1,000) Noncontrolling interest in net income 150 Noncontrolling interest in other comprehensive loss (10) Total $ 0 The...
Inferring consolidation entries from consolidated financial statements—Cost method Assume a parent company acquired a subsidiary on...
Inferring consolidation entries from consolidated financial statements—Cost method Assume a parent company acquired a subsidiary on January 1, 2012. The purchase price was $1,312,000 in excess of the subsidiary’s book value of Stockholders’ Equity on the acquisition date, and that excess was assigned to the following [A] assets: [A] Asset Original Amount Original Useful Life Property, plant and equipment (PPE), net $300,000 20 years Patent 432,000 12 years Goodwill 580,000 Indefinite $1,312,000 The parent company uses the cost method of...
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...
Consolidation worksheet for gain on constructive retirement of subsidiary’s debt with no AAP—Equity method Assume that...
Consolidation worksheet for gain on constructive
retirement of subsidiary’s debt with no AAP—Equity
method
Assume that a Parent company acquires a 80% interest in its
Subsidiary on January 1, 2015. On the date of acquisition, the fair
value of the 80 percent controlling interest was $640,000 and the
fair value of the 20 percent noncontrolling interest was $160,000.
On January 1, 2015, the book value of net assets equaled $800,000
and the fair value of the identifiable net assets equaled...
Provided are the consolidated trial balances of a parent and its less-than-wholly-owned subsidiary. Account Dr (Cr)...
Provided are the consolidated trial balances of a parent and its less-than-wholly-owned subsidiary. Account Dr (Cr) Current assets $ 4,000 Property, net 95,000 Intangible assets, net 15,000 Goodwill 100,000 Liabilities (180,140) Capital stock (10,000) Retained earnings, beginning (16,000) Accumulated other comprehensive income, beginning (500) Noncontrolling interest (2,000) Dividends 500 Sales revenue (390,000) Cost of sales and operating expenses 385,000 Other comprehensive income (1,000) Noncontrolling interest in net income 150 Noncontrolling interest in other comprehensive loss (10) Total $ 0 On...
Preparing a consolidated income statement Equity method with noncontrolling interest, AAP and upstream intercompany depreciable asset...
Preparing a consolidated income statement Equity method with noncontrolling interest, AAP and upstream intercompany depreciable asset profits A parent company purchased an 80% controlling interest in its subsidiary several years ago. The aggregate fair value of the controlling and noncontrolling interest was $460,000 in excess of the subsidiary's Stockholders' Equity on the acquisition date. This excess was assigned to a building that was estimated to be undervalued by $300,000 and to an unrecorded Customer List valued at $160,000. The building...
Provided are the consolidated trial balances of a parent and its less-than-wholly-owned subsidiary. Account Dr (Cr)...
Provided are the consolidated trial balances of a parent and its less-than-wholly-owned subsidiary. Account Dr (Cr) Current assets $ 4,000 Property, net 95,000 Intangible assets, net 15,000 Goodwill 100,000 Liabilities (180,140) Capital stock (10,000) Retained earnings, beginning (16,000) Accumulated other comprehensive income, beginning (500) Noncontrolling interest (2,000) Dividends 500 Sales revenue (390,000) Cost of sales and operating expenses 385,000 Other comprehensive income (1,000) Noncontrolling interest in net income 150 Noncontrolling interest in other comprehensive loss (10) Total $ 0 On...
The following comparative consolidated trial balances apply to Parent Company and its Subsidiary Company (80% control):...
The following comparative consolidated trial balances apply to Parent Company and its Subsidiary Company (80% control): Cash Trading securities portfolio (at market) Accounts receivable Inventories Land Property, plant and equipment Accumulated depreciation Goodwill Current liabilities Long-term notes payable NCI Paid-in Capital Retained Earnings Treasury Stock 12/31/17 $ 275,000 160,000 350,000 316,000 95,000 500,000 (135,000) 60,000 (190,000) (450,000) (161,000) (660,000) (195,000) 35,000 $ --- 12/31/18 $ 300,800 120,000 379,600 268,000 180,000 520,000 (152,000) 60,000 (154,500) (390,000) (188,780) (670,000) (288,120) 15,000 $...
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...
Consolidation worksheet for gain on constructive
retirement of subsidiary’s debt with no AAP—Equity
method
Assume that a Parent company acquires a 80% interest in its
Subsidiary on January 1, 2015. On the date of acquisition, the fair
value of the 80 percent controlling interest was $640,000 and the
fair value of the 20 percent noncontrolling interest was $160,000.
On January 1, 2015, the book value of net assets equaled $800,000
and the fair value of the identifiable net assets equaled...
Preparing a consolidated income statement Equity method with noncontrolling interest, AAP and upstream intercompany depreciable asset profits A parent company purchased an 80% controlling interest in its subsidiary several years ago. The aggregate fair value of the controlling and noncontrolling interest was $460,000 in excess of the subsidiary's Stockholders' Equity on the acquisition date. This excess was assigned to a building that was estimated to be undervalued by $300,000 and to an unrecorded Customer List valued at $160,000. The building...
The following comparative consolidated trial balances apply to Parent Company and its Subsidiary Company (80% control): Cash Trading securities portfolio (at market) Accounts receivable Inventories Land Property, plant and equipment Accumulated depreciation Goodwill Current liabilities Long-term notes payable NCI Paid-in Capital Retained Earnings Treasury Stock 12/31/17 $ 275,000 160,000 350,000 316,000 95,000 500,000 (135,000) 60,000 (190,000) (450,000) (161,000) (660,000) (195,000) 35,000 $ --- 12/31/18 $ 300,800 120,000 379,600 268,000 180,000 520,000 (152,000) 60,000 (154,500) (390,000) (188,780) (670,000) (288,120) 15,000 $...
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