Homework Answers
Step 1: Calculate Consolidated Retained Earnings at December 31, 2016
The value of consolidated retained earnings at December 31, 2016 is determined as below:
| Pam's Retained Earnings as on December 31, 2015 | 140 |
| Add Pam's Net Income for 2016 | 220 |
| Less Pam's Dividends for 2016 | 100 |
| Consolidated Retained Earnings as on December 31, 2016 | $260 |
_____
Step 2: Calculate Value of Non-Controlling Interest at December 31, 2016
The value of non-controlling interest at December 31, 2016 is arrived as follows:
| Sun’s December 31, 2015 Stockholder's Equity (700 + 60 + 40) | 800 |
| Add Sun's Income for 2016 | 80 |
| Less Sun's Dividends for 2016 | 60 |
| Sun’s December 31, 2016 Stockholder's Equity | 820 |
| Non-Controlling Interest (820*20%) | $164 |
_____
Step 3: Prepare Stockholder's Equity Section of December 31, 2016, Consolidated Balance Sheet
The stockholder's equity section of December 31, 2016, consolidated balance sheet for Pam Corporation and Subsidiary is prepared as below:
| Pam Corporation and Subsidiary | |
| Partial Balance Sheet | |
| at December 31, 2016 | |
| Stockholder's Equity | |
| Capital Stock, $10 Par | 1,200 |
| Additional Paid-in Capital | 200 |
| Retained Earnings | 260 |
| Equity of Controlling Stockholders | 1,660 |
| Non-controlling Interest | 164 |
| Total Stockholder's Equity | $1,824 |
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Prepare the stockholders’ equity section of the balance
sheet at December 31, 2017.
Only answers in red are incorrect and need to be fixed. Please use
the list of accounts to select your options.
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