Consolidated Balance Sheet Worksheet
The December 31, 20X8, balance sheets for Doorst Corporation and its 70 percent owned subsidiary Hingle Company contained the following summarized amounts:
DOORST CORPORATION AND HINGLE COMPANY Balance Sheets December 31, 20X8 | ||
| Doorst Corporation | Hingle Company |
Cash and Receivables | $ 98,000 | $ 40,000 |
Inventory | 150,000 | 100,000 |
Buildings and Equipment (net) | 310,000 | 280,000 |
Investment in Hingle Company Stock | 242,000 |
|
Total Assets | $800,000 | $420,000 |
Accounts Payable | $ 70,000 | $ 20,000 |
Common Stock | 200,000 | 150,000 |
Retained Earnings | 530,000 | 250,000 |
Total Liabilities and Equity | $800,000 | $420,000 |
Doorst acquired the shares of Hingle Company on January 1, 20X7. On December 31, 20X8, assume Doorst sold inventory to Hingle during 20X8 for $100,000 and Hingle sold inventory to Doorst for $300,000. Doorst’s balance sheet contains inventory items purchased from Hingle for $95,000. The items cost Hingle $55,000 to produce. In addition, Hingle’s inventory contains goods it purchased from Doorst for $25,000 that Doorst had produced for $15,000. Assume Hingle reported net income of $70,000 and dividends of $14,000.
Required
a. Prepare all eliminating entries needed to complete a consolidated balance sheet worksheet as of December 31, 20X8.
b. Prepare a consolidated balance sheet worksheet as of December 31, 20X8.
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.