Consolidated Statement of Cash Flows [AICPA Adapted]
Following are the consolidated balance sheet accounts of Brimer Inc. and its subsidiary, Dore Corporation, as of December 31, 20X6 and 20X5.
| 20X6 | 20X5 | Net Increase (Decrease) |
Assets |
|
|
|
Cash | $ 313,000 | $ 195,000 | $118,000 |
Marketable Equity Securities, at cost | 175,000 | 175,000 | -0- |
Allowance to Reduce Marketable Equity |
|
|
|
Securities to Market | (13,000) | (24,000) | 11,000 |
Accounts Receivable, net | 418,000 | 440,000 | (22,000) |
Inventories | 595,000 | 525,000 | 70,000 |
Land | 385,000 | 170,000 | 215,000 |
Plant and Equipment | 755,000 | 690,000 | 65,000 |
Accumulated Depreciation | (199,000) | (145,000) | (54,000) |
Goodwill, net | 57,000 | 60,000 | (3,000) |
Total Assets | $2,486,000 | $2,086,000 | $400,000 |
Liabilities and Stockholders’ Equity |
|
|
|
Current Portion of Long-Term Note | $ 150,000 | $ 150,000 | $ -0- |
Accounts Payable and Accrued Liabilities | 595,000 | 474,000 | 121,000 |
Note Payable, Long-Term | 300,000 | 450,000 | (150,000) |
Deferred Income Taxes | 44,000 | 32,000 | 12,000 |
Minority Interest in Net Assets of Subsidiary | 179,000 | 161,000 | 18,000 |
Common Stock, par $10 | 580,000 | 480,000 | 100,000 |
Additional Paid-In Capital | 303,000 | 180,000 | 123,000 |
Retained Earnings | 335,000 | 195,000 | 140,000 |
Treasury Stock, at cost | -0- | (36,000) | 36,000 |
Total Liabilities and Stockholders’ Equity | $2,486,000 | $2,086,000 | $400,000 |
Additional Information
1. On January 20, 20X6, Brimer issued 10,000 shares of its common stock for land having a fair value of $215,000.
2. On February 5, 20X6, Brimer reissued all of its treasury stock for $44,000.
3. On May 15, 20X6, Brimer paid a $58,000 cash dividend on its common stock.
4. On August 8, 20X6, equipment was purchased for $127,000.
5 . On September 30, 20X6, equipment was sold for $40,000. The equipment cost $62,000 and had a carrying amount of $34,000 on the date of sale.
6. On December 15, 20X6, Dore paid a cash dividend of $50,000 on its common stock.
7. A goodwill impairment loss of $3,000 was recognized in 20X6.
8. Deferred income taxes represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial reporting.
9. Net income for 20X6 was as follows:
Consolidated net income | $231,000 |
Dore Corporation | 110,000 |
10. Brimer owns 70 percent of its subsidiary, Dore. There was no change in the ownership interest in Dore during 20X5 and 20X6. There were no intercompany transactions other than the dividend paid to Brimer Inc. by its subsidiary.
Required
Prepare a consolidated statement of cash flows for Brimer Inc. and its subsidiary for the year ended December 31, 20X6, using the indirect method.
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.