In the December 31, 2020, consolidated balance sheet of Patrick and its subsidiary, what amount of total
Question:
In the December 31, 2020, consolidated balance sheet of Patrick and its subsidiary, what amount of total assets should be reported?
a. $1,375,000
b. $1,395,000
c. $1,520,000
d. $1,980,000
The separate condensed balance sheets of Patrick Corporation and its wholly-owned subsidiary, Sean Corporation, are as follows:
BALANCE SHEETS December 31, 2020 Patrick Sean $ 80,000 $ 60,000 25,000 Cash Accounts receivable (net) 140,000 Inventories .. 90,000 50,000 Plant and equipment (net) 625,000 280,000 Investment in Sean 460,000 Total assets $1,395,000 $4 15,000 Accounts payable Long-term debt.. Common stock ($10 par) Additional paid-in capital Retained earnings $ 160,000 110,000 340,000 $ 95,000 30,000 50,000 10,000 785,000 230,000 Total liabilities and shareholders' equity $1,395,000 $415,000
Step by Step Answer:
C Patricks assets 1395000 Less investment in Sean 460000 Seans a...View the full answer
Advanced Accounting
ISBN: 9781260247824
14th Edition
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
Related Video
This video is about ways to attempt consolidated balance sheet questions. since the unconsolidated financial statements of parent and subsidiary companies are prepared separately, consolidating the balance sheets of both companies is critical and sometimes becomes complex. the tutorial will guide students on to how questions on attempting questions on consolidated financial statements in an easier yet more effective way.
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