Gamma, Inc., owns Hamlet Corp. These two companies individual balance sheets follow: Requirements 1. Prepare a consolidated

Gamma, Inc., owns Hamlet Corp. These two companies’ individual balance sheets follow:

Requirements
1. Prepare a consolidated balance sheet of Gamma, Inc. It is sufficient to complete the consolidation work sheet.
2. What is the amount of stockholders equity for the consolidatedentity?

Transcribed Image Text:

Gamma, Inc. Consolidation Work Sheet Elimination Gamma, Inc. Hamlet Corp. D Credit Assets $ 50,000 19,000 54,000 43,000 78,000 Accounts receivable, net 79,000 Inventory Investment in Hamlet Plant assets, net Other asse Total 90,000 5,000 585000 $289,000 55,000 93,000 284,000 24,000 Liabilities and Stockholders' Equity Accounts payable Notes payable Other liabilities Commons Retained earnings Total 48,000 27,000 31,000 138,000 78,000 192000 15,000 $289,000 154,000 80,000 111,000 $585,000