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modern advanced accounting

Questions and Answers of Modern Advanced Accounting

Using the information presented in Problem 7-4, prepare a consolidated financial statements workpaper for the year ended December 31, 2020, using the trial balance format. Prout Company $ 568,000
Patterson Company owns 80% of the outstanding common stock of Stevens Company. On June 30, 2018, land costing $500,000 is sold by one affiliate to the other for $800,000.Required:Prepare in general
Prout Company owns 80% of the common stock of Sexton Company. The stock was purchased for $1,600,000 on January 1, 2017, when Sexton Company?s retained earnings were $800,000. On January 1, 2019,
Procter Company owns 90% of the outstanding stock of Silex Company. On January 1, 2019, Silex Company sold land to Procter Company for $350,000. Silex had originally purchased the land on June 30,
On January 1, 2020, P Company purchased equipment from its 80% owned subsidiary for $600,000. The carrying value of the equipment on the books of S Company was $450,000. The equipment had a remaining
Pearson Company owns 90% of the outstanding common stock of Spring Company. On January 1, 2019, Spring Company sold equipment to Pearson Company for $200,000. Spring Company had purchased the
Pico Company, a truck manufacturer, owns 90% of the voting stock of Seward Company. On January 1, 2019, Pico Company sold trucks to Seward Company for $350,000. The trucks, which represented
Powell Company owns 80% of the outstanding common stock of Sullivan Company. On June 30, 2019, Sullivan Company sold equipment to Powell Company for $500,000. The equipment cost Sullivan Company
On January 1, 2018, Porsche Company acquired 100% of Saab Company?s stock for $450,000 cash. The fair value of Saab?s identifiable net assets was $375,000 on this date. Porsche Company decided to
A 90% interest in Saxton Corporation was purchased by Palm Incorporated on January 2, 2019. The capital stock balance of Saxton Corporation was $3,000,000 on this date, and the balance in retained
A 90% interest in Saxton Corporation was purchased by Palm Incorporated on January 2, 2019. The capital stock balance of Saxton Corporation was $3,000,000 on this date, and the balance in retained
Pascal Corporation purchased 90% of the stock of Salzer Company for $2,070,000 on January 1, 2020. On this date, the fair value of the assets and liabilities of Salzer Company was equal to their book
A 90% interest in Saxton Corporation was purchased by Palm Incorporated on January 2, 2019. The capital stock balance of Saxton Corporation was $3,000,000 on this date, and the balance in retained
On January 1, 2018, Piper Company acquired an 80% interest in Sand Company for $2,276,000. At that time the capital stock and retained earnings of Sand Company were $1,800,000 and $700,000,
On January 2, 2018, Page Corporation acquired a 90% interest in Salcedo Company for $3,500,000. At that time Salcedo Company had capital stock of $2,250,000 and retained earnings of $1,250,000. The
On January 1, 2018, Point Corporation acquired an 80% interest in Sharp Company for $2,000,000. At that time Sharp Company had capital stock of $1,500,000 and retained earnings of $700,000. The book
Padilla Company purchased 80% of the common stock of Sanoma Company in the open market on January 1, 2018, paying $31,000 more than the book value of the interest acquired. The difference between
Meredith Company and Kyle Company were combined in a purchase transaction. Meredith was able to acquire Kyle at a bargain price. The sum of the market or appraised values of identifiable assets
On January 1, 2019, Packard Company purchased an 80% interest in Sage Company for $600,000. On this date Sage Company had common stock of $150,000 and retained earnings of $400,000. Sage Company’s
Park Company acquires an 85% interest in Sunland Company on January 2, 2020. The resulting difference between book value and the value implied by the purchase price in the amount of $120,000 is
On January 1, 2019, P Company purchased an 80% interest in S Company for $600,000, at which time S Company had retained earnings of $300,000 and capital stock of $350,000. Any difference between book
On January 1, 2020, Porter Company purchased an 80% interest in Salem Company for $260,000. On this date, Salem Company had common stock of $207,000 and retained earnings of $130,500. An examination
Pace Company purchased 20,000 of the 25,000 shares of Saddler Corporation for $525,000. On January 3, 2019, the acquisition date, Saddler Corporation?s capital stock and retained earnings account
The ?goodwill? footnote for American Oriental Bioengineering 2011 10K is shown below. When firms make acquisitions, the goodwill recorded in an acquisition must be assigned to a reportable segment.
On January 1, 2020, Payne Corporation purchased a 75% interest in Salmon Company for $585,000. A summary of Salmon Company?s balance sheet on that date revealed the following: The equipment had an
On January 1, 2018, Pam Company purchased an 85% interest in Shaw Company for $540,000. On this date, Shaw Company had common stock of $400,000 and retained earnings of $140,000. An examination of
On November 21, 2016, Tesla acquired SolarCity by issuing stock valued at $2.146 billion dollars. Tesla issued 11,124,497 shares of 0.001 par value common stock.On the date of acquisition, the
On January 1, 2019, Polar Company, which owns an 80% interest in Superior Company, sold Superior Company equipment with a book value of $400,000 for $560,000. The equipment had an estimated remaining
On January 1, 2019, Sherwood Company, an 80% owned subsidiary of Paradise Company, sold to Paradise Company equipment with a book value of $600,000 for $840,000. The equipment had an estimated
On January 1, 2018, Perry Company purchased 80% of Selby Company for $960,000. At that time Selby had capital stock outstanding of $400,000 and retained earnings of $400,000. The fair value of Selby
Paque Corporation owns 90% of the common stock of Segal Company. The stock was purchased for $810,000 on January 1, 2017, when Segal Company?s retained earnings were $150,000. Financial data for
Pruitt Corporation owns 90% of the common stock of Sedbrook Company. The stock was purchased for $540,000 on January 1, 2017, when Sedbrook Company?s retained earnings were $100,000. Preclosing trial
On January 1, 2017, Paul Company purchased 80% of the voting stock of Simon Company for $1,360,000 when Simon Company had retained earnings and capital stock in the amounts of $450,000 and
On January 1, 2018, Perry Company purchased 80% of Selby Company for $960,000. At that time Selby had capital stock outstanding of $400,000 and retained earnings of $400,000. The fair value of Selby
Paque Corporation owns 90% of the common stock of Segal Company. The stock was purchased for $810,000 on January 1, 2017, when Segal Company?s retained earnings were $150,000. Financial data for
Pruitt Corporation owns 90% of the common stock of Sedbrook Company. The stock was purchased for $540,000 on January 1, 2017, when Sedbrook Company?s retained earnings were $100,000. Preclosing trial
Penn Company owns a 90% interest in Salvador Company and an 80% interest in Sencal Company. Profit remaining in ending inventories from intercompany sales for 2019 and 2020 is indicated
On January 1, 2017, Perry Company purchased 80% of Selby Company for $990,000. At that time Selby had capital stock outstanding of $350,000 and retained earnings of $375,000. The fair value of Selby
On January 2, 2019, Patten Company purchased a 90% interest in Sterling Company for $1,400,000. At that time Sterling Company had capital stock outstanding of $800,000 and retained earnings of
Paque Corporation owns 90% of the common stock of Segal Company. The stock was purchased for $810,000 on January 1, 2017, when Segal Company?s retained earnings were $150,000. Financial data for
Pruitt Corporation owns 90% of the common stock of Sedbrook Company. The stock was purchased for $625,500 on January 1, 2017, when Sedbrook Company?s retained earnings were $95,000. Preclosing trial
Pace Company owns 85% of the outstanding common stock of Sand Company and all the outstanding common stock of Star Company. During 2020, the affiliates engaged in intercompany sales as
Peer Company owns 80% of the common stock of Seacrest Company. Peer Company sells merchandise to Seacrest Company at 25% above its cost. During 2019 and 2020 such sales amounted to $265,000 and
Shell Company, an 85% owned subsidiary of Plaster Company, sells merchandise to Plaster Company at a markup of 20% of selling price. During 2019 and 2020, intercompany sales amounted to $442,500 and
Peel Company owns 90% of the common stock of Seacore Company. Seacore Company sells merchandise to Peel Company at 20% above cost. During 2019 and 2020, such sales amounted to $436,000 and $532,000,
Peat Company owns a 90% interest in Seaton Company. The consolidated income statement drafted by the controller of Peat Company appeared as follows: During your audit you discover that intercompany
Refer to Exercise 6‑7. Using the same figures, assume that the sales were upstream instead of downstream.Exercise 6‑7Perkins Company owns 85% of Sheraton Company. Perkins Company sells
Perkins Company owns 85% of Sheraton Company. Perkins Company sells merchandise to Sheraton Company at 20% above cost. During 2019 and 2020, such sales amounted to $450,000 and $486,000,
Payne Company owns all the outstanding common stock of Sierra Company and 80% of the outstanding common stock of Santa Fe Company. The amount of intercompany profit included in the inventories of
Refer to Exercise 6‑4. Using the same figures, assume that the merchandise mentioned was included in Pearce’s inventory, having been purchased from Searl.375,000 to equipment of Searl Company
On January 1, 2019, Pearce Company purchased an 80% interest in the capital stock of Searl Company for $2,460,000. At that time, Searl Company had capital stock of $1,500,000 and retained earnings of
Peabody Company owns 90% of the outstanding capital stock of Sloane Company. During 2019 and 2020 Sloane Company sold merchandise to Peabody Company at a markup of 25% of selling price. The selling
Refer to Exercise 6‑1. Calculate the amount of the noncontrolling interest to be deducted from consolidated income in arriving at 2019 controlling interest in consolidated net income.Exercise
P Company owns 80% of the outstanding stock of S Company. During 2019, S Company reported net income of $525,000 and declared no dividends. At the end of the year, S Company’s inventory included
On January 1, 2020, Pruitt Company issued 25,500 shares of its common stock ($2 par) in exchange for 85% of the outstanding common stock of Shah Company. Pruitt?s common stock had a fair value of $28
The Mcquire Company is considering acquiring 100% of the Sosa Company. The management of Mcquire fears that the acquisition price may be too high. Condensed financial statements for Sosa Company for
On January 1, 2019, Palmer Company acquired a 90% interest in Stevens Company at a cost of $1,000,000. At the purchase date, Stevens Company?s stockholders? equity consisted of the following: Common
On January 1, 2018, Porter Company purchased an 80% interest in the capital stock of Salem Company for $850,000. At that time, Salem Company had capital stock of $550,000 and retained earnings of
On January 2, 2019, Press Company purchased on the open market 90% of the outstanding common stock of Sensor Company for $800,000 cash. Balance sheets for Press Company and Sensor Company on January
On January 1, 2019, Palmer Company acquired a 90% interest in Stevens Company at a cost of $1,000,000. At the purchase date, Stevens Company?s stockholders? equity consisted of the following: Common
On January 1, 2018, Porter Company purchased an 80% interest in the capital stock of Salem Company for $850,000. At that time, Salem Company had capital stock of $550,000 and retained earnings of
Pearson Company purchased a 100% interest in Sanders Company and a 90% interest in Taylor Company on January 2, 2019, for $800,000 and $1,300,000, respectively. The account balances and fair values
On January 1, 2019, Pump Company acquired all the outstanding common stock of Sound Company for $556,000 in cash. Financial data relating to Sound Company on January 1, 2019, are presented
Patten Corporation acquired an 85% interest in Savage Company for $3,100,000 on January 1, 2019. On this date, the balances in Savage Company?s capital stock and retained earnings accounts were
On January 1, 2019, Pueblo Corporation purchased a 75% interest in Sanchez Company for $900,000. A summary of Sanchez Company?s balance sheet at date of purchase follows: The equipment had an
On January 1, 2019, Perini Company purchased an 85% interest in Silvas Company for $400,000. On this date, Silvas Company had common stock of $90,000 and retained earnings of $210,000. An
On January 1, 2019, Palmer Company acquired a 90% interest in Stevens Company at a cost of $1,000,000. At the purchase date, Stevens Company?s stockholders? equity consisted of the following: Common
On January 1, 2018, Porter Company purchased an 80% interest in the capital stock of Salem Company for $850,000. At that time, Salem Company had capital stock of $550,000 and retained earnings of
Perke Corporation purchased 80% of the stock of Superstition Company for $1,970,000 on January 1, 2020. On this date, the fair value of the assets and liabilities of Superstition Company was equal to
On January 1, 2019, Paxton Company purchased a 70% interest in Sagon Company for $1,300,000, at which time Sagon Company had retained earnings of $500,000 and capital stock of $1,000,000. On January
On January 1, 2019, Palmero Company purchased an 80% interest in Santos Company for $2,800,000, at which time Santos Company had retained earnings of $1,000,000 and capital stock of $500,000. On the
Corporation A purchased the net assets of Corporation B for $80,000. On the date of A’s purchase, Corporation B had no long-term investments in marketable securities and $10,000 (book and fair
The consolidated income statement for the year December 31, 2019, and comparative balance sheets for 2018 and 2019 for Parks Company and its 90% owned subsidiary SCR, Inc. are as follows: SCR,
A consolidated income statement for 2018 and comparative consolidated balance sheets for 2017 and 2018 for P Company and its 80% owned subsidiary follow: Other information: 1. Equipment
Pillow Company purchased 90% of the common stock of Satin Company on May 1, 2016, for a cash payment of $474,000. December 31, trial balances for Pillow and Satin were: Satin Company declared a
Punca Company purchased 85% of the common stock of Surrano Company on July 1, 2017, for a cash payment of $590,000. December 31, 2017, trial balances for Punca and Surrano were: Surrano Company
December 31, 2019, trial balances for Pledge Company and its subsidiary Stom Company follow: Pledge Company purchased 72,000 shares of Stom Company?s common stock on January 1, 2016, for $300,000.
On January 1, 2017, Parker Company purchased 90% of the outstanding common stock of Sid Company for $180,000. At that time, Sid?s stockholders? equity consisted of common stock, $120,000; other
Price Company purchased 90% of the outstanding common stock of Score Company on January 1, 2016, for $450,000. At that time, Score Company had stockholders? equity consisting of common stock,
Poco Company purchased 80% of Solo Company?s common stock on January 1, 2017, for $250,000. On December 31, 2017, the companies prepared the following trial balances: Required: Prepare a
December 31, 2019, trial balances for Pledge Company and its subsidiary Stom Company follow: Pledge Company purchased 72,000 shares of Stom Company?s common stock on January 1, 2016, for $300,000.
On January 1, 2017, Parker Company purchased 95% of the outstanding common stock of Sid Company for $160,000. At that time, Sid?s stockholders? equity consisted of common stock, $120,000; other
Price Company purchased 90% of the outstanding common stock of Score Company on January 1, 2016, for $450,000. At that time, Score Company had stockholders? equity consisting of common stock,
On January 1, 2016, Plank Company purchased 80% of the outstanding capital stock of Scoba Company for $53,000. At that time, Scoba?s stockholders? equity consisted of capital stock, $55,000; other
On January 1, 2017, Perez Company purchased 90% of the capital stock of Sanchez Company for $85,000. Sanchez Company had capital stock of $70,000 and retained earnings of $12,000 at that time. On
Place Company purchased 92% of the common stock of Shaw, Inc. on January 1, 2017, for $400,000. Trial balances at the end of 2017 for the companies were: Inventory balances on December 31, 2017,
Perkins Company acquired 100% of Schultz Company on January 1, 2017, for $161,500. On December 31, 2017, the companies prepared the following trial balances: Required: A. What method is being used
Parry Corporation acquired a 100% interest in Sent Company on January 1, 2016, paying $140,000. Financial statement data for the two companies for the year ended December 31, 2016
On January 1, 2016, Perelli Company purchased 90,000 of the 100,000 outstanding shares of common stock of Singer Company as a long-term investment. The purchase price of $4,972,000 was paid in cash.
Badco Inc. purchased a 90% interest in Lazytoo Company for $600,000 cash on January 1, 2021. Any excess of implied over book value was attributed to depreciable assets with a 15-year remaining life
The following accounts appeared in the separate financial statements at the end of 2019 for Pressing Inc. and its wholly-owned subsidiary, Stressing Inc. Stressing was acquired in
On January 1, 2022, Plutonium Corporation acquired 80% of the outstanding stock of Sulfurst Inc. for $268,000 cash. The following balance sheet shows Sulfurst Inc.?s book values immediately prior to
A consolidated income statement and selected comparative consolidated balance sheet data for Palano Company and subsidiary follow: Required: Prepare the cash flow from operating activities section
On October 1, 2020, Para Company purchased 90% of the outstanding common stock of Star Company for $210,000. Additional data concerning Star Company for 2020 follows:Common
On May 1, 2020, Peters Company purchased 80% of the common stock of Smith Company for $50,000. Additional data concerning these two companies for the years 2020 and 2021 are: Any difference between
Continue the situation in Exercise 4-6 and assume that during 2020 Sales Company earned $190,000 and declared and paid a $50,000 dividend.Required:A. Prepare the investment-related entries on Pert
On January 1, 2019, Pert Company purchased 85% of the outstanding common stock of Sales Company for $350,000. On that date, Sales Company’s stockholders’ equity consisted of common stock,
On January 1, 2019, Plate Company purchased a 90% interest in the common stock of Set Company for $650,000, an amount $20,000 in excess of the book value of equity acquired. The excess relates to
Poco Company purchased 85% of the outstanding common stock of Serena Company on December 31, 2019, for $310,000 cash. On that date, Serena Company’s stockholders’ equity consisted of the
At the beginning of 2014, Presidio Company purchased 95% of the common stock of Succo Company for $494,000. On that date, Succo Company’s stockholders’ equity consisted of the following:Common

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