ACT506
Portfolio Project Option#2
Push Corporation and Subsidiaries
Consolidated Statement of Cash Flows
For the Year Ended December 31, 20x7
(Indirect Method)
Information for Cash Flow Statement completion
Push Consolidated Income Statement
12/31/20x7							12/31/20x7
	Revenue						950,000
	Gain on Sale of Land						50,000
	Loss on Sale of Equipment						-5,000
	Cost of Goods Sold						500,000
	Depreciation Expense						100,000
	Other Expenses						200,000
	Total expenses						800,000
	Consolidated Income						195,000
	Parent's Equity income from Subsidiary						100,000
	Subsidiary Net Income 20x6						-100,000
	Consolidated Net Income						195,000

Additional Information
A.	Push Corporation has 100% control of Summer Corporation on 01/02/20x7.
B.	Push Corporation has $195,000 Consolidated Income for 20x7.
C.	Push Corporation pays a $10,000 Dividend to stockholders.
D.	Summer Corporation reports income of $100,000 and pays Dividend of $50,000 in 20x7.
E.	Push Corporation sells land that it purchased in 20X1 for $50,000 to nonaffiliated for $100,000.
F.	Summer Corporation purchases additional equipment for 200,000 at end of 20x7.
G.	Parent, Push Corporation purchases Additional Equipment for $150,000 on June 01, 20x7.
H.	Common Stock of $10.00 par was issued with 10,000 shares for $100,000 value on Mar, 01 20x7.
I.	Long Term Bonds were retired at fair market value with cash on Jan 15, 20x7, $150,000.
K.	Land with a book value of $25,000 was sold for $20,000, a loss of $5,000.
L.	Increase in Cash and Increase or decrease in cash balance. Done after all entries performed.
M.	Account Receivable increased $100,000.
N.	Inventory increased $100,000.
O.	Increase in Accts Payable $100,000.
P.	Accumulated Depreciation increased $100,000.
Q.	Goodwill did not change in year.
R.	Paid In Capital did not change in year.
Note: No Item J=intentionally omitted

	B. Retained Earnings Statement
			Parent's beginning R.E from operations
			Parent's Income from operations
			Parent's Dividend to stockholders
			Consolidated Retained Earnings
Push Corporation Balance Sheet
Dates					12/31/20x6
	Cash				150,000
	Acct Rec				200,000
	Inventories				150,000
	Land				25,000
	Land				100,000
	Buildings and Equipment				500,000
	Goodwill				100,000
		Total Debits			1,225,000
	Acc Depreciation				200,000
	Accts Payable				50,000
	Bonds Payable				150,000
	Common Stock				200,000
	Paid in Capital				125,000
	Retained Earnings				500,000
					1,225,000

Entries to Perform:
A	No entry required for cash flow statement. Assumption is $100,000 Goodwill is after Eliminating Entry for Consolidation.
B	Consolidated Income on
		Retained Earnings
C.	R.E
		Dividend
D	No entry required for cash flow statement. In Consolidation process, intercompany transactions are removed.
E.	Increase in Cash Land
		Gain on Sale of land
		Land
F	Additional Equipment
		Acquisition of Equipment
G.	Additional Equipment
		Acquisition of Equipment
H.	Increase in cash flow financing
		Common Stock
I.	Long Term Bonds
		Increase in financing retirement
K.	Increase in financing
	Loss on Sales of Land and Land
		Equipment
L.	Cash at end of cash flow process calculation
		Increase in cash
M	Increase in Acct Rec
		Acct Rec
N.	Increase in Investment
		increase in inventory
O.	Increase in Accts payable
		Accounts Payable

B. In addition, please prepare a statement of cash flow using the indirect method.