Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ASAP please! The December 31, 20x8, balance sheets for Pint Corporation and its 80 percent-owned subsidiary Saloon Company contained the following summarized amounts: Saloon Company
ASAP please!
The December 31, 20x8, balance sheets for Pint Corporation and its 80 percent-owned subsidiary Saloon Company contained the following summarized amounts: Saloon Company PINT CORPORATION AND SALOON COMPANY Balance Sheets December 31, 20x8 Pint Corporation Assets Cash & Receivables $100,000 Inventory 158,000 Buildings & Equipment (net) 315,000 Investment in Saloon Company 258,400 Total Assets $831,400 Liabilities - Equity Accounts Payable $123,400 Common Stock 183,000 Retained Earnings 525,000 Total Liabilities & Equity $831,400 $ 45,000 105,000 297,000 $447,000 $ 67,000 147,000 233,000 5447,000 Pint acquired the shores of Saloon Company on January 1, 20x7 On December 31, 20x8, assume Pint sold inventory to Saloon during 20x8 for $101,000 and Saloon sold inventory to Pint for $314,000. Pint's balance sheet contains inventory items purchased from Saloon for $102,000. The items cost Saloon $62,000 to produce. In addition, Saloon's inventory contains goods it purchased from Pint for $34,000 that Pint had produced for $20,400. Assume Saloon reported net income of $77,000 and dividends of $15,400. Required: a. Prepare all consolidation entries needed to complete a consolidated balance sheet worksheet as of December 31, 20x8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) Answer is not complete. No Entry Debit A Credit 1 Accounts Common stock Retained earnings Income from Saloon Company NCI in Nl of Saloon Company Dividends declared Investment in Saloon Company NCI in NA of Saloon Company OOOOOO B 2 Sales Cost of goods sold Inventory b. Prepare a consolidated balance sheet worksheet as of December 31, 20X8. (Do not round intermediate calculations. Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.) Answer is not complete. PINT CORPORATION & SUBSIDIARY Consolidated Balance Sheet Worksheet December 31, 20x8 Consolidation Entries Pint Saloon CR Corporation Company DR Consolidated 0 $ 0 $ 0 Assets Cash and receivables Inventory Buildings & equipment (net) Investment in Saloon Company Total Assets Liabilities & Equity Accounts payable Common stock Retained earings NCI in NA of Saloon Company Total Liabilities & Equity $ 0 $ 0 0 $ 0 S 0 $ 0 IS 0 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started