Book: Advanced Accounting Chapter 3

Joe Ben Hoyle

2) Maguire Company obtains 100 percent control over Williams Company. Several years after the takeover, consolidated financial statements are being produced. For each of the following accounts, briefly describe the values that should be included in consolidated totals.

a. Equipment.

b. Investment in Williams Company.

c. Dividends Declared.

d. Goodwill.

e. Revenues.

f. Expenses.

g. Common Stock.

h. Net Income.