Question
BrightTech Corp. provided the following balance sheets as at 31 December 2023. Draw up the consolidated balance sheet as at that date. BrightTech Corp Balance
BrightTech Corp. provided the following balance sheets as at 31 December 2023. Draw up the consolidated balance sheet as at that date.
BrightTech Corp Balance Sheet as at 31 December 2023Assets | Amount |
Investment in subsidiary (80,000 shares bought 31.12.2022) | $195,000 |
Fixed assets | $270,000 |
Current assets | $65,000 |
Total | $530,000 |
Liabilities and Equity | Amount |
Share capital | $360,000 |
Profit and loss account (31.12.2022) | $55,000 |
Add Profit for 2023 | $115,000 |
Total | $530,000 |
Assets | Amount |
Fixed assets | $110,000 |
Current assets | $70,000 |
Total | $180,000 |
Liabilities and Equity | Amount |
Share capital | $90,000 |
Profit and loss account (31.12.2022) | $10,000 |
Add Profit for 2023 | $80,000 |
Total | $180,000 |
Requirement: Draw up the consolidated balance sheet for BrightTech Corp. and its subsidiary as at 31 December 2023. Calculate the value of goodwill.
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Financial Accounting in an Economic Context
Authors: Jamie Pratt
10th edition
978-1-119-3061, 1119306167, 978-1119444367
