Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Consolidated balance sheet data for Planet, Inc. and its 70 percent-owned subsidiary, Sun Corp., are presented below: Additional information for 2017: Consolidated net income was

Consolidated balance sheet data for Planet, Inc. and its 70 percent-owned subsidiary, Sun Corp., are presented below:

image text in transcribed

Additional information for 2017:

Consolidated net income was $50,000. The noncontrolling interest share of consolidated net income of Sun was $3,00.

Sun paid $4,000 in dividends.

There were no disposals of Plant and Equipment or the Copyright during the year.

Required: Please show and clearly label the operating activities section of the Consolidated Statement of Cash Flows.

2017 2016 $ Cash Accounts Receivable (net) Inventory Plant & Equipment (net) Copyright Totals 8,000 75,000 100,000 156,000 16,000 355,000 26,000 54,000 89,000 170,000 18,000 357,000 $ $ 60,000 $ Accounts Payable Long-term Debt Noncontrolling Interest Common Stock, $1 par Retained Earnings Totals 27,000 100,000 168,000 355,000 51,000 35,000 25,000 100,000 146,000 357,000 $ $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing The Art And Science Of Assurance Engagements

Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Ingrid B. Splettstoesser-Hogeterp

11th Edition

0132088061, 978-0132088060

More Books

Students also viewed these Accounting questions

Question

what is a peer Group? Importance?

Answered: 1 week ago