Question
how do I determine the consolidated net income for a company that reported $145000 from its separate operations for a year. I was only provided
how do I determine the consolidated net income for a company that reported $145000 from its separate operations for a year. I was only provided the trial balance figures
Debit
Cash $ 27,200
Accounts Receivable 64,150
Inventory 91,400
Buildings and Equipment (net) 206,000
Cost of Goods Sold 106,000
Depreciation Expense 24,200
Other Operating Expenses 30,500
Dividends Declared 15,500
Credits:
Accounts Payable $ 33,200
Notes Payable 118,000
Common Stock 93,000
Retained Earnings 126,000
Sales 194,750
Total $ 564,950 $ 564,950
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