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I need help in this question. Please do it correctly and 100%, i am stuck on this. The December 31, 20X8, balance sheets for Pint
I need help in this question. Please do it correctly and 100%, i am stuck on this.
The December 31, 20X8, balance sheets for Pint Corporation and its 80 percent-owned subsidiary Saloon Company contained the following summarized amounts: PINT CORPORATION AND SALOON COMPANY Balance Sheets December 31, 20x8 Pint Corporation Assets Cash & Receivables $114, eee Inventory 154,800 Buildings & Equipment (net) 316, eee Investment in Saloon Company 259, 200 Total Assets $843,200 Liabilities & Equity Accounts Payable $132,200 Common Stock 182.ee Retained Earnings 529, eee Total Liabilities & Equity $843, 2ee Saloon Company $ 56,eee 186,898 285,000 $447,800 $ 66,00 134,000 247,898 $447,899 Return to question Pint acquired the shares of Saloon Company on January 1, 20x7. On December 31, 20X8, assume Pint sold Inventory to Saloon during 20x8 for $117,000 and Saloon sold Inventory to Pint for $312,000. Pint's balance sheet contains Inventory Items purchased from Saloon for $95,000. The items cost Saloon $55,000 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 $75,000 and dividends of $15,000. 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 Accounts Debit Credit A 1 Common stock 134,000 Retained earnings 187.000 60,000 X Income from Saloon Company NCI in NA of Saloon Company Dividends declared Investment in Saloon Company NCI in NA of Saloon Company OOOOOOOOO 15.000 250.200 B 2 Sales Cost of goods sold Inventory 3 b. Prepare a consolidated balance sheet worksheet as of December 31, 20X8. (Do not round Intermedlate 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 deblt column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.) 5 points X Answer is not complete. PINT CORPORATION & SUBSIDIARY Consolidated Balance Sheet Worksheet December 31, 20X8 Consolidation Entries Pint Saloon DR CR Corporation Company Consolidated Assets Cash and receivables 0 0 0 0 0 Inventory Buildings & equipment (net) Investment in Saloon Company Total Assets Liabilities & Equity Accounts payable Common stock Retained earnings NCI in NA of Saloon Company Total Liabilities & Equity 0 $ 0 0 S 0 0
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