Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Make the answer clear The following case shows the financial position of a parent company (Par) and its subsidiary company (Sub) on November 30, 2019,

image text in transcribed

Make the answer clear

The following case shows the financial position of a parent company (Par) and its subsidiary company (Sub) on November 30, 2019, just after the parent had purchased 90% of the subsidiary's stock: Par (OMR) Sub (OMR) Current assets 780,000 280,000 Investment in S Company 190,000 Long term assets 1,200,000 400,000 Other assets 70,000 70,000 Total asset 2.240.000 750,000 Current liabilities 700,000 260,000 Long term liabilities 920,000 270,000 Common stock 600,000 180,000 Retained earnings 20.000 40.000 Total equities 2.240,000 750.000 Required a. Prepare consolidated balance Sheet workpaper for year ending 30th November 2019 for Par Co and subsidiary

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

Theory Practice And Techniques In Bookkeeping Accounting And Auditing

Authors: N/A,

1st Edition

1680947761, 978-1680947762

More Books

Students also viewed these Accounting questions