Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need help finding Noncontrolling interest for the year the above entries are wrong. ADAMS CORPORATION AND BARSTOW, INC. Consolidation Worksheet For Year Ending December 31,

Need help finding Noncontrolling interest for the year the above entries are wrong.

ADAMS CORPORATION AND BARSTOW, INC.
Consolidation Worksheet
For Year Ending December 31, 2021
Non-
Adams Barstow controlling Consolidated
Accounts Corp. Inc. Debit Credit Interest Totals
Revenues (940,000) (280,000) (1,220,000)
Cost of goods sold 480,000 90,000 570,000
Depreciation expense 100,000 55,000 (E) 6,000 161,000
Amortization expense - (E) 5,000 5,000
Interest expense 40,000 15,000 (E) 4,000 59,000
Investment income (108,000) (I) 108,000 0
Separate company net income (428,000) (120,000) (425,000)
Consolidated net income
NI to noncontrolling interest (10,500) 10,500
NI to Adams Corporation (414,500)
Retained earnings, 1/1 (1,367,000) (340,000) (C) 13500 (1,367,021)
(S) 340,000
Net income (428,000) (120,000) (428,000)
Dividends declared 110,000 70,000 (D) 63,000 7,000 110,000
Retained earnings, 12/31 (1,685,000) (390,000) (1,685,000)
Current assets 610,000 250,000 860,000
Investment in Barstow 702,000 (D) 63,000 (C) 13,500 0
(S) 468,000
(I) 108,000
(A) 175,500
Land 380,000 150,000 (A) 30,000 560,000
Buildings 490,000 250,000 (E) 2,000 (A) 18,000 724,000
Equipment 873,000 150,000 (A) 32,000 (E) 8,000 1,047,000
Patents (A) 45,000 (E) 5,000 40,000
Goodwill (A) 90,000 90,000
Total assets 3,055,000 800,000 3,321,000
Notes payable (860,000) (230,000) (A) 16,000 (E) 4,000 (1,078,000)
Common stock (510,000) (180,000) (S) 180,000 (510,000)
Retained earnings, 12/31 (1,685,000) (390,000) (1,685,000)
Noncontrolling interest 1/1 (S) ??
(A) ??
Total liabilities and equity (3,055,000) (800,000) 934,500 863,000 (3,273,000)
Parentheses indicate credit balance.

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

Advanced Quality Auditing

Authors: Lance B. Coleman

1st Edition

087389913X, 978-0873899130

More Books

Students also viewed these Accounting questions

Question

Name two costs of decentralization.

Answered: 1 week ago