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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. |
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