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on an excel sheet please Pee Company acquired 80% in See Company for $800,000 on Jan 1, 2019, when See had $700,000 capital stock and
on an excel sheet please
Pee Company acquired 80% in See Company for $800,000 on Jan 1, 2019, when See had $700,000 capital stock and $200,000 retained earnings. The excess of fair over book value relates to the goodwill. Pee acquired 60% in Bee for S240,000 on Jan 1, 2019, when Bee had $250,000 capital stock and $50,000 retained earnings. See acquired 40% in Bee on Jan 1, 2019 for $80,000, when Bee had $100.000 capital stock and $20,000 retained earnings. The excess of fair over book value relates to goodwill During 2018, Pee Company sold goods to See Company at a profit of $30,000. This merchandise was sold during 2019. Bee Company sold merchandise that had cost $180,000 to See Company for $200,000 during 2019. Half of this merchandise is held by See at December 31, 2019. Required: Compute all missing and required data then prepare the consolidated financial statements for the year ended December 31, 2019 Elimination Consolidated Pus Ber See Dobra INCOME STATEMENT Sales 600.000 400.000 100.000 Income from See Income free Cost of Sales 3200,000 150.000 50000 100.000 50.000.000 Other Expres MI Expense See Ml Expense Bee Net income Retained Eaming 1/1/19 Less Dividends Retained Earnings 12/31/19 452.000 240.000 100.000 150.000 50.000 (50.000 100.000,00 190 10 BALANCE SHEET 200.000 280,000 120.000 14 90.000 Accounts receivable 166,000 100 Inventories 300,000 220,000 Plant asset-net 200.000 400.000 Investment in See: 75% 1.100 Investment in Hee: 304 344.000 100.000 Goodwill TOTAL ASSETS 12.372,500 1.100.000.000 LIAB & EQUITY Accounts payable Capital Stock Retained kaming 12/31 NC Interest 800,000 80.000 000000000000534.000 190.000 100.000 TOTAL LIAB. & EQUITY Pee Company acquired 80% in See Company for $800,000 on Jan 1, 2019, when See had $700,000 capital stock and $200,000 retained earnings. The excess of fair over book value relates to the goodwill. Pee acquired 60% in Bee for S240,000 on Jan 1, 2019, when Bee had $250,000 capital stock and $50,000 retained earnings. See acquired 40% in Bee on Jan 1, 2019 for $80,000, when Bee had $100.000 capital stock and $20,000 retained earnings. The excess of fair over book value relates to goodwill During 2018, Pee Company sold goods to See Company at a profit of $30,000. This merchandise was sold during 2019. Bee Company sold merchandise that had cost $180,000 to See Company for $200,000 during 2019. Half of this merchandise is held by See at December 31, 2019. Required: Compute all missing and required data then prepare the consolidated financial statements for the year ended December 31, 2019 Elimination Consolidated Pus Ber See Dobra INCOME STATEMENT Sales 600.000 400.000 100.000 Income from See Income free Cost of Sales 3200,000 150.000 50000 100.000 50.000.000 Other Expres MI Expense See Ml Expense Bee Net income Retained Eaming 1/1/19 Less Dividends Retained Earnings 12/31/19 452.000 240.000 100.000 150.000 50.000 (50.000 100.000,00 190 10 BALANCE SHEET 200.000 280,000 120.000 14 90.000 Accounts receivable 166,000 100 Inventories 300,000 220,000 Plant asset-net 200.000 400.000 Investment in See: 75% 1.100 Investment in Hee: 304 344.000 100.000 Goodwill TOTAL ASSETS 12.372,500 1.100.000.000 LIAB & EQUITY Accounts payable Capital Stock Retained kaming 12/31 NC Interest 800,000 80.000 000000000000534.000 190.000 100.000 TOTAL LIAB. & EQUITY Step by Step Solution
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