Question
SilverLine Corp. provided the following balance sheets as at 31 December 2023. Draw up the consolidated balance sheet as at that date. SilverLine Corp Balance
SilverLine Corp. provided the following balance sheets as at 31 December 2023. Draw up the consolidated balance sheet as at that date.
SilverLine Corp Balance Sheet as at 31 December 2023Assets | Amount |
Investment in subsidiary (80,000 shares bought 31.12.2022) | $190,000 |
Fixed assets | $270,000 |
Current assets | $65,000 |
Total | $525,000 |
Liabilities and Equity | Amount |
Share capital | $380,000 |
Profit and loss account (31.12.2022) | $45,000 |
Add Profit for 2023 | $100,000 |
Total | $525,000 |
Assets | Amount |
Fixed assets | $100,000 |
Current assets | $60,000 |
Total | $160,000 |
Liabilities and Equity | Amount |
Share capital | $80,000 |
Profit and loss account (31.12.2022) | $10,000 |
Add Profit for 2023 | $70,000 |
Total | $160,000 |
Requirement: Draw up the consolidated balance sheet for SilverLine Corp. and its subsidiary as at 31 December 2023. Calculate the value of goodwill.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Financial Accounting in an Economic Context
Authors: Jamie Pratt
10th edition
978-1-119-3061, 1119306167, 978-1119444367
