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The December 31, 20x8, balance sheets for Pint Corporation and its 80 percent-owned subsiciary Saloon Company conteined the following summarized amounts: Pint acquired the sheres
The December 31, 20x8, balance sheets for Pint Corporation and its 80 percent-owned subsiciary Saloon Company conteined the following summarized amounts: Pint acquired the sheres of Saloon Company on Janusry 1, 20X7. On December 31,208, assume Pint sold inventory to Saloon during 208 for $103,000 and Saloon sold inventory to Pint for $304,000. Pint's balance sheet contains inventory items purchased from Seloon for $101,000. The items cost Saloon $61,000 to produce. In eddition, S.loon's inventory conteins goods it purchased from Pint for $33,000 that Pint had produced for $19,800. Assume Seloon reported net income of $75,000 and dividends of $15,000. Required: a. Prepare all consolidation entries needed to complete a consolidated balance sheet worksheet as of December 31,208. Note: If no entry is required for a transaction/event, select "No journal entry required" In the first account field. Do not round Intermediate calculatlons. b. Prepare a consolidated balance sheet worksheet as of December 31,208. Note: Do not round Intermediate calculations. Values In the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be Indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entrles are required, combine all debit entrles into one amount and enter this amount in the deblt column of the worksheet. SImilarly. combine all credit entries Into one amount and enter this amount In the credit column of the worksheet. a. Hrepore all consolidotion entries needed to complete a consolidoted bolgnce sheet worksheet as of Lecember 31 , 2 UXd. Note: If no entry Is required for a transactlon/event, select "No journal entry required" In the first account field. Do not round Intermediate calculatlons. Consolidation Worksheet Entries Record the basic consolidation entry. Note: Enter debits befare credits. b. Prepore a consolidated balsnce sheet worksheet as of December 31, 208. Note: Do not round Intermedlate calculatlons. Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be Indicated with a minus sign, while all values In the "Consolidation Entrles" columns should be entered as positive values. For accounts where multiple adjusting entrles are required, combine all debit entrles Into one amount and enter this amount In the debit column of the worksheet. SImilarly. combine all credit entries Into one amount and enter this amount In the credit column of the worksheet. The December 31, 20x8, balance sheets for Pint Corporation and its 80 percent-owned subsiciary Saloon Company conteined the following summarized amounts: Pint acquired the sheres of Saloon Company on Janusry 1, 20X7. On December 31,208, assume Pint sold inventory to Saloon during 208 for $103,000 and Saloon sold inventory to Pint for $304,000. Pint's balance sheet contains inventory items purchased from Seloon for $101,000. The items cost Saloon $61,000 to produce. In eddition, S.loon's inventory conteins goods it purchased from Pint for $33,000 that Pint had produced for $19,800. Assume Seloon reported net income of $75,000 and dividends of $15,000. Required: a. Prepare all consolidation entries needed to complete a consolidated balance sheet worksheet as of December 31,208. Note: If no entry is required for a transaction/event, select "No journal entry required" In the first account field. Do not round Intermediate calculatlons. b. Prepare a consolidated balance sheet worksheet as of December 31,208. Note: Do not round Intermediate calculations. Values In the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be Indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entrles are required, combine all debit entrles into one amount and enter this amount in the deblt column of the worksheet. SImilarly. combine all credit entries Into one amount and enter this amount In the credit column of the worksheet. a. Hrepore all consolidotion entries needed to complete a consolidoted bolgnce sheet worksheet as of Lecember 31 , 2 UXd. Note: If no entry Is required for a transactlon/event, select "No journal entry required" In the first account field. Do not round Intermediate calculatlons. Consolidation Worksheet Entries Record the basic consolidation entry. Note: Enter debits befare credits. b. Prepore a consolidated balsnce sheet worksheet as of December 31, 208. Note: Do not round Intermedlate calculatlons. Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be Indicated with a minus sign, while all values In the "Consolidation Entrles" columns should be entered as positive values. For accounts where multiple adjusting entrles are required, combine all debit entrles Into one amount and enter this amount In the debit column of the worksheet. SImilarly. combine all credit entries Into one amount and enter this amount In the credit column of the worksheet
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