Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

.................... THIS PROBLEM S A CONTINUATION OF BALANCE SHEET 751% On December 31st 2020 Yoda and Vadar had the following financial statements: Yoda Vadar Service

....................

image text in transcribed
THIS PROBLEM S A CONTINUATION OF BALANCE SHEET 751% On December 31st 2020 Yoda and Vadar had the following financial statements: Yoda Vadar Service revenue 150 000 14 000 depredation exp Eq. 60000 1200 depredation exp Bid 35000 800 Investment Income net Income 12,000 YODA VADAR CASH 1,050 000 23000 ACCOUNTS RECEIVABLE 1,000,000 20,000 EQUIPMENT 1,000,000 20 000 ACCUMULATED DEP. EQUIPMENT 460 000 BUILDING 1,000,000 20 000 ACCUMULATED DEP. BUILDING 335,000 5200 WVESTMENT IN VADAR C TOTAL ASSETS: 68000 ACCOUNTS PAYABLE 1,000 000 20,000 COMMON STOCK $1 PAR 20,000 ADDITIONAL PAID IN CAPITAL C/'S 20 000 RETAINED EARNINGS G NOTE: THE ONLY STOCK TRANSACTION YODA HAD IN 2020 WAS THE PURCHASE OF VADAR Hint: Don't forget about dividends REQUIRED: A) MAKE ANY NECESSARY JOURNAL ENTRIES IN 2020 BY YODA DUE TO ITS INVESTMENT IN VADAR Don't forget to tell me which method (Initial value (cost] partial equity or full equity) you are using BI MAKE ANY NECESSARY WORKSHEET ENTRIES NEEDED IN 2020 CI PREPARE A CONSOU DATED INCOME STATEMENT FOR 2020 DJ PREPARE A CONSOL DATED BALANCE SHEET 12/31/2020

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

Using Microsoft Excel And Access 2013 For Accounting

Authors: Glenn Owen

4th Edition

1305161858, 9781305161856

More Books

Students also viewed these Accounting questions

Question

What is meant by steady state?

Answered: 1 week ago

Question

2. It is the results achieved that are important.

Answered: 1 week ago

Question

7. One or other combination of 16.

Answered: 1 week ago