Example with Financial statement worksheet format

Example with Financial statement worksheet format - A...

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Facts: 100% 80% 20% B. Record noncontrolling interest in S' earnings and dividends Cost $200 80% 2014 2014 2014 C. Eliminate investment and reciprocal subsidiary equity balances. Adjust to $250 Balances a 250.00 200.00 50.00 D. Amortization FV $225 Net incom 20.00 16.00 4.00 BV $200 Less: Amo (8.00) (6.40) (1.60) Professor X Storm DR CR Consolidated Dividends (10.00) (8.00) (2.00) Income Statement Ending bal 252.00 202 50.40 Revenues 400.00 100.00 500.00 Summed Income from Storm 9.60 9.60 - Summed Book Value Fair value Useful life Cost of sales (240.00) (60.00) 5.00 (305.00) Inventory 20 25 5 Other expenses (120.00) (20.00) 3.00 (143.00) Summed 120 130 10 1 Noncontrolling interest share 2.40 (2.40) Summed Net income/controlling share 49.60 20.00 49.60 P only (summed vertically) Patent 0 10 5 2 Statement of R/E 140 165 Retained earnings, 1/1 900.00 180.00 180.00 900.00 SUMMED 25 Add net income 49.60 20.00 49.60 P only Deduct dividends (40.00) (10.00) 8.00 2.00 (40.00) SUMMED Retained earnings, 12/31 909.60 190.00 909.60 P only (summed vertically) Balance Sheet Cash 140.00 50.00 190.00 SUMMED Accounts receivable, net 230.00 160.00 390.00 SUMMED Inventories 300.00 90.00 5.00 5.00 390.00 SUMMED Patent 10.00 2.00 8.00 SUMMED Goodwill 25.00 25.00 SUMMED Land 80.00 20.00 100.00 SUMMED Equipment and buildings, net 450.00 130.00 10.00 1.00 589.00 SUMMED Investment in Storm 201.60 9.60 8.00 200.00 (8) SUMMED Total 1,401.60 450.00 1,684.00 Accounts payable 300.00 240.00 540.00 SUMMED Capital stock 192.00 20.00 20.00 192.00 SUMMED
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  • Spring '11
  • Nunez
  • Balance Sheet, Generally Accepted Accounting Principles, Storm

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