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3-38 - P3-38 Comprehensive Problem Consolidated Financial...

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Unformatted text preview: P3-38 Comprehensive Problem: Consolidated Financial Statements a. Cash: $71,000 + $33,000 = $104,000 b. Receivables (net): $431,000 + $122,000 - $45,000 = $508,000 c. Inventory: $909,000 + $370,000 - ($45,000 - $34,000) = $1,268,000 d. Investment in Mangle Stock: Not reported in consolidated statements e. Equipment (net): $1,528,000 + $475,000 + $25,000 - $5,000 = $2,023,000 f. Goodwill: ($55,000 - $25,000) = $30,000 g. Current Payables: $227,000 + $95,000 - $45,000 = $277,000 h. Common Stock (par): $1,000,000 i. Sales Revenue: $8,325,000 + $2,980,000 - $45,000 = $11,260,000 j. Cost of Goods Sold: $5,150,000 + $2,010,000 - $34,000 = $7,126,000 k. Depreciation Expense: $302,000 + $85,000 + $5,000 = $392,000 ...
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