Econ 139 HW #5

Econ 139 HW #5 - Problem 4-10 Polo Company and Subsidiary...

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Problem 4-10 Polo Company and Subsidiary Consolidated Statements Workpaper For the Year Ended December 31, 2007 Poco Solo N/C Company Company Dr. Cr. Interest Income Statement Sales 760,000 410,000 Equity Income (164,000) 164,000 Total Revenue 596,000 410,000 Cost of Goods Sold 410,000 125,000 Other Expenses 100,000 80,000 Total Cost and Expense 510,000 205,000 Net Income 86,000 205,000 Non Controlling Interest in NI of S (41,000) Net Income to Retained Earnings 86,000 205,000 164,000 (41,000) Retained Earnings Statement Retained Earnings 1/1 (50,000) (60,000) 60,000 Net Income from Above (86,000) (205,000) 164,000 - 41,000 Dividends Declared (30,000) (10,000) (8,000) (2,000) Retained Earnings 12/31 (166,000) (275,000) 224,000 (8,000) (2,000) Balance Sheet Cash 161,500 125,000 Inventory 12/31 210,000 195,000 Investment in Schultz 402,000 (402,000) Land 75,000 150,000 Goodwill 67,500 Total 848,500 470,000 Accounts Payable (154,500) (35,000) Common Stock (200,000) (150,000) 150,000 Other Contributed Capital
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Econ 139 HW #5 - Problem 4-10 Polo Company and Subsidiary...

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