Advanced Accounting - Chapter 3 - Problem 6

Advanced Accounting - Chapter 3 - Problem 6 - Prescott...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Prescott Company and Subsidiary Scully Company Worksheet for Consolidated Financial Statements For Year Ended December 31, 20X2 Prescott Scully DR CR Current Assets  200,000   115,000   315,000  Land  150,000   75,000   225,000  Buildings  590,000   350,000   34,000   974,000  Accumulated Depreciation  (265,000)  (182,000)  (6,800)  (453,800) Goodwill  50,250   50,250  Investment in Scully  275,500   4,250   (165,750)  -     (34,000)  (50,250)  (21,250)  (8,500)      Liabilities  (175,000)  (133,000)  (308,000)      Common Stock - Prescott  (200,000)  (200,000)      Retained Earnings 1/1 - Prescott  (503,250)  (496,100)      Common Stock - Scully  (100,000)  100,000   -         APIC - Scully  (120,000)  120,000   -         Retained Earnings 1/1 - Scully  15,000   (7,850) Sales  (360,000)  (120,000)  (480,000) Cost of Goods Sold  179,000   50,000   229,000  Expenses  120,000   45,000   165,000  Depreciation Expense  3,400   3,400  Subsidiary Income
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 10

Advanced Accounting - Chapter 3 - Problem 6 - Prescott...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online