{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Advanced Accounting - Chapter 3 - Problem 6

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

Info icon This 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  (21,250)  21,250   -    NCI  (33,750)  (33,750) Dividends Declared  10,000   5,000   (5,000)  10,000  Consolidated  Income  Statement Controlling  Retained  Earnings Consolidated  Balance Sheet
Image of page 1

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

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

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern