Quiz 3 Key.xlsx - Zigma Income Statement Sales Other...

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Eliminations Zigma Standard Debit Credit Consolidated Income Statement Sales 250,000 192,000 442,000.00 Other Expenses (90,000) (70,000) (160,000.00) Depreciation (30,000) (27,000) (57,000.00) Income from Standard 76,000 76,000 - Net Income 206,000 95,000 76,000 225,000 NCI Net Income 19,000 (19,000) CI Net Income 206,000 95,000 95,000 206,000 Statement of Retained Earnings Beginning RE 175,000 50,000 50,000 175,000 Net Income 206,000 95,000 95,000 206,000 Less Dividends Declared (32,000) (10,000) 10,000 (32,000) Ending Retained Earnings 349,000 135,000 145,000 10,000 349,000 Equity Journal Entries Already P Balance Sheet Current Assets 291,000 180,000 471,000 Investment in Standard Depreicable Assets 300,000 170,000 58,000 412,000 Cash Accumulated Depreciation (120,000) (85,000) 58,000 (147,000) To record Purchase of Stock Investment in Standard 148,000 148,000 - Investment in Standard Total Assets 619,000 265,000 58,000 206,000 736,000 Income from Standard To record Income from Stardard Current Liabilities
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