Chapter 5 Practice Problem Key.xlsx

Chapter 5 Practice Problem Key.xlsx - Zigma Income...

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Eliminations Zigma Standard Debit Credit Consolidated Income Statement Sales 200,000 112,000 312,000.00 Other Expenses (90,000) (70,000) 5,000 (165,000.00) Depreciation (30,000) (17,000) 5,000 (52,000.00) Income from Standard 12,000 20,000 8,000 - Net Income 92,000 25,000 30,000 8,000 95,000 NCI Net Income 5,000 2,000 (3,000) CI Net Income 92,000 25,000 35,000 10,000 92,000 Statement of Retained Earnings Beginning RE 175,000 35,000 35,000 175,000 Net Income 92,000 25,000 35,000 10,000 92,000 Less Dividends Declared (32,000) (10,000) 10,000 (32,000) Ending Retained Earnings 235,000 50,000 70,000 20,000 235,000 Balance Sheet Current Assets 221,000 95,000 316,000 Depreicable Assets 300,000 170,000 25,000 68,000 427,000 Equity Journal Entries Already P Accumulated Depreciation (120,000) (85,000) 68,000 5,000 (142,000) Investment in Standard 104,000 80,000 - Investment in Standard 24,000 Cash Goodwill 10,000 10,000 To record Purchase of Stock Total Assets 505,000 180,000 103,000 177,000 611,000 Investment in Standard Income from Standard Current Liabilities 50,000 30,000 80,000 To record Income from Stardard Long Term Liabilities 120,000 50,000 170,000 Cash Common Stock 100,000 50,000 50,000 100,000 Investment in Standard Retained Earnings 235,000 50,000 70,000 20,000 235,000 To record Dividend NCI Share of Assets
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