Chapter 6 Downstream Inventory Practice - Spreadsheet.xlsx

Chapter 6 Downstream Inventory Practice - Spreadsheet.xlsx...

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Zigma Standard Debit Credit Consolidation Income Statement Sales 200,000 137,000 100,000 237,000 Other Expenses (90,000) (70,000) (96,000) (64,000) Depreciation (30,000) (17,000) (47,000) Income from Standard 41,000 41,000 - Net Income 121,000 50,000 141,000 96,000 126,000 NCI Net Income 5,000 (5,000) CI Net Income 146,000 96,000 121,000 Statement of Retained Earnings Beginning RE 175,000 35,000 35,000 Net Income 121,000 50,000 146,000 96,000 Less Dividends Declared (32,000) (10,000) (10,000) Ending Retained Earnings 264,000 75,000 Balance Sheet Current Assets 245,500 120,000 4,000 Depreicable Assets 300,000 170,000 68,000 Accumulated Depreciation (120,000) (85,000) (68,000) Investment in Standard 108,500 108,500 Total Assets 534,000 205,000 Current Liabilities 50,000 30,000 Long Term Liabilities 120,000 50,000 Common Stock 100,000 50,000 50,000 Retained Earnings 264,000 75,000 NCI Share of Assets - ### 12,500 Total Liabilities and Equity 534,000 205,000 Next Year Inventory is Sold Zigma Standard Income Statement Sales 300,000 162,000 Other Expenses (90,000) (70,000) Depreciation (30,000) (17,000) Income from Standard 71,500 Net Income 251,500 75,000 NCI Net Income CI Net Income
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Statement of Retained Earnings Beginning RE 264,400 75,000 Net Income 251,500 75,000 Less Dividends Declared (32,000) (10,000) Ending Retained Earnings 483,900 140,000 Balance Sheet Current Assets 402,900 120,000 Depreicable Assets 300,000 235,000 Accumulated Depreciation (120,000)
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