ch05 - Chapter 5 Introduction to this program This...

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Chapter 5 Introduction to this program This worksheet contains spreadsheets that complete the consolidated worksheet after the student inputs the eliminating journal entries on the consolidated worksheet. 1. To activate the process, a debit must be entered into the debit elimination entry column. 2. There is a separate column, in which to enter the number or letter to key the entry (e.g. (1) or (a)). 3. In some cases, balance sheet accounts may need to be added. The row to enter the accounts 4. If two rows in the elimination columns contain brackets (i.e. [ or { ), this means that two rows can be used for the same account. In other words, more than one debit to an account is possible. 5. Each worksheet may be printed before any numbers are inserted and used to solve the problem manually. 6. The last worksheet (labeled JE) contains three blank journal entry pages. These can be used to prepare eliminating journal entries for any or all of the homework problems. This sheet can be duplicated for each problem if needed. will contain a shaded cell.
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Problem 5-4 (part D) PORTER COMPANY AND SUBSIDIARY Consolidated Statement Workpaper For the Year Ended December 31, 20 9 Porter Salem Eliminations Noncontrol ing Consolidated Company Company Dr. Cr. Interest Balance Income Statement Sales 1,10 ,0 0 450,0 0 Dividend Income 48,0 0 Total Revenue 1,148,0 0 450,0 0 Cost of Go ds Sold 90 ,0 0 20 ,0 0 Depreciation Expense 40,0 0 30,0 0 Other expense 60,0 0 50,0 0 1,0 0,0 0 280,0 0 Net/Consolidated income 148,0 0 170,0 0 Noncontrol ing Interest in income Net income to retained earnings 148,0 0 170,0 0 Statement of Retained Earnings 1/1Retained Earnings Porter Company 50 ,0 0 Salem Company 230,0 0 Net income from above 148,0 0 170,0 0 Dividends declared Porter Company (90,0 0) Salem Company (60,0 0) 12/31Retained Earnings to Balance she t 5 8,0 0 340,0 0
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Porter Salem Eliminations Noncontrol ing Consolidated Company Company Dr. Cr. Interest Balance Balance She t Cash 70,0 0 65,0 0 Ac ounts Receivable 260,0 0 190,0 0 Inventory 240,0 0 175,0 0 Investment in Salem Company 850,0 0 Dif erence betwe n implied and bo k value Land 320,0 0 Plant and Equipment 360,0 0 280,0 0 Total as ets 1,780,0 0 1,030,0 0 Ac ounts Payable 132,0 0 1 0,0 0 Notes Payable 90,0 0 30,0 0 Capital Stock: Porter Company 1,0 0,0 0 Salem Company 5 0,0 0 Retained Earnings from above 5 8,0 0 340,0 0 1/1 Noncontrol ing Interest 12/31 Noncontrol ing Interest 1,780,0 0 1,030,0 0
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Problem 5-5 PALMER COMPANY AND SUBSIDIARY Consolidated Statement Workpaper For the Year Ended December 31, 2013 Palmer Stevens Eliminations Noncontrolling Consolidated Company Company Dr. Cr. Interest Balance INCOME STATEMENT Sales 620,000 340,000 Cost of Goods Sold 430,000 240,000 Gross margin 190,000 100,000 Depreciation Expense 30,000 20,000 Other expenses 60,000 35,000 Income from operations 100,000 45,000 Dividends income 31,500 Net/Consolidated income 131,500 45,000 Noncontrolling Interest in income
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This note was uploaded on 01/28/2011 for the course ACCY 593 taught by Professor Staff during the Fall '08 term at University of Illinois, Urbana Champaign.

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ch05 - Chapter 5 Introduction to this program This...

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