ch06 - Chapter 6 Introduction to this program This...

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Chapter 6 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 first cell in the row to enter the accounts will be shaded. 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.
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Problem 6-5 PRUITT CORPORATION AND SUBSIDIARY Consolidated Statement Workpaper For the Year Ended December 31, 2013 Pruitt Sedbrook Eliminations Noncontrolling Consolidated Corporation Company Dr. Cr. Interest Balance INCOME STATEMENT Sales 1,210,000 636,000 Dividend Income 31,500 Total revenue 1,241,500 636,000 Cost of goods sold: Beginning inventory 165,000 132,000 Purchases 935,000 420,000 Cost of goods available 1,100,000 552,000 Less ending inventory 220,000 144,000 Cost of goods sold 880,000 408,000 Other expenses 198,000 165,000 Total Cost & Expense 1,078,000 573,000 Net/Consolidated income 163,500 63,000 Noncontrolling Interest in income Net income to retained earnings 163,500 63,000 RETAINED EARNINGS 1/1Retained Earnings: Pruitt Corporation 598,400 Sedbrook Company 144,000 Net income from above 163,500 63,000 Dividends declared: Pruitt Corporation (110,000) Sedbrook Company (35,000) 12/31 Retained Earnings to Balance sheet 651,900 172,000 BALANCE SHEET Cash 90,800 96,000 Accounts Receivable 243,300 135,000 Inventory 220,000 144,000 Investment in Sedbrook Company 625,500 Other assets 550,000 480,000 Total assets 1,729,600 855,000 Accounts Payable 77,000 36,000 Other liabilities 120,700 47,000 Common Stock: Pruitt Corporation 880,000 Sedbrook Company 600,000 Retained Earnings from above 651,900 172,000 1/1 Noncontrolling Interest 12/31 Noncontrolling Interest 1,729,600 855,000
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Problem 6-6 PRUITT CORPORATION AND SUBSIDIARY Consolidated Statedments Workpaper For the Year Ended December 31, 2013 Consolidated Consolidated Pruitt Sedbrook Eliminations Income Retained Noncontrolling Consolidated Corporation Company Dr. Cr. Statement Earnings Interest Balances DEBITS Cash 90,800 96,000 Accounts Receivable(net) 243,300 135,000 Inventory 1/1 165,000 132,000 Investment in Sedbrook Company 625,500 Other assets 550,000 480,000 Dividends Declared Pruitt Corporation 110,000 Sedbrook Company
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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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ch06 - Chapter 6 Introduction to this program This...

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