ch08 - Chapter 8 Introduction to this program This...

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Chapter 8 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. These accounts have already been added to the worksheet. 4. If two rows in the elimination columns contain brackets (I.e. [ ), 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 8-3 Pyle Company and Subsidiary Consolidated Statements Workpaper For the Year Ended December 31, 2008 Pyle Stern Eliminations Noncontrolling Consolidated Company Company Dr. Cr. Interest Balances Income Statement Income before Dividend Income 172,000 186,000 Dividend Income 48,000 Net/Consolidated Income 220,000 186,000 Subsidiary Income Sold Noncontrolling Interest in Income Net Income to Retained Earnings 220,000 186,000 Retained Earnings Statement 1/1 Retained Earnings: Pyle Company 1,200,000 Stern Company 292,000 Net Income from Above 220,000 186,000 Dividends Declared: Pyle Company (80,000) Stern Company (60,000) 12/31 Retained Earnings to Balance Sheet 1,340,000 418,000 Pyle Stern Eliminations Noncontrolling Consolidated Company Company Dr. Cr. Interest Balances Balance Sheet Current Assets 600,000 320,000 Investment in Stern Company 480,000 Other Assets 1,180,000 668,000 Total 2,260,000 988,000 Liabilities 190,000 90,000 Common Stock: Pyle Company 500,000 Stern Company 300,000 Other Contributed Capital: Pyle Company 230,000 Stern Company 180,000 Retained Earnings from Above 1,340,000 418,000 1/1 Noncontrolling Interest in Net Assets 12/31 Noncontrolling Interest in Net Assets Total 2,260,000 988,000
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Problem 8-4 Porter Company and Subsidiary Consolidated Statements Workpaper For the Year Ended December 31, 2008 Porter Spitz Eliminations Noncontrolling Consolidated Company Company Dr. Cr. Interest Balances Income Statement Income before Dividend Income 63,200 60,000 Dividend Income 24,300 Net/Consolidated Income 87,500 60,000 Subsidiary Income Sold Noncontrolling Interest in Income Net Income to Retained Earnings 87,500 60,000 Retained Earnings Statement 1/1 Retained Earnings: Porter Company 206,500 Spitz Company 126,000 Net Income from Above 87,500 60,000 Dividends Declared: Porter Company (50,000) Spitz Company (30,000) 12/31 Retained Earnings to Balance Sheet 244,000 156,000 Porter Spitz Eliminations
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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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ch08 - Chapter 8 Introduction to this program This...

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