ch13 - Chapter 13 Introduction to this program This...

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Chapter 13 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. All additional balance sheet accounts needed to complete the consolidation have been added. 4. Each worksheet may be printed before any numbers are inserted and used to solve the problem manually. 5. The only cell besides the elimination column cells that numbers can be inserted is the noncontrolling interest in income. It is shaded yellow. 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 13-6A P COMPANY AND SUBSIDIARY Consolidated Workpaper For the Year Ended December 31, 2009 P SFr Eliminations Noncontrolling Consolidated Income Statement Company Company Dr. Cr. Interest Balances Sales 4,200,000 664,400 Dividend Income 54,000 Total Revenues 4,254,000 664,400 Cost of Goods Sold 2,720,000 407,000 Depreciation Expense 210,000 22,000 Other Expense 914,000 144,100 Income Tax Expense 100,000 18,040 Total Expenses 3,944,000 591,140 Net Income 310,000 73,260 Noncontrolling Interest Net Income to Retained Earnings 310,000 73,260 Retained Earnings Statement Retained Earnings - 1/1: P Company 544,400 SFr Company 75,948 Net Income from Above 310,000 73,260 Dividends Declared: P Company (200,000) SFr Company (67,500) Retained Earnings to Balance Sheet - 12/31 654,400 81,708 Balance Sheet Cash 500,200 182,875 Accounts Receivable 516,400 125,400 Inventories (FIFO Cost) 627,800 197,125 Investment in SFr Company 300,000 Land 450,000 95,000 Buildings (net) 610,000 104,500 Equipment (net) 290,000 76,950 Total Assets 3,294,400 781,850 Accounts Payable 540,000 152,000 Short-term Notes Payable
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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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ch13 - Chapter 13 Introduction to this program This...

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