Copy of Chapter 3-2 homework

Copy of Chapter 3-2 homework - Operating Expense $120,000...

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Trial Balance Eliminations Consolidated Income Statement NCI Controlling Retained Earnings Consolidated Balance Sheet Peres Soap DR CR Inventory $100,000 $50,000 $150,000 Other Current Asset $148,000 $180,000 $328,000 Investment in Soap $388,000 CY1 $72,000 $24,000 CY2 EL $272,000 D $68,000 Land $50,000 $50,000 $100,000 $350,000 $320,000 $25,000 D2 $695,000 Accumulated Depreciation $(100,000) $(60,000) A2 $5,000 $(165,000) Goodwill $50,000 D3 $50,000 Other Intangible Assets $20,000 $20,000 Current Liabilities $(120,000) $(40,000) $(160,000) Bonds Payable $(100,000) $(100,000) Other Long-term Liabilities $(200,000) $(200,000) Common Stock-Soap $(50,000) $40,000 $(10,000) Other Paid in Capital-Soap $(100,000) $80,000 $(20,000) Retained Earnings-Soap $(190,000) $152,000 $(52,500) NCI $17,000 $2,000 D1 $500 A2 Common Stock-Peres $(200,000) $(200,000) Other Paid in Capital-Peres $(100,000) $(100,000) Retained Earnings-Peres $(214,000) $(204,000) $8,000 D1 $2,000 A2 Sales $(520,000) $(450,000) $(970,000) Cost of Goods Sold $300,000 $260,000 $560,000
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Unformatted text preview: Operating Expense $120,000 $100,000 $2,500 A2 $222,500 Subsidiary Income $(72,000) $72,000 CY1 Dividend Declared-Soap $30,000 CY2 $24,000 $6,000 Dividend Declared-Peres $50,000 $50,000 Totals $- $- $458,000 $458,000 Consolidated Net Income $(187,500) NCI Share $17,500 $(17,500) Controlling Share $170,000 $(170,000) Total NCI $(94,000) $(94,000) Controlling Retained Earnings $(324,000) $(324,000) Totals $- Eliminations and Adjustments CY1 Current-year Subsidiary Income CY2 Current-year Dividend EL Eliminate Controlling Interest in Sub. Equity D/NCI Distribute Excess and Adjust NCI D1 Inventory (Retained Earnings) D2 Buildings and Equipment D3 Goodwill A2 Amortize Excess Income Distribution Schedules Soap Company Amortizations $2,500 Internally Generated Net Income $90,000 Adjusted Income $87,500 NCI Share 20% NCI $17,500 Peres Company Internally Generated Net Income $100,000 Controlling Share of Subsidiary $70,000 Controlling Interest $170,000...
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Copy of Chapter 3-2 homework - Operating Expense $120,000...

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