AMIS624X1C - LastName |_|_|_|_|_|_|_|_|_|_|_|_| FirstName...

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Last Name | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | First Name | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | Exam I Spring 2008 Instructions: 1. Read each question carefully and answer fully.   Unless otherwise  specified,   subsidiaries   do   not   use   the   push-down   method   of  accounting.  All consolidations are handled as purchases (not pooling)  unless indicated.  All firms use a calendar year. 2. Problems not supported by relevant and readable computations are  subject to point loss. 3. Budget your time carefully.  It is generally better to finish half of each  problem than to complete all of half the problems.   Students who  continue to work on exams after instructed to stop will receive a zero  on this exam. 4. It is the student's responsibility to verify that all the listed problems  and   pages   are   contained   is   this   booklet.     Unanswered   questions  receive zero points regardless of reason. Problem Pages Approximate Points Approximate Time I 2-4 45 28 – 34 minutes II 5-9 75 48 – 56 minutes Total 120 76 - 90 minutes
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Page 2 of 9 P ROBLEM  I Below is a 20x1 worksheet for Parent and a 100%-owned subsidiary Sub that was  created a number of years ago.   Parent has used the equity method in all years.   The  following consists of four parts, unrelated except as specified. Part A.  R EQUIRED :  Complete the worksheet, preparing the consolidated statements. 12/31/20x1 Parent Sub Adjustments Consolidated Sales 100 417 Cost of Sales 300 Expenses 60 143 Equity in Net Inc. Sub 26 Net Income/Loss 14 26 Retained Earnings, beg. 413 125 Net Income/Loss 14 26 Dividends Declared
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AMIS624X1C - LastName |_|_|_|_|_|_|_|_|_|_|_|_| FirstName...

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