AMIS624X1E - LastName |_|_|_|_|_|_|_|_|_|_|_|_| FirstName

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Last Name | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | First Name | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | Exam I Autumn 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
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Total 120 76 - 90 minutes
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Page 3 of 10 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 300 475 Cost of Sales 320 Expenses 140 167 Equity in Net Inc. Sub 12 Net Income/Loss 148 12 Retained Earnings, beg. 515 89 Net Income/Loss 148 12 Dividends Declared 50
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AMIS624X1E - LastName |_|_|_|_|_|_|_|_|_|_|_|_| FirstName

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