AMIS624X1H - LastName |_|_|_|_|_|_|_|_|_|_|_|_| FirstName |_|_|_|_|_|_|_|_|_|_|_|_| Accounting MIS 624 ExamI Autumn2009 Instructions 1 Read each

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Last Name | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | First Name | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | Exam I Autumn 2009 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.  All firms acquired  after 31 December 2008 unless otherwise noted. 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 2-3 30 17  – 23 minutes II 4 15 8  – 11 minutes III 5-9 75 45 – 56 minutes Total 120 70 – 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 cost method in all years. Part A.  R EQUIRED :  Complete the worksheet, preparing the consolidated statements. 12/31/20x1 Parent Sub Adjustments Consolidated Sales 420 142 Cost of Sales 195 95 Expenses 104 15 Dividend Income 40 Net Income/Loss 161 32 Retained Earnings, beg. 213 80 Net Income/Loss 161 32 Dividends Declared 60 40 Retained Earnings, end 314 72 Cash 186 89 A/R 73 60 Inventory 110 75 250 105 Accum. Depreciation 90 35 Investment in Sub. 5 40 42 Long-term Debt 150 175 Common Stock 30 5 Retained Earnings, end 314 72 624 624 329 329                                                     
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This note was uploaded on 08/06/2011 for the course AMIS 624 taught by Professor Wallin during the Summer '11 term at Ohio State.

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AMIS624X1H - LastName |_|_|_|_|_|_|_|_|_|_|_|_| FirstName |_|_|_|_|_|_|_|_|_|_|_|_| Accounting MIS 624 ExamI Autumn2009 Instructions 1 Read each

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