AMIS624X1I - LastName |_|_|_|_|_|_|_|_|_|_|_|_| FirstName

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Last Name | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | First Name | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | Exam I Summer 2010 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 600 246 Cost of Sales 240 150 Expenses 210 120 Dividend Income 20 Net Income/Loss 170 24 Retained Earnings, beg. 400 190 Net Income/Loss 170 24 Dividends Declared 60 20 Retained Earnings, end 510 146 Cash 365 96 A/R 50 30 Inventory 90 50 250 200 Accum. Depreciation 140 120 Investment in Sub. 10 60 40 Long-term Debt 35 60 Common Stock 20 10 Retained Earnings, end 510 146 765 765 376 376                                                     
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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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AMIS624X1I - LastName |_|_|_|_|_|_|_|_|_|_|_|_| FirstName

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