AMIS624X1J - LastName |_|_|_|_|_|_|_|_|_|_|_|_| FirstName

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Last Name | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | First Name | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | Exam I Autumn 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 600 314 Cost of Sales 260 170 Expenses 220 100 Dividend Income 27 Net Income/Loss 147 44 Retained Earnings, beg. 300 110 Net Income/Loss 147 44 Dividends Declared 50 27 Retained Earnings, end 397 127 Cash 105 14 A/R 60 40 Inventory 110 30 350 180 Accum. Depreciation 90 60 Investment in Sub. 22 70 20 Long-term Debt 50 35 Common Stock 40 22 Retained Earnings, end 397 127 647 647 264 264                                                     
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AMIS624X1J - LastName |_|_|_|_|_|_|_|_|_|_|_|_| FirstName

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