AMIS624X1K - LastName |_|_|_|_|_|_|_|_|_|_|_|_| FirstName

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Last Name | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | First Name | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | Exam I Spring 2011 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 640 333 Cost of Sales 245 104 Expenses 215 210 Dividend Income 35 Net Income/Loss 215 19 Retained Earnings, beg. 320 234 Net Income/Loss 215 19 Dividends Declared 55 35 Retained Earnings, end 480 218 Cash 440 113 A/R 50 40 Inventory 90 30 250 300 Accum. Depreciation 140 200 Investment in Sub. 5 110 20 Long-term Debt 80 40 Common Stock 25 5 Retained Earnings, end 480 218 835 835 483 483                                                     
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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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AMIS624X1K - LastName |_|_|_|_|_|_|_|_|_|_|_|_| FirstName

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