AMIS624X1L

# AMIS624X1L - LastName |_|_|_|_|_|_|_|_|_|_|_|_| FirstName...

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Last Name | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | First Name | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | Exam I Summer 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 500 222 Cost of Sales 180 140 Expenses 175 135 Dividend Income 15 Net Income/Loss 160 53 Retained Earnings, beg. 200 150 Net Income/Loss 160 53 Dividends Declared 40 15 Retained Earnings, end 320 82 Cash 175 17 A/R 50 30 Inventory 80 50 250 200 Accum. Depreciation 120 100 Investment in Sub. 5 60 40 Long-term Debt 20 70 Common Stock 40 5 Retained Earnings, end 320 82 560 560 297 297
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AMIS624X1L - LastName |_|_|_|_|_|_|_|_|_|_|_|_| FirstName...

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