Solution to Chapter 6 Sample Quiz

# Solution to Chapter 6 Sample Quiz - SOLUTION to Chapter 6...

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SOLUTION to Chapter 6 Sample Quiz Part I. 1 c 2 b 3 c 4 a 5 d 6 b (\$15,000 gain/ 3 years) 7 b \$98,000 + [(\$55,000 - \$15,000 + \$5,000) x 60%] = \$125,000 8 a (\$55,000 - \$15,000 + \$5,000)x40% \$ 18,000 9 a 10 d

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Stork Corporation and Subsidiary Consolidation Working Papers at December 31, 2018 Stork Swamp Eliminations Non- contl. Consol- idated Debit Credit INCOME STATEMENT Sales S60,00 0 \$14,000 a \$ 6,000 \$68,000 Income from Swamp 4,800 h e 200 4,600 Gain on equipment sale 800 d 800 Cost of Sales (26,000) ( 4,400) b 600 a c \$ 6,000 400 (24,600) Other Expenses (28,000) ( 3,600) d 200 (31,400) Non-cont 6,000 X.1 600( 600) Net income 11,300 6,000 11,400 Retained Earnings 1/1 9,500 5,000 h f 400 5,000 9,100 Add: Net income 11,300 6,000 11,400 Dividends ( 7,000) ( 2,000) e 1,800( 200) ( 7,000) Retained Earnings 12/31 S 14,100 \$ 9,000 \$13,500 BALANCE SHEET Cash 6,000 3,000 9,000 Receivables 7,000 4,000 g 1,500 9,500 Inventories 10,000 4,500 b 600 13,900 Equipment-net 24,000 9,000 d 600 32,400 Land
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Solution to Chapter 6 Sample Quiz - SOLUTION to Chapter 6...

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