Acct412 computer project final2

Acct412 computer project final2 - Chapter 3 - Computer...

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Chapter 3 - Computer Project PECOS COMPANY AND SUARO COMPANY Consolidated Information Worksheet Pecos Suaro Revenues -1,052,000 -427,000 Operating expenses 821,000 262,000 Amortization of intangibles 0 Goodwill impairment loss 0 Income of Suaro 0 Net income -165,000 Retained earnings—Pecos, 1/1 Retained earnings—Suaro, 1/1 0 -201,000 Net income (above) 0 -165,000 Dividends paid 200,000 35,000 Retained earnings, 12/31 -331,000 Cash 195,000 95,000 Receivables 247,000 143,000 Inventory 415,000 197,000 Investment in Suaro 0 Land 341,000 85,000 Equipment (net) 240,100 100,000 Software 0 312,000 Other intangibles 145000 0 Goodwill 0 0 Total assets 932,000 Liabilities -1,537,100 -251,000 Common stock -500,000 -350,000 Retained earnings (above) -331,000 Total liabilities and equity -932,000 Fair Value Allocation Schedule Acquisition-date fair value 1,450,000 Book value 476,000 Excess fair value over book value 974,000 Amortizations and Write-off 2011 2012 Land -10,000 0 0 Brand Name 60,000 0 0 Software 100,000 50,000 50,000 300,000 300,000 0 Goodwill 524,000 0 0 Total 974,000 350,000 50,000 Suaro's Retained Earnings Changes 2011 2012 Income 75,000 165,000 Dividends 0 35,000
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PECOS COMPANY AND SUARO COMPANY Consolidated Worksheet For the Year Ended December 31, 2012 EQUITY METHOD Consolidation Entries Consolidated Pecos Suaro Debit Credit Totals Revenues -1,052,000 -427,000 -1,479,000 Operating expenses 821,000 262,000 1,083,000 Amortization of intangibles 0 (E) 50,000 50000 Goodwill impairment loss 0 0 Income of Suaro -115,000 0 (I) 115,000 0 Net income -346,000 -165,000 -346,000 Retained earnings—Pecos, 1/1 -655,000 0 -655,000 Retained earnings—Suaro, 1/1 0 -201,000 (S) 201,000 0 Net income (above) -346,000 -165,000 -346,000 Dividends paid 200,000 35,000 (D) 35,000 200,000 Retained earnings, 12/31 -801,000 -331,000 -801,000 Cash 195,000
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This note was uploaded on 10/19/2011 for the course ACCT 412 taught by Professor D during the Fall '11 term at Lee.

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Acct412 computer project final2 - Chapter 3 - Computer...

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