SOLUTIONSWK4 IDassignment SOLUtions upload

SOLUTIONSWK4 IDassignment SOLUtions upload - Answer = Wages...

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Blue Corporation acquired controlling ownership of Skyler Corporation on December 31, 20X3, and a consolidated balance sheet was prepared immediately. Partial balance sheet data for the two companies and the consolidated entity at that date follow: During 20X3, Blue provided engineering services to Skyler and has not yet been paid for them. There were no other receivables or payables between Blue and Skyler at December 31, 20X3. Required a. What is the amount of unpaid engineering services at December 31, 20X3, on work done by Blue for Skyler? Answer – (98+65 – 148) = $15,000 b. What balance in accounts receivable did Skyler report at December 31, 20X3? Answer = (380 – (340-140+80+350) = $65,000 c. What amounts of wages payable did Blue and Skyler report at December 31, 20X3?
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Unformatted text preview: Answer = Wages Payables Skyler = (380 – (46+110+75+125) = $24000 Wages Payables Blue = 94000 - 24000 = $70,000 d. What was the fair value of Skyler as a whole at the date of acquisition? Answer = 168350/(1-23.86%) = $222,105 Investment in Skyler Corp = (620000 – (63650+98000+105000+400000-215000) = $168,350 e. What percentage of Skyler’s shares were purchased by Blue? Non Controlling Interest in % = 90650/380000 = 23.86% f. What amounts of capital stock and retained earnings must be reported in the consolidated balance sheet? Answer – Common Stock = $120,000 Retained Earnings = 875650-90650-120000-310000-94000-146000 = $115,000 619-5591 Pam ecs...
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SOLUTIONSWK4 IDassignment SOLUtions upload - Answer = Wages...

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