HW_10-11 - (20-25 min.) E 10-18 Req. 1 (consolidation work...

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(20-25 min.) E 10-18 Req. 1 (consolidation work sheet and balance sheet) ELIMINATION CONSOLIDATED ASSETS ALFA ROMEO DEBIT CREDIT BALANCE SHEET Cash 49,000 14,000 63,000 Accounts receivable, net 82,000 53,000 135,000 Note receivable from Alfa 42,000 (b) 42,000 Inventory 55,000 77,000 132,000 Investment in Romeo 100,000 (a)100,000 Plant assets, net 286,000 99,000 385,000 Other assets 22,000 8,000 30,000 Total 594,000 293,000 745,000 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts payable 44,000 26,000 70,000 Notes payable 147,000 36,000 (b) 42,000 141,000 Other liabilities 82,000 131,000 213,000 Common stock 210,000 80,000 (a) 80,000 210,000 Retained earnings 111,000 20,000 (a) 20,000 _______ 111,000 Total 594,000 293,000 142,000 142,000 745,000 Req. 2 The stockholders’ equity of the consolidated entity is $321,000 ($210,000 + $111,000).
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(30-40 min.) P 10-43A Req. 1 Journal DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT May 1 Accounts Receivable (( 82,000 × $1.30)….
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HW_10-11 - (20-25 min.) E 10-18 Req. 1 (consolidation work...

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