Simple equity method adjustments, consolidated worksheet On January 1, 2011, Peres Company purchases 80% of the common
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2011 2012
Net income............ $60,000........ $90,000
Dividends ............. 20,000 ......... 30,000
On January 1, 2011, the only undervalued tangible assets of Soap are inventory and the building. Inventory, for which FIFO is used, is worth $10,000 more than cost. The inventory is sold in 2011. The building, which is worth $25,000 more than book value, has a remaining life of 10 years, and straight-line depreciation is used. The remaining excess of cost over book value is attributed to goodwill.
1. Using this information and the information in the following trial balances on December 31, 2012, prepare a value analysis and a determination and distribution of excess schedule:
2. Complete a worksheet for consolidated financial statements for 2012 include columns for eliminations and adjustments, consolidated income, NCI, controlling retained earrings, and consolidated balance sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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Related Book For
Advanced Accounting
ISBN: 978-0538480284
11th edition
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng
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