Pus Inc. was recently offered a big government project. However, since it lacked the funds and personnel
Fantastic news! We've Found the answer you've been seeking!
Question:
Pus Inc. was recently offered a big government project. However, since it lacked the funds and personnel REQUIRED to handle the project, Pus’s management decided to create a joint venture with Tod Unincorporated, using a venture investment of $300,000 for 50 percent ownership on January 1, 2014. Comparative trial balance at December 31, 2014, is as follows (in thousands):
ADDITIONAL INFORMATION
1. Tod’s net income during 2014 was $30,000.
2. Pus uses the equity method to account for transactions.
REQUIRED: Prepare a proportionate consolidated workpaper for Pus and Tod for reporting purposes.
Related Book For
International Marketing And Export Management
ISBN: 9781292016924
8th Edition
Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr
Posted Date: