Using the data presented in P10-21, prepare a worksheet to develop a consolidated statement of cash flows
Question:
In p10-21,
WEATHERBEE COMPANY AND SUBSIDIARY
Consolidated Retained Earnings Statement
Year Ended December 31, 20X6
Balance, January 1, 20X6 ..... $290,000
Income to Controlling Interest.... 148,000
$438,000
Dividends Declared, 20X6 ....... (65,000)
Balance, December 31, 20X6..... $373,000
WEATHERBEE COMPANY AND SUBSIDIARY Consolidated Balance Sheets January 1, 20X6 December 31, 20X6 Cash Accounts Receivable Inventory Land Buildings & Equipment Less: Accumulated Depreciation Total Assets S 54,000 121,000 230,000 95,000 800,000 (290,000) 51,010,000 75,000 111,000 360,000 100,000 650,000 (230,000) $1,066,000 Accounts Payable Bonds Payable Noncontrolling Interest Common Stock Retained Earnings Total Liabilities & Owners' Equity S 90,000 300,000 30,000 300,000 290,000 $1.010.000 $105,000 250,000 38,000 300,000 373,000 $1,066,000 WEATHERBEE COMPANY AND SUBSIDIARY Consolidated Income Statement Year Ended December 31, 20X6 $1,070,000 30,000 $1,100,000 $ 750,000 40,000 150,000 5 (940,000) $ 160,000 (12,000) $ 148,000 Sales Gain on Sale of Equipment Cost of Goods Sold Depreciation Expense Other Expenses Total Expenses Consolidated Net Income Income to Noncontrolling Interest Income to Controlling Interest
Step by Step Answer:
Weatherbee Company and Sun Corporation Consolidation Cash Flow Worksheet Year Ended December 31 20X6 ...View the full answer
Advanced Financial Accounting
ISBN: 978-0078025624
10th edition
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
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Financial statements of a business having numerous divisions or subsidiaries are called consolidated financial statements. Companies frequently refer to the aggregated reporting of their entire firm together when using the term \"consolidated\" in financial statement reporting. Consolidated financial statement reporting, on the other hand, is defined by the Financial Accounting Standards Board as the reporting of an entity that is organized with a parent company and subsidiaries.
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