On January 1, 2024, Marigold Company purchased 8.568 shares of Swifty Company's common stock for $123,000....
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On January 1, 2024, Marigold Company purchased 8.568 shares of Swifty Company's common stock for $123,000. Immediately after the stock acquisition, the statements of financial position of Marigold and Swifty appeared as follows: Assets Cash Accounts receivable Inventory Investment in Swifty Company Plant assets Accumulated depreciation-plant assets Total Liabilities and Owners' Equity Current liabilities Mortgage notes payable. Common stock, $10 par value Other contributed capital Retained earnings Total Marigold $39.070 57.650 42.760 123.000 166.480 (49.410) $379,550 $16.690 38.220 119,450 145,280 59.910 $379.550 Swifty $20.190 29,760 22.680 111,840 (21,420) $163,050 $26.400 107,100 16,480 13.070 $163,050 (b) Prepare a consolidated balance sheet workpaper as of January 1, 2024. Cash Accounts Receivable Inventory Investment in Swifty Difference between Implied and Book Value Plant Assets Accumulated Depreciation Total Current Liabilities Mortgage Note Payable Common Stock: Marigold Company Swifty Company Other Contributed Capital Marigold Company 39,070 57,650 42,760 123.000 166,480 (49.410) 379.550 16,690 38,220 119,450 Swifty Company 20,190 29,760 22,680 111,840 (21,420) 163,050 26.400 MARIGOLD COMPANY AND SUBSIDIARY SWIFTY Consolidated Balance Sheet Workpaper January 1, 2024 107,100 $ Debit Eliminations $ Credit Noncontrolling Interest Consolidated Balance On January 1, 2024, Marigold Company purchased 8.568 shares of Swifty Company's common stock for $123,000. Immediately after the stock acquisition, the statements of financial position of Marigold and Swifty appeared as follows: Assets Cash Accounts receivable Inventory Investment in Swifty Company Plant assets Accumulated depreciation-plant assets Total Liabilities and Owners' Equity Current liabilities Mortgage notes payable. Common stock, $10 par value Other contributed capital Retained earnings Total Marigold $39.070 57.650 42.760 123.000 166.480 (49.410) $379,550 $16.690 38.220 119,450 145,280 59.910 $379.550 Swifty $20.190 29,760 22.680 111,840 (21,420) $163,050 $26.400 107,100 16,480 13.070 $163,050 (b) Prepare a consolidated balance sheet workpaper as of January 1, 2024. Cash Accounts Receivable Inventory Investment in Swifty Difference between Implied and Book Value Plant Assets Accumulated Depreciation Total Current Liabilities Mortgage Note Payable Common Stock: Marigold Company Swifty Company Other Contributed Capital Marigold Company 39,070 57,650 42,760 123.000 166,480 (49.410) 379.550 16,690 38,220 119,450 Swifty Company 20,190 29,760 22,680 111,840 (21,420) 163,050 26.400 MARIGOLD COMPANY AND SUBSIDIARY SWIFTY Consolidated Balance Sheet Workpaper January 1, 2024 107,100 $ Debit Eliminations $ Credit Noncontrolling Interest Consolidated Balance
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Related Book For
Financial Reporting Financial Statement Analysis and Valuation a strategic perspective
ISBN: 978-1337614689
9th edition
Authors: James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Posted Date:
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