Comparative consolidated financial statements for Pes Corporatio

Comparative consolidated financial statements for Pes Corporation and its 90 percent-owned subsidiary, Sun Corporation, at and for the years ended December 31 are as follows:

Controlling share of income Add: Beginning retained earnings 130 190 100 130 30 60 Less: Dividends (40) (40) S 280 $190

REQUIRED: Prepare a consolidated statement of cash flows for Pes Corporation and Subsidiary for the year ended December 31, 2011, using either the indirect method or the direct method. All changes in plant assets are due to asset acquisitions and depreciation. Sun's net income and dividends for 2011 are $50,000 and $20,000,respectively.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...