Gamma, Inc., owns Hamlet Corp. These two companies individual balance sheets follow: Requirements 1. Prepare a consolidated
Question:
Gamma, Inc., owns Hamlet Corp. These two companies’ individual balance sheets follow:
Requirements
1. Prepare a consolidated balance sheet of Gamma, Inc. It is sufficient to complete the consolidation work sheet.
2. What is the amount of stockholders equity for the consolidatedentity?
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...
Gamma, Inc. Consolidation Work Sheet Elimination Gamma, Inc. Hamlet Corp. D Credit Assets $ 50,000 19,000 54,000 43,000 78,000 Accounts receivable, net 79,000 Inventory Investment in Hamlet Plant assets, net Other asse Total 90,000 5,000 585000 $289,000 55,000 93,000 284,000 24,000 Liabilities and Stockholders' Equity Accounts payable Notes payable Other liabilities Commons Retained earnings Total 48,000 27,000 31,000 138,000 78,000 192000 15,000 $289,000 154,000 80,000 111,000 $585,000
Step by Step Answer:
Req 1 consolidation work sheet and balance sheet Hamlet ELIMINATION CONSOLIDATED AS...View the full answer
Financial accounting
ISBN: 978-0136108863
8th Edition
Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas
Related Video
This video is about ways to attempt consolidated balance sheet questions. since the unconsolidated financial statements of parent and subsidiary companies are prepared separately, consolidating the balance sheets of both companies is critical and sometimes becomes complex. the tutorial will guide students on to how questions on attempting questions on consolidated financial statements in an easier yet more effective way.
Students also viewed these Accounting questions
-
Zeta, Inc., owns Theta Corp. These two companies individual balance sheets follow: Requirements 1. Prepare a consolidated balance sheet of Zeta, Inc. It is sufficient to complete the consolidation...
-
Alpha, Inc., owns Beta Corp. Te two companies individual balance sheets follow: Requirements 1. Prepare a consolidated balance sheet of Alpha, Inc. It is sufficient to complete the consolidation work...
-
Alfa, Inc., owns Tempest Corp. These two companies individual balance sheets follow: Requirements 1. Prepare a consolidated balance sheet of Alfa, Inc. It is sufficient to complete the consolidation...
-
Since perpetuity payments continue forever, how can a present value be computed? Why isnt the present value infinite?
-
A model sailboat is slowly sailing west across a pond at 0.33 m/s. A gust of wind blowing at 28 south of west gives the sailboat a constant acceleration of magnitude 0.30 m/s2 during a time interval...
-
In Example 17.11, assume that the promised amounts to \(A\) and \(B\) are \(\$ 110\) and \(\$ 90\), respectively. Develop the new table of results. What are the prices of \(A\) and \(\mathrm{B}\) ?...
-
What are the key components of the Facilities Element? Give examples.
-
Galloway Company is a small editorial services company owned and operated by Fran Briggs. On July 31, 2012, the end of the current year, Galloway Companys accounting clerk prepared the unadjusted...
-
What are the key principles and techniques of nonviolent communication, and how can they be effectively applied to de-escalate conflicts and foster mutual understanding in high-stakes situations?
-
c). Assuming that Thomas Co. had a balance in Merchandise Inventory on December 1 of $6,000, determine the balance in the Merchandise Inventory account at the end of December for Thomas Co. (Post...
-
Ever Financial paid $560,000 for a 20% investment in the common stock of Laker, Inc. For the first year, Laker reported net income of $220,000 and at year-end declared and paid cash dividends of...
-
Assume that on September 30, 2010, Baytex, Inc., paid 96 for 7.5% bonds of Collins Corporation as a long-term held-to-maturity investment. The maturity value of the bonds will be $40,000 on September...
-
What was the Industrial Revolution?
-
The wave theory is able to provide a better model than the corpuscular theory for partial reflection and partial refraction. The diagram below shows a wavefront moving from a dense material to a...
-
The diagram below shows the sound spectrum of a piano playing the A3 note. Relative 1.0 Amplitude 05 00 Piano 1000 2000 Frequency (Hz) 3000 a. Which line would represent the fundamental frequency? b....
-
A 1 0 0 gram mass is at rest on a frictionless air track glider. The length of the track is 2 meters and the mass is initially set at the midpoint. The mass is attached to a spring, k = 5 0 Newtons...
-
You have obtained the following values: mo = 50[g],mw = 103[g],h = 449[mm], d = 69[mm],R 108[mm], twithout weights = = 1.081 [s], twith weights 2.391[s]. Calculate the experimental common inertia of...
-
(a) A car departs from Location A to Location B from rest and accelerates uniformly to a velocity of 70 km/hour in 1 minute. Then, the car decelerates uniformly to Location C and travelled 800 m from...
-
a. Maria scored a perfect 800 (can you believe it) on the GMAT exam? b. Maria scored a perfect 800 (Can you believe it?) on the GMAT exam. Choose the correctly punctuated item.
-
r = 0.18 Find the coefficients of determination and non-determination and explain the meaning of each.
-
As student representatives, your colleagues have suggested the following six presentation purposes for a staffstudent conference. Summarize your choice, giving reasons: a. To show the audience that...
-
Classify each item as an asset, liability, common stock, revenue, or expense. (a) Issuance of ownership shares (b) Land purchased (c) Amounts owed to suppliers (d) Bonds payable (e) Amount earned...
-
Gould Corporation began operations on January 1, 2012. The following information is available for Gould Corporation on December 31, 2012. Prepare an income statement, a retained earnings statement,...
-
Indicate whether each of the following items is most closely associated with the management discussion and analysis (MD&A), the notes to the financial statements, or the auditors report. (a)...
-
Iguana, Incorporated, manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linear feet of bamboo, which costs $2.00 per foot. Each frame takes approximately 30 minutes to...
-
Why does the government intervene in the economy? Explain two ways the government seeks to direct the economy in a mixed economic system like the United States. How can ordinary citizens influence...
-
What strategies do businesses have in place that promote equal opportunity within the organization? Do most businesses offer career development and training to its employees? If so, why? How do...
Study smarter with the SolutionInn App