Calculate the amounts that will appear in consolidated financial statements for the items below that are...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Calculate the amounts that will appear in consolidated financial statements for the items below that are selected from different parts of different financial statements of Parent Par and Subsidiary Sag by completing the partial worksheet: Sales Income from Sag Gain on land Gain on equipment Cost of sales Depreciation expense Retained earnings - Parent Retained earnings-Subsidiary Dividends $ 700 70 20 300 90 $ 600 100 Par Sag 90% $ 500 10 300 $ 200 50 a 50 D 70 € 20 b 10 E Adjustments and Eliminations a 50 C 10 D 45 95 Consolidated Cash Accounts receivable Inventories Accounts payable Other liabilities Capital stock Retained earnings Equipment net Investment in Sag $35 90 100 $160 340 500 700 500 655 $30 110 80 $ 50 70 500 260 400 f12 e500 95 f12 b 10 C 10 D 25 e630 Calculate the amounts that will appear in consolidated financial statements for the items below that are selected from different parts of different financial statements of Parent Par and Subsidiary Sag by completing the partial worksheet: Sales Income from Sag Gain on land Gain on equipment Cost of sales Depreciation expense Retained earnings - Parent Retained earnings-Subsidiary Dividends $ 700 70 20 300 90 $ 600 100 Par Sag 90% $ 500 10 300 $ 200 50 a 50 D 70 € 20 b 10 E Adjustments and Eliminations a 50 C 10 D 45 95 Consolidated Cash Accounts receivable Inventories Accounts payable Other liabilities Capital stock Retained earnings Equipment net Investment in Sag $35 90 100 $160 340 500 700 500 655 $30 110 80 $ 50 70 500 260 400 f12 e500 95 f12 b 10 C 10 D 25 e630
Expert Answer:
Answer rating: 100% (QA)
To calculate the amounts that will appear in the consolidated financial statements we need to adjust ... View the full answer
Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
Posted Date:
Students also viewed these mathematics questions
-
Calculate the amounts that will be accumulated after 20 years if: a. $1000 is invested at the end of every six months at 8.5% compounded semiannually. b. $2000 is invested at the end of every year at...
-
Consolidated financial statements for Initech Corporation follow. Initech Corporation Consolidated Balance Sheets (In millions except per share amounts) LIABILITIES AND STOCKHOLDERS EQUITY Required:...
-
Calculate the amounts that will be accumulated after 20 years if a. $1000 is invested at the end of every six months at 3.5% compounded semiannually. b. $2000 is invested at the end of every year at...
-
Aggie, inc. purchased a truck at a cost of $12,000. the truck has an estimate salvage value of $2,000 and an estimated life of 5 years, or 100,000 hours of operation. The truck was purchased on...
-
A company with a high dividend payout ratio is a better investment than a company with a low dividend payout ratio. Do you agree? Explain.
-
Use Holt-Winters additive method to create a seasonal model that minimizes the MSE for the data set. Use Solver to determine the optimal values of a, b, and g. a. What are the optimal values of a, b,...
-
For oil \(\left(S G=0.86, \mu=0.025 \mathrm{Ns} / \mathrm{m}^{2} ight.\) ) flow of \(0.2 \mathrm{~m}^{3} / \mathrm{s}\) through a round pipe with diameter of \(500 \mathrm{~mm}\), determine the...
-
In one stage of an annealing process, 304 stainless steel sheet is taken from 300 K to 1250 K as it passes through an electrically heated oven at a speed of V, = 10 mm/s. The sheet thickness and...
-
Direct labor costs Family Model Deluxe Model $72,900 $145,800 Machine hours 2,000 2,000 Setup hours 200 800 Packaging hours 50 75 The estimated overhead of $437,400 is allocated as follows: machining...
-
Tyre Recycling Inc. (TRI) operates a tire recycling plant in Murdochville, QC. Three years ago it acquired all of the shares of Tyre Distributors Corp. which sells tires to Canadian Tire and other...
-
Organisms of a species of fern have both a multicellular haploid and a multicellular diploid phase. This is an example of a haplontic life cycle. independent assortment. asexual reproduction. O a...
-
Find the cost of the monthly rent for a two-bedroom apartment in 30 years, assuming an annual inflation rate of \(10 \%\), if the current rent is \(\$ 850\).
-
A ball of inertia \(m_{b}\) is relcased from rest and falls vertically. What is the ball's final kinetic energy after a displacement \(\Delta x=x_{\mathrm{f}}-x_{i}\) ?
-
Which of the arguments made in the legal challenges to the ACA strike you as most persuasive?
-
A \(60-\mathrm{kg}\) person jumps off a chair and lands on the floor at a speed of \(1.2 \mathrm{~m} / \mathrm{s}\). Once his feet touch the floor surface, he slows down with constant acceleration by...
-
An investigator receives a sample of a short-lived isotope that was created using a cyclotron. Explain why it is not possible to tell the age of an individual nucleus, but it is possible to determine...
-
Materials used in production (including $46,200 ofindirect materials)$498,900Direct labor (including $69,300maintenance salaries)461,900Factory overhead: Supervisorsalaries??plant424,900 Heat, l 2...
-
1. Following are information about Alhadaf Co. Cost incurred Inventory Purchases Sales Adverting expense Salary Expense Depreciation Beginning Inventory Ending Inventory Amount 118,000 350.000 90,000...
-
Aretha Company showed the following information for the year: Standard variable overhead rate (SVOR) per direct labor hour .....$ 3.70 Standard hours (SH) allowed per unit 4 Actual production...
-
Terry Linens Inc. manufactures bed and bath linens. The bath linens department sews terry cloth into towels of various sizes. Terry uses the weighted average method. All materials are added at the...
-
Multiple Choice Questions 1. Which of the following statements is true? a. Job-order costing is used only in manufacturing firms. b. Process costing is used only for services. c. Job-order costing is...
-
Suppose you just returned home from a vacation in Mazatlan, Mexico, where you exchanged U.S. dollars for Mexican pesos. How did your trip to Mexico affect the supply and demand for dollars and the...
-
What does it mean to say that a currency appreciates or depreciates in value? Give an example of each and briefly mention what might cause such a change.
-
Find the U.S. dollar value of each of the following currencies at the given exchange rates: a. \($1\) = C$.96 (Canadian dollars) b. \($1\) = 81 (Japanese yen) c. \($1\) = A$.95 (Australian dollars)...
Study smarter with the SolutionInn App