Complete the working papers to consolidate the financial statements of Park Corporation and subsidiary for the...

 

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Complete the working papers to consolidate the financial statements of Park Corporation and subsidiary for the year ended December 31, 2020. INCOME STATEMENT Sales income from Stay Cost of Sales Other Expenses Noncontrolling interest share Net income Retained Earnings 1/1 Add: Net income Dividends Retained Earnings 12/31 BALANCE SHEET Cash Net Receivables Dividends Receivable Inventories Goodwill Plant assets-net Investment in Stay TOTAL ASSETS LIAB. & EQUITY Accounts payable Dividends payable Other Debt Capital Stock Retained Earnings 1/1 Noncntrl. Interest 12/31 Noncntrl. Interest TOTAL LIAB. & EQUITIES Park Stay $43,000 $20,000 6,700 (22,000) (8,000) (12,200) (3,000) $15.500 $9.000 $ 9,000 15,500 $5,400 $8,000 (10,000) (5,000) $ 14,500 $12,000 9,000 2,000 $ 3,000 14,000 10,000 18,000 8,000 24,000 31,000 28,100 $91,500 $52,000 $17,500 $ 12,500 7,000 2,500 12,500 10,000 40,000 15,000 14,500 12,000 $91,500 $52,000 Eliminations Debit Credit Consolidated Complete the working papers to consolidate the financial statements of Park Corporation and subsidiary for the year ended December 31, 2020. INCOME STATEMENT Sales income from Stay Cost of Sales Other Expenses Noncontrolling interest share Net income Retained Earnings 1/1 Add: Net income Dividends Retained Earnings 12/31 BALANCE SHEET Cash Net Receivables Dividends Receivable Inventories Goodwill Plant assets-net Investment in Stay TOTAL ASSETS LIAB. & EQUITY Accounts payable Dividends payable Other Debt Capital Stock Retained Earnings 1/1 Noncntrl. Interest 12/31 Noncntrl. Interest TOTAL LIAB. & EQUITIES Park Stay $43,000 $20,000 6,700 (22,000) (8,000) (12,200) (3,000) $15.500 $9.000 $ 9,000 15,500 $5,400 $8,000 (10,000) (5,000) $ 14,500 $12,000 9,000 2,000 $ 3,000 14,000 10,000 18,000 8,000 24,000 31,000 28,100 $91,500 $52,000 $17,500 $ 12,500 7,000 2,500 12,500 10,000 40,000 15,000 14,500 12,000 $91,500 $52,000 Eliminations Debit Credit Consolidated

Answer rating: 100% (QA)

Solution INCOME STATEMENT Cost of Sales Other Expenses Noncontro... View the full answer