Problem #1 - Consolidating Worksheet and Financial Statement Preparation for Iliad Corporation SEPARATE BALANCE SHEETS Spartan...

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Problem #1 - Consolidating Worksheet and Financial Statement Preparation for Iliad Corporation SEPARATE BALANCE SHEETS Spartan ADJUSTMENTS & ELIMS CONSOLIDATED STATEMENT (IN THOUSANDS) Trojan Debits Credits Iliad Corporation INCOME STATEMENT Sales 800.0 700.0 Income from Trojan 59.5 Cost of goods sold 300.0 400.0 Depreciation expense 154.0 60.0 Other expenses 160.0 140.0 Consolidated net income Noncontrolling interest share Controlling share of net income 245.5 100.0 RETAINED EARNINGS Retained Earnings - Spartan Retained Earnings - Trojan 300.0 100.0 Controlling share of net income 245.5 100.0 Deduct: dividends (200.0) (50.0) Retained earnings - Dec 31 345.5 150.0 0 BALANCE SHEET Cash 86.0 60.0 Accounts receivable 100.0 70.0 Dividends receivable 14.0 Inventories 150.0 100.0 Other current assets 70.0 30.0 Land 50.0 100.0 Buildings - net 140.0 160.0 Equipment - net 570.0 330.0 Investment in Trojan 514.5 Patents Goodwill Unamortized excess Total Assets 1,694.5 850.0 Accounts payable 200.0 85.0 Dividends payable 100.0 20.0 Other liabilities 49.0 95.0 Capital stock, $10 par 1,000.0 500.0 Retained earnings 345.5 150.0 Total liabilities & equity 1,694.5 850.0 Noncontrolling interest at 1/1 Noncontrolling interest at 12/31 0.00 0.00 Problem #1 - Consolidating Worksheet and Financial Statement Preparation for Iliad Corporation SEPARATE BALANCE SHEETS Spartan ADJUSTMENTS & ELIMS CONSOLIDATED STATEMENT (IN THOUSANDS) Trojan Debits Credits Iliad Corporation INCOME STATEMENT Sales 800.0 700.0 Income from Trojan 59.5 Cost of goods sold 300.0 400.0 Depreciation expense 154.0 60.0 Other expenses 160.0 140.0 Consolidated net income Noncontrolling interest share Controlling share of net income 245.5 100.0 RETAINED EARNINGS Retained Earnings - Spartan Retained Earnings - Trojan 300.0 100.0 Controlling share of net income 245.5 100.0 Deduct: dividends (200.0) (50.0) Retained earnings - Dec 31 345.5 150.0 0 BALANCE SHEET Cash 86.0 60.0 Accounts receivable 100.0 70.0 Dividends receivable 14.0 Inventories 150.0 100.0 Other current assets 70.0 30.0 Land 50.0 100.0 Buildings - net 140.0 160.0 Equipment - net 570.0 330.0 Investment in Trojan 514.5 Patents Goodwill Unamortized excess Total Assets 1,694.5 850.0 Accounts payable 200.0 85.0 Dividends payable 100.0 20.0 Other liabilities 49.0 95.0 Capital stock, $10 par 1,000.0 500.0 Retained earnings 345.5 150.0 Total liabilities & equity 1,694.5 850.0 Noncontrolling interest at 1/1 Noncontrolling interest at 12/31 0.00 0.00