The consolidated income statement for the year December 31, 2012, and comparative balance sheets for 2011 and
Question:
Transcribed Image Text:
PARKS COMPANY AND SUBSIDIARY Consolidated Income Statement for the Year Ended December 31, 2012 Sales Cost of goods sold Gross margin Depreciation expense Other operating expenses $239,000 104,000 135,000 $27,000 72,000 Income from operations Investment income Consolidated net income Noncontrollng interest in consolidated net income Controlling interest in consolidated net income 99,000 36,000 4,500 40,500 ,000 $37,500 PARKS COMPANY AND SUBSIDIARY Consolidated Balance Sheets December 31, 2011 and 2012 2012 2011 Cash Receivables Inventory Property, plant, and equipment (net of depreciation) Long-term investment Goodwill 36,700 55,000 126,000 231,000 9,000 60,000 $547,700 16,000 90,000 92,000 225,000 39,000 60,000 $522,000 88,500 41,000 150,000 Total assets 67,500 30,000 100,000 197,500 ccounts payable Accrued expenses Bonds payable, due July 1, 2020 Total iabilities Noncontrolling interest Common stochk Retained earings 187,500 130,500 318,000 547,700 30,000 100,000 112,500 212.500 522.000 Total stockholders equity Total equities
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (12 reviews)
Parks Company and Subsidiary Consolidated Statement of Cash Flows Direct Method For the Year Ended D...View the full answer
Answered By
Charles mwangi
I am a postgraduate in chemistry (Industrial chemistry with management),with writing experience for more than 3 years.I have specialized in content development,questions,term papers and assignments.Majoring in chemistry,information science,management,human resource management,accounting,business law,marketing,psychology,excl expert ,education and engineering.I have tutored in other different platforms where my DNA includes three key aspects i.e,quality papers,timely and free from any academic malpractices.I frequently engage clients in each and every step to ensure quality service delivery.This is to ensure sustainability of the tutoring aspects as well as the credibility of the platform.
4.30+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Related Video
Financial statements of a business having numerous divisions or subsidiaries are called consolidated financial statements. Companies frequently refer to the aggregated reporting of their entire firm together when using the term \"consolidated\" in financial statement reporting. Consolidated financial statement reporting, on the other hand, is defined by the Financial Accounting Standards Board as the reporting of an entity that is organized with a parent company and subsidiaries.
Students also viewed these Accounting questions
-
The consolidated income statement for the year December 31, 2019, and comparative balance sheets for 2018 and 2019 for Parks Company and its 90% owned subsidiary SCR, Inc. are as follows: SCR, Inc....
-
The consolidated income statement for Babcock International Group PLC is presented here: consolidated income statement for Babcock International Group PLC is"> The income statement does not disclose...
-
Comparative balance sheets for 2011 and 2010, a statement of income for 2011, and additional information from the accounting records of Red, Inc., are provided below. Additional information from the...
-
Lamonda Corp. uses a job order cost system. On April 1, the accounts had the following balances: The following transactions occurred during April: (a) Purchased materials on account at a cost of...
-
What semiannually compounded rate is equivalent to 6% compounded: a. Annually? b. Quarterly? c. Monthly?
-
Which statement is false? Explain. a. If = 52 and = 15, then X = 81 would be an outlier. b. If the data are from a normal population, about 68 percent of the values will be within c. If = 640 and ...
-
How helpful is it that jurisdiction of the International Court of Justice is voluntary? Does this completely undermine the credibility or usefulness of the court? What are the advantages and...
-
(Imputation of Interest with Right) On January 1, 2010, Durdil Co. borrowed and received $500,000 from a major customer evidenced by a zero-interest-bearing note due in 3 years. As consideration for...
-
The price of a car you want is $39,000 today. Its price is expected to increase by $1000 each year. You now have $23,500 in an investment account, which is earning 11% per year. How many years will...
-
A mixture of three amino aids is separated by gel electrophoresis. The three amino acids are glycine, valine and phenylalanine (Figure 27.14). a. The electrophoresis is carried out in a buffer...
-
A consolidated income statement for 2011 and comparative consolidated balance sheets for 2010 and 2011 for P Company and its 80% owned subsidiary follow: P COMPANY AND SUBSIDIARY consolidated income...
-
Distinguish among the following concepts: (a) Difference between book value and the value implied by the purchase price. (b) Excess of implied value over fair value. (c) Excess of fair value over...
-
A service provider decided to split each hexagonal cell of 20 km radius to 7 microcell of appropriate size. (a) What is the size of each microcell? (b) How is the signal strength influenced by such a...
-
N = 60, n = 8, k = 25 Compute the mean and standard deviation of the hypergeometric random variable X.
-
Download the file named Chapter 2 Problem 3.xlsx from the text support Web site. Data from Chapter 2 Problem 3.xlsx New Smyrna Surf Shop Income Statements For the Years 2019 and 2020 2020 2019 Sales...
-
A commonly suggested moving-average trading rule is to buy a stock when its price moves above the average of the last B months and to sell it when its price moves below the average of the last S...
-
A battery, a lightbulb, and two resistors are in the circuit shown in Figure Q23.2. What happens to the brightness of the bulb if the two resistors are exchanged? 15 V 100 ww FIGURE 023.2 200
-
The two lightbulbs in Figure Q23.1 are glowing. What happens to the brightness of bulb B if bulb A is removed from the circuit? FIGURE Q23.1 A B
-
A gasoline line is connected to a pressure gage through a double-U manometer, as shown in Fig. P3153. If the reading of the pressure gage is 260 kPa, determine the gage pressure of the gasoline line....
-
How do individual companies respond to economic forces throughout the globe? One way to explore this is to see how well rates of return for stock of individual companies can be explained by stock...
-
Pam Corporation acquired a 70 percent interest in Sam Corporation on January 1, 2011, for $420,000 cash, when Sam's equity of Sam consisted of $300,000 capital stock and $200,000 retained earnings....
-
Pan Corporation acquired an 85 percent interest in Sly Corporation on August 1, 2011, for $522,750, equal to 85 percent of the underlying equity of Sly on that date. In August 2011, Sly sold...
-
Comparative consolidated financial statements for Pop Corporation and its subsidiary, Sat Corporation, at and for the years ended December 31, 2012 and 2011 follow (in thousands). REQUIRED: Prepare a...
-
An analysis of the activities needed to produce each product has been conducted. In addition, estimates have been developed. These are in the table below. Match the OH rate with the activity for each...
-
Service business 1. You are required to form a small business (Service business) 2. Explain the name and nature of the business, location, mission and objectives of the company. Assume the business...
-
Cost of utilities Cost per month (In dollars) $20,000 4. The cost of utilities depends on how many wards the hospital needs to use during a particular month. During months with activity under 2,000...
Study smarter with the SolutionInn App