midterm workbook 2
TRANSCRIPT
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8/11/2019 Midterm Workbook 2
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Black Company and Blue Company
Consolidation Worksheet -- 20x1
Non-
Blue Consolidation Entries controlling
Accounts Company Debit Credit Interest
Sales 228,000$Expenses (132,000)
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Net income 96,000$
Retained earnings, 1/1/x1 252,000$
Net income 96,000
Dividends paid
Retained earnings, 12/31/x1 348,000$
Current assets 120,000$
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Land 108,000
Buildings (net) 336,000
Total assets 564,000$
Accounts payable 132,000
Common stock 72,000
Additional paid-in capital 12,000
Retained earnings, 12/31/02 348,000Total liabilities and equity 564,000$
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Consolidated
Totals
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RAND CORP. AND SPAULDING INC.
Consolidation Worksheet -- 2012
Non-
SPAULDING Consolidation Entries controlling
Accounts RAND INC. Debit Credit Interest
Revenues 372,000$ 108,000$Expenses (264,000) (72,000)
Equity in subsidiary earnings 25,000 -
Net income 133,000$ 36,000$
Retained earnings, 1/1/12 765,000$ 102,000$
Net income 133,000 36,000
Dividends paid (84,000) (24,000)
Retained earnings, 12/31/12 814,000$ 114,000$
Current assets 150,000$ 22,000$
Investment in Spaulding 242,000 -
Buildings (net) 525,000 85,000
Equipment (net) 389,250 129,000
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Total assets 1,306,250$ 236,000$
Liabilities 82,250 50,000
Common stock 360,000 72,000
Additional paid-in capital 50,000
Retained earnings, 12/31/06 814,000 114,000Total liabilities and equity 1,306,250$ 236,000$
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Consolidated
Totals
480,000$ (336,000)
25,000
169,000$
867,000$
(108,000)
759,000$
172,000$
242,000
610,000
518,250
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1,542,250$
132,250
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432,000
50,000
614,250$