Akron, Inc., owns all outstanding stock of Toledo Corporation. Amortization expense of $15,000 per year for patented technology resulted from the original acquisition. For 2021, the companies had the following account balances: Akron Toledo Sales $ 1,100,000 $ 600,000 Cost of goods sold 500,000 400,000 Operating expenses 400,000 220,000 Investment income Not given 0 Dividends declared 80,000 30,000 Intra-entity sales of $320,000 occurred during 2020 and again in 2021. This merchandise cost $240,000 each year. Of the total transfers, $70,000 was still held on December 31, 2020, with $50,000 unsold on December 31, 2021. Prepare a consolidated income statement for the year ending December 31, 2021.

Akron, Inc., owns all outstanding stock of Toledo Corporation. Amortization expense of $15,000 per year for patented technology resulted from the original acquisition. For 2021, the companies had the following account balances: Akron Toledo Sales $ 1,100,000 $ 600,000 Cost of goods sold 500,000 400,000 Operating expenses 400,000 220,000 Investment income Not given 0 Dividends declared 80,000 30,000 Intra-entity sales of $320,000 occurred during 2020 and again in 2021. This merchandise cost $240,000 each year. Of the total transfers, $70,000 was still held on December 31, 2020, with $50,000 unsold on December 31, 2021. Prepare a consolidated income statement for the year ending December 31, 2021.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 98.3C

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REQUIRED Determine the amounts that would appear in the consolidated financial statements of Pub Corporation and Sub for each of the following:1. Goodwill at December 31, 2019 2. Non-controlling interest share for 2019 3. Consolidated retained earnings at December 31, 2018 4. Consolidated retained earnings at December 31, 2019 5. Consolidated net income for 2019 6. Non-controlling interest at December 31, 2018 7. Non-controlling interest at December 31, 2019
Determine the amounts that would appear in the consolidated financial statements of PubCorporation and Sub for each of the following: 4. Consolidated retained earnings at December 31, 2019 5. Consolidated net income for 2019 6. Non-controlling interest at December 31, 2018 7. Non-controlling interest at December 31, 2019
Determine the amounts that would appear in the consolidated financial statements of Pub Corporation and Sub for each of the following: 1. Goodwill at December 31, 2019 2. Non-controlling interest share for 2019 3. Consolidated retained earnings at December 31, 2018 4. Consolidated retained earnings at December 31, 2019 5. Consolidated net income for 2019 6. Non-controlling interest at December 31, 2018 7. Non-controlling interest at December 31, 2019
REQUIRED1. Prepare a schedule showing Pamba’s income from Samba for the years 2017, 2018, and 2019.2. Compute Pamba’s net income for the years 2017, 2018, and 2019. 3. Prepare a schedule of consolidated net income for Pamba Corporation and Subsidiary for the years 2017, 2018, and 2019, beginning with the separate incomes of the two affiliates and including noncontrolling interest computations.
Questions: a. How much is the Consolidated Net Income? b. Using the same problem, how much is the Goodwill to be presented in the consolidated financial statements at December 31, 2022? c. Using the same problem, how much is the Consolidated Shareholders’ Equity at December 31, 2022? -------
Prepare a consolidated statement of financial position for Parker Company and subsidiary on January 2, 2020.
Prepare the Pro Forma Statement of Financial Position as at 31 December 2023 from the Statement ofFinancial Position and additional information provided below:INFORMATIONThe financial position of Gatti Limited as at 31 December 2022 is reflected the following statement:Statement of Financial Position as at 31 December 2022 R ASSETSNon-current assets 1 400 000Property, plant and equipment 1 200 000Fixed deposits 200 000Current assets 5 800 000Inventories 3 400 000Accounts receivable 2 000 000Cash and cash equivalents 400 000Total assets 7 200 000 EQUITY AND LIABILITIESEquity 4 680 000Ordinary share capital 3 600 000Retained earnings 1 080 000Non-current liabilities 720 000Long-term loan 720 000Current liabilities 1 800 000Accounts payable 1 800 000Total equity and liabilities 7 200 000 Additional informationThe following must be taken into account for 2023:■ Sales are forecast at R60 000 000, with a profit margin of 10% and a gross margin of 30%. Fifty percent(50%) of the sales is…
a) Prepare the worksheet for preparing a consolidated statement of financial position on the date of acquisition. You may add accounts to the worksheet that may be necessary.b) Prepare a consolidated statement of financial position for Parker Company and subsidiary on January 2, 2020.
Entity A invested in 38,600 shares of a listed company on 1 October 2019 at a cost of $3.95 per share. On 31 December 2019, the shares have a market value of $3.45. Entity A is not planning on selling these shares in the short term and elects to hold them as Fair Value through Other Comprehensive Income. REQUIRED: (1) Measure the amounts of the financial asset recognised in the Statement of Financial Position as at 31 December 2019. (2) Measure the amounts recognised in the Statement of Profit or Loss for the financial asset of the year 2019. (3) Measure the amounts of the Fair Value Reserve recognised in the Statement of Financial Position as at 31 December 2019
Please answer in good accounting form. Thankyou On January 1, 2019, Heirloom International entered into a joint agreement classified as a joint venture. For an investment of ₱1,000,000, Heirloom International obtained 30% interest in Rice Joint Venture, Inc. During the year, Rice Joint Ventures, Inc. reported profit of ₱2,000,000 and other comprehensive income of ₱500,000, for a total comprehensive income of ₱2,500,000. Rice Joint Venture, Inc. declared dividends of ₱1,600,000 during the year. How much is the carrying amount of the investment in joint venture on December 31, 2019?
Comparative income statements of Sub Corporation for the calendar years 2019, 2020, and 2021 are as follows (in thousands): 2019 2020 2021Sales $22,000 $18,500 $19,250Cost of sales 10,600 9,900 10,100Gross profit 11400 8600 9150Operating expenses 5,700 5,500 6,000Net income $ 5700 $ 3100 $ 3150ADDITIONAL INFORMATION1. Sub was an 80 percent-owned subsidiary of Pub Corporation throughout the 2019–2021 period. Pub’s separate income (excludes income from Sub) was $7,200,000, $6,600,000, and $7,500,000 in 2019, 2020, and 2021, respectively. Pub acquired its interest in Sub at its underlying book value, which was equal to fair value on July 1, 2017.2. Pub sold inventory items to Sub during 2019 at a gross profit to Pub of $720,000. Half the merchandise remained in Sub’s inventory at December 31, 2019. Total sales by Pub to Sub in 2019 were $1,800,000. The remaining merchandise was sold by Sub in 2020.3. Pub’s inventory at December 31, 2020, included items acquired from Sub on…
Comparative income statements of Sub Corporation for the calendar years 2019, 2020, and 2021 are as follows (in thousands): 2019 2020 2021Sales $22,000 $18,500 $19,250Cost of sales 10,600 9,900 10,100Gross profit 11400 8600 9150Operating expenses 5,700 5,500 6,000Net income $ 5700 $ 3100 $ 3150ADDITIONAL INFORMATION1. Sub was an 80 percent-owned subsidiary of Pub Corporation throughout the 2019–2021 period. Pub’s…

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bartleby, a Learneo, Inc. business

		Akron		Toledo
Sales	$	1,100,000	$	600,000
Cost of goods sold		500,000		400,000
Operating expenses		400,000		220,000
Investment income		Not given		0
Dividends declared		80,000		30,000