LooseLeaf for Advanced Accounting (Irwin Accounting) - Standalone book
13th Edition
ISBN: 9781259444951
Author: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
Publisher: McGraw-Hill Education
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Question
Chapter 3, Problem 20P
To determine
Prepare consolidation worksheet entries for December 31, 2017, and December 31, 2018.
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Gibco Limited has an October 31 year end. On September 30, 2020 Gibco had the following current liabilities listed on its books:
Bank credit line........................................... $25,300
Accounts payable........................................ 110,500
CPP, EI and income tax payable.................. 19,620
Unearned revenues.................................... 22,000
During October 2020 Gibco engaged in the following transactions:
Oct 1 Paid $12,000 on the credit line with their bank
Oct 5 Sold goods for $40,000 on which they had previously received a $10,000 deposit. The balance is due in 30 days.
Oct 12 Bought $26,000 of inventory on credit, terms of 30 days.
Oct 15 Paid amounts due the Government of Canada for the payroll amounts outstanding from September 30.
Oct 20 Paid $97,000 owing to a supplier.
Oct 21 Received $5,000 from a client for work that will be performed in January 2021.
Oct 21 Sold…
Use the following information for Questions 9–10.Porter Co. reported the following on its December 31, 2013, balance sheet:
Liabilities and Stockholders’ Equity:Accounts payable . . . . . . . . . . . . . . . . . . . . $ 3,000Notes payable. . . . . . . . . . . . . . . . . . . . . . . 22,000Bonds payable . . . . . . . . . . . . . . . . . . . . . . 45,000Common stock . . . . . . . . . . . . . . . . . . . . . . 110,000Preferred stock . . . . . . . . . . . . . . . . . . . . . . 20,000Additional paid-in capital . . . . . . . . . . . . . . . 70,000Retained earnings . . . . . . . . . . . . . . . . . . . . 32,000Treasury stock. . . . . . . . . . . . . . . . . . . . . . . 12,000
9. The debt/equity ratio for Porter Co. in 2013 (rounded) isa. 20.5%b. 24.1%c. 28.7%d. 31.8%10. The debt ratio for Porter Co. in 2013 (rounded) isa. 20.5%b. 24.1%c. 28.7%d. 31.8%
Kristopher Company began operations in 2014. At 12/31/22, Kristopher had a debit balance of $25,000 in its Allowance for Adjustment to Market.
At January 1, 2022, Kristopher owned the following securities, accounted for using the fair value method.
Cost
MJO Common (25,000 shares)
$550,000
JKH Preferred (1,900 shares)
199,500
EKH Common (7,500 shares)
82,500
During 2022 the following events occurred:
4/3/22 Sold 3,000 shares of MJO for $75,000.
9/6/22 Acquired 1,500 shares of WVO Common for $25 per share.
At 12/31/22, the fair values for Kristopher’s securities were:
MJO Common, $24 per share
JKH Preferred, $103 per share
EKH Common, $13 per share
WVO Common, $27 per share
Required:
Prepare any journal entries required in 2022 to record the securities activity, including any required adjusting entries at 12/31/22. Show any calculations.…
Chapter 3 Solutions
LooseLeaf for Advanced Accounting (Irwin Accounting) - Standalone book
Ch. 3 - Prob. 1QCh. 3 - Prob. 2QCh. 3 - Prob. 3QCh. 3 - Prob. 4QCh. 3 - When a parent company applies the initial value...Ch. 3 - Several years ago, Jenkins Company acquired a...Ch. 3 - Benns adopts the equity method for its 100 percent...Ch. 3 - Prob. 8QCh. 3 - Prob. 9QCh. 3 - Prob. 10Q
Ch. 3 - Prob. 1PCh. 3 - Prob. 2PCh. 3 - Prob. 3PCh. 3 - Prob. 4PCh. 3 - Paar Corporation bought 100 percent of Kimmel,...Ch. 3 - Prob. 6PCh. 3 - Prob. 7PCh. 3 - If no legal, regulatory, contractual, competitive,...Ch. 3 - Prob. 9PCh. 3 - Prob. 10PCh. 3 - What is Phoenixs consolidated retained earnings...Ch. 3 - On its December 31, 2018, consolidated balance...Ch. 3 - Prob. 13PCh. 3 - Herbert, Inc., acquired all of Rambis Companys...Ch. 3 - Prob. 15PCh. 3 - Prob. 16PCh. 3 - Prob. 17PCh. 3 - Prob. 18PCh. 3 - Prob. 19PCh. 3 - Prob. 20PCh. 3 - Prob. 21PCh. 3 - Prob. 22PCh. 3 - Following are selected account balances from...Ch. 3 - Prob. 24PCh. 3 - Prob. 25PCh. 3 - Prob. 26PCh. 3 - Prob. 27PCh. 3 - Prob. 28PCh. 3 - Prob. 29PCh. 3 - Prob. 30PCh. 3 - On January 1, 2017, Pinnacle Corporation exchanged...Ch. 3 - Following are selected accounts for Mergaronite...Ch. 3 - Prob. 33PCh. 3 - Prob. 34PCh. 3 - Prob. 35PCh. 3 - Prob. 36PCh. 3 - Prob. 37PCh. 3 - Prob. 38PCh. 3 - Prob. 39APCh. 3 - Prob. 40APCh. 3 - Prob. 1DYSCh. 3 - FASB ASC AND IASB RESEARCH CASE A vice president...Ch. 3 - Prob. 4DYSCh. 3 - Prob. 5DYS
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