Explanation The worksheet to produce consolidated balances is as follows: Company P and Company S Consolidation Worksheet Year ending December 31, 2018 Income statement Company P Company S Debit Credit Consolidated Balances Revenues ($740,000) ($505,000) (TI)100,000 ($1,145,000) Cost of goods sold $455,000 $240,000 (G) 2,000 (TI) $100,000 $597,000 Expenses $125,000 $158,500 (E) 5,000 $288,500 Interest expense on bonds $36,000 $0 (B) $18,000 $18,000 Interest income on bond investment $0 ($16,500) (B) 16,500 $0 Loss on extinguishment of bonds $0 $0 (B) 4,500 $4,500 Equity in income of Company S ($123,000) $0 (I) 123,000 $0 Net income ($247,000) ($123,000) ($237,000) Balance Sheet Cash and receivables $217,000 $35,000 (P) $33,000 $219,000 Inventory $175,000 $87,000 (G) $2,000 $260,000 Investment in Company S $613,000 $0 (D) 61,000 (*C) $15,000 (S) $481,000 (A) $55,000 $0 (I) $123,000 Investment in Company P $0 $147,000 (B) $147,000 $0 Land, buildings, and equipment (net) $245,000 $541,000 (A) 21,000 (E) $3,000 $804,000 Trademarks $0 $0 (A) 34,000 (E) $2,000 $32,000 Total assets $1,250,000 $810,000

Soft Bound Version for Advanced Accounting 13th Edition

13th Edition

ISBN: 9781260110579

Author: Hoyle

Publisher: McGraw Hill Education

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Question

Chapter 6, Problem 44P

To determine

Prepare a worksheet to produce consolidated balances.

Expert Solution & Answer

Chapter 6 Solutions

Soft Bound Version for Advanced Accounting 13th Edition

Ch. 6 - Prob. 1Q Ch. 6 - Prob. 2Q Ch. 6 - When is a firm required to consolidate the...Ch. 6 - Prob. 4Q Ch. 6 - Prob. 5Q Ch. 6 - Prob. 6Q Ch. 6 - Prob. 7Q Ch. 6 - Prob. 8Q Ch. 6 - Prob. 9Q Ch. 6 - Prob. 10Q

Ch. 6 - Prob. 11Q Ch. 6 - How do noncontrolling interest balances affect the...Ch. 6 - Prob. 13Q Ch. 6 - Prob. 14Q Ch. 6 - Prob. 15Q Ch. 6 - Prob. 16Q Ch. 6 - Prob. 17Q Ch. 6 - Prob. 1P Ch. 6 - Prob. 2P Ch. 6 - Prob. 3P Ch. 6 - Prob. 4P Ch. 6 - Prob. 5P Ch. 6 - Prob. 6P Ch. 6 - Problems 7 and 8 are based on the following...Ch. 6 - Prob. 8P Ch. 6 - Bens man Corporation is computing EPS. One of its...Ch. 6 - Prob. 10P Ch. 6 - Prob. 11P Ch. 6 - Prob. 12P Ch. 6 - Prob. 13P Ch. 6 - Prob. 14P Ch. 6 - Prob. 15P Ch. 6 - Prob. 16P Ch. 6 - On January 1, Coldwater Company has a net book...Ch. 6 - Prob. 18P Ch. 6 - Prob. 19P Ch. 6 - Prob. 20P Ch. 6 - On January 1, 2018, Stamford issues 10,000...Ch. 6 - On January 1, 2018, Stamford reacquires 8,000 of...Ch. 6 - Prob. 23P Ch. 6 - Prob. 24P Ch. 6 - On December 31, 2017. PanTech Company invests...Ch. 6 - Prob. 26P Ch. 6 - Prob. 27P Ch. 6 - Prob. 28P Ch. 6 - Prob. 29P Ch. 6 - Prob. 30P Ch. 6 - Prob. 31P Ch. 6 - Prob. 32P Ch. 6 - Prob. 33P Ch. 6 - Prob. 34P Ch. 6 - Prob. 35P Ch. 6 - Alford Company and its 80 percentowned subsidiary,...Ch. 6 - Prob. 37P Ch. 6 - Prob. 38P Ch. 6 - Prob. 39P Ch. 6 - Prob. 40P Ch. 6 - Prob. 41P Ch. 6 - Prob. 42P Ch. 6 - Prob. 43P Ch. 6 - Prob. 44P Ch. 6 - Fred, Inc., and Herman Corporation formed a...Ch. 6 - Prob. 46P Ch. 6 - Prob. 47P Ch. 6 - Prob. 48P Ch. 6 - Prob. 49P Ch. 6 - Prob. 50P Ch. 6 - Prob. 1DYS Ch. 6 - Prob. 2DYS Ch. 6 - The FASB ASC Subtopic Variable Interest Entities...

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