Reference no: EM132762041
Question - The following comparative consolidated trial balances apply to Sherwood's Enterprises Inc. and its subsidiary Wilson Inc. (80% control):
6/30/2019 6/30/2020
Cash $247,500 $270,720
Trading Securities Portfolio (at market) $144,000 $108,000
Accts Rec $315,000 $341,640
Inventories $284,400 $241,200
Land $85,500 $162,000
PPE $450,000 $468,000
Accumulated Depreciation -$121,500 -$136,800
Goodwill $54,000 $54,000
Current Liabilities -$171,000 -$139,050
Long-Term Notes Payable -$405,000 -$351,000
NCI -$144,900 -$169,902
Paid-in Capital (Common Stock + APIC) -$594,000 -$603,000
Retained Earnings -$175,500 -$259,308
Treasury Stock $31,500 $13,500
$0 $0
The following is additional information for 2020:
No trading securities were sold nor were any investments added to the portfolio.
Land was acquired by issuing a $36,000 note and giving cash for the balance.
Equipment (cost $45,000; accumulated depreciation $36,000) was sold for $2,700
Dividends declared and paid: Sherwood's Associates 45,000; Wilson Inc. $36,000.
Consolidated net income amounted to $161,010.
Treasury stock was reissued at premium.
Required - Complete the consolidated statement of cash flows for the year ended November 30, 2018, for Sherwood's Associates and its subsidiary.
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