Construct a worksheet to consolidate the financial statement

Assignment Help Accounting Basics
Reference no: EM132712411

Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1, 2021, for $760,960 cash. At the acquisition date, Sierra's total fair value, including the noncontrolling interest, was assessed at $951,200 although Sierra's book value was only $619,000.

At year-end, there were no intra-entity receivables or payables.

Problem 1: Construct a worksheet to consolidate the financial statements of these two companies.

Reference no: EM132712411

Questions Cloud

How might you use attribution theory : a) How might you use Attribution Theory to understand these behaviours?
Debate is the use of embryonic stem cells : A controversial issue, closely related to cloning, that has caused a lot of debate is the use of embryonic stem cells.
What the adjusting entry required on December : The balance in the prepaid rent account before adjustment at the end of the year is $12,000, What the adjusting entry required on December 31
Organizational culture and motivation in the workplace : Organisations can have strong or weak cultures. Answer the following questions about organisational culture, and provide example(s).
Construct a worksheet to consolidate the financial statement : Construct a worksheet to consolidate the financial statements of these two companies. Padre, Inc., buys 80 percent of outstanding common stock of Sierra Corp
Did the federal reserve make things worse : During the 2008 "Great Recession", did the Federal Reserve help keep the U.S. economy going in right direction? Or did the Federal Reserve make things worse?
How strategies are translated into action plan : Can you describe how strategies are translated into action plan?
Prepare worksheet entries to consolidate two companies : On January 1, 2021, Sledge had common stock of $180,000. Prepare worksheet entries to consolidate two companies as of December 31, 2021.
Which project should be accepted and why : The required rate of return is 14.7 percent for Project A and 14.9 percent for Project B. Which project(s) should be accepted and why

Reviews

Write a Review

Accounting Basics Questions & Answers

  Why does codification presume a democratic setting

What is the relationship between public goods and free riders?

  Compute the companys contribution margin for july

Estimate the company's total variable cost per unit and its total fixed costs per year. Compute the company's contribution margin for July.

  Prepare Journal entries for the month of January

Modern Styles was organized on Jan 1 to operate as a real estate broker. Prepare Journal entries for the month of January, 2020

  Why the cash received for gift cards

How would you explain to the GM why the cash received for gift cards should or should not be included in your reported sales revenue

  Explain why interest expense is greater than interest paid

Prepare the journal entry to record the payment of interest and the discount amortization at the end of period 1.

  Should ms pena accept her employer offer

Assuming that the retirement benefit is the only consideration in making the retirement decision, should Ms. Pena accept her employer's offer

  Identify how understanding of ais

How each of concepts will help you in appreciating the power of AIS. describe how they increased your appreciation and understanding of AIS.

  What would be the effect on accounts

What would be the effect on accounts if the owner withdrew cash -  Accounts Payable had a normal starting balance of $800. There were debit postings of $600 and credit postings of $300 during the month. The ending balance.

  Cost of goods manufactured

If the amount of "Cost of Goods manufactured" during a period exceeds the amount of "Total manufacturing costs" for the period then:

  Compute Dunne US tax liability after any available FTCs

Dunne paid $25,000 in Brazilian income taxes and $3,000 in Dutch income taxes. Compute Dunne's U.S. tax liability after any available FTCs

  Overhead based on direct labor cost

During 2010, Durham Manufacturing expected to cost $300,000 of overhead, $500,000 of materials, and $200,000 in labor. Durham applied overhead based on direct labor cost.

  Journalize the entry to record the issuance of the bonds

On the first day of the fiscal year, a company issues a $1,000,000, 7%, Journalize the entry to record the issuance of the bonds

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd