Prepare a consolidated balance sheet worksheet

Assignment Help Accounting Basics

Reference no: EM131025177

Power Company owns 90 percent of Pleasantdale Dairy’s stock. The balance sheets of the two companies immediately after the Pleasantdale acquisition showed the following amounts.

Power Company		Pleasantdale Dairy
Assets
Cash & Receivables	$	141,000	$	84,000
Inventory		214,000		104,000
Land		81,000		55,000
Buildings & Equipment (net)		396,000		229,000
Investment in Pleasantdale Stock		258,300

Total Assets	$	1,090,300	$	472,000

Liabilities & Stockholders’ Equity
Current Payables	$	65,000	$	36,000
Long-Term Liabilities		271,300		169,000
Common Stock		382,000		65,000
Retained Earnings		372,000		202,000

Total Liabilities & Stockholders’ Equity	$	1,090,300	$	472,000

The fair value of the noncontrolling interest at the date of acquisition was determined to be $28,700. The full amount of the increase over book value is assigned to land held by Pleasantdale. At the date of acquisition, Pleasantdale owed Power $14,000 plus $1,000 accrued interest. Pleasantdale had recorded the accrued interest, but Power had not.

Required:

Prepare a consolidated balance sheet worksheet. (Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.)

Reference no: EM131025177

Questions Cloud

Write an equation for private saving : Write an equation expressing GDP, or Y, for this economy. Write an equation for private saving, SP. Write and equation for public saving, SG. Write an equation for National Saving, NS, that indicates the all the components of NS

Why do such companies as ford, federal express : Why do such companies as Ford, Federal Express, Boeing, or Proctor & Gamble put together cross-functional teams?(a) Because each member has unique knowledge that adds value to the overall decision(b) Because it is cheaper than hiring consultants

Write the given permutation matrix shown below : If A is a diagonalisable matrix and all of its eigenvalues satisfy |λ|

One of the disadvantage of pass by reference : One of the disadvantage of pass by reference is that the called function may inadvertently corrupt the called data. How ca this be avoided?

Prepare a consolidated balance sheet worksheet : Power Company owns 90 percent of Pleasantdale Dairy’s stock. The balance sheets of the two companies immediately after the Pleasantdale acquisition showed the following amounts.

How to cite the source in your paper using apa style : You would like to integrate this article into your paper. Which of the following is a correct example of how to cite this source in your paper using APA style?

Convert degrees celsius to fahrenheit : A c++ program with two functions: The first function converts degrees Celsius to Fahrenheit, the second function converts Fahrenheit to degrees Celsius. The user should be prompted to choose two options;- "1. Convert degrees Celsius to Fahrenheit"

What happens to labor productivity : If the value of L is 100, the value of K is 400, and the value of A is 2, what is the value of output in this economy? Show your work.

How can be two different reaction pathways for same reaction : The following graph shows two different reaction pathways for the same overall reaction at the same temperature. Which pathway is slower? Why? How can there be two different reaction pathways for the same reaction at the same temperature? Discuss.

User Account

All Pages