User Account

All Pages

Prepare consolidated journal entry to consolidate assets

Assignment Help Accounting Basics
Reference no: EM132644173

Question - Prepare Consolidated Balance Sheet for Big Lake Bakeries which owns 100% of Marble Falls Orchards. The fair value of Marble Falls net fixed assets are $2,675,000.

Big Lake acquired 100% of Marble Falls for 3,750,000

Fair value of fixed assets 2,675,000

Balance Sheet prior to acquistion

Big Lake Marble Falls

Current assets 4,250,000 500,000

Fixed assets, net 4,500,000 1,675,000

Liabilties 350,000 125,000

Common Stock 7,500,000 1,525,000

Paid in Capital 500,000

Retained Earnings 400,000 525,000

Required -

a. Prepare purchase entry.

b. Prepare consolidated journal entry to consolidate equity accounts.

c. Prepare consolidated journal entry to consolidate assets.

Reference no: EM132644173

Questions Cloud

Identify industries experiencing rapid technological changes : Identify two industries experiencing rapid technological changes and three industries that are experiencing little technological change
How describe the new product or service : Discuss the qualities that make this product/service new to the marketplace and the rationale for your decision to pursue the concept.
What is prevalence rate per age demographic : What is the prevalence rate per age demographic? What else can be deduced after evaluating the chart? Which age groups are least affected?
Intercept the path of a moving football : Explain whether a lesion restricted to a small region in the ventral stream of the visual system is more likely to affect the ability to recognise your grandmot
Prepare consolidated journal entry to consolidate assets : The fair value of Marble Falls net fixed assets are $2,675,000. Prepare consolidated journal entry to consolidate assets
Preparing for the peer review : One reflecting on your experiences with peer review and one that discusses ways to offer good feedback.
How missing documentation can affect patient care : What type of example could show how missing documentation can affect patient care?
What is the company sustainable competitive advantage : What is the company's sustainable competitive advantage? Discuss demographics, psychographic, geographic and behavioral variables.
Why was mary mallon targeted for quarantine : Why was Mary Mallon targeted for quarantine (government-imposed isolation)? Specifically, what personal and demographic characteristics

Reviews

Write a Review

Accounting Basics Questions & Answers

  How do retiree health benefits differ from pension

how do retiree health benefits differ from pension benefits with respect to accounting funding regulation and employee

  An accountant must be familiar with the concepts involved

an accountant must be familiar with the concepts involved in determining earnings of a company. the amount of earnings

  Compute the following variances for raw materials direct

thompson company uses a standard cost system for its single product. the following data are availableactual experience

  The personnel department costs basis of number of employees

Oaks Company has two support departments, Maintenance Department (MD) and Personnel Department (PD), and two producing departments

  Describe activity-based budgeting

Rockgate Company's July sales budget calls for sales of $400,000. The store expects to begin July with $40,000 of inventory and to end the month with $50,000.

  Calculate total amount to be credited to the bank account

On O6 May 2019, paid N$50,000 of the amount owed to Masima Transporters. Calculate total amount to be credited to the bank account

  Compute the controllable overhead variance

Nokia monitors its fixed overhead. In an analysis of fixed overhead cost variances, what is the volume variance?

  Clculate the total contribution margin that the

norton company produces two products juno and hera that use the same material input. juno uses two kilograms of the

  Find the net present value of the advertising program

The cost of advertising is immediately recognized as expense. Find the net present value of the advertising program

  How can microsoft excel be helpful

How can Microsoft Excel be helpful when attempting to analyze Capital Budgeting Decisions? 200 words with references.

  Seaver company sold land with a book value

On January 1, 2010, Seaver Company sold land with a book value of $23,000 to Bench Company. Bench Company paid $15,000 down and signed a $15,000 non interest bearing note, payable in two $7,500 annual installments on December 31, 2010 and 2011.

  Accounting for bad debts is worcester company

(a) Based on the information given, which method of accounting for bad debts is Worcester Company using-the direct write-off method or the allowance method? How can you tell?

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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