a. Prepare all consolidation entries needed to complete a consolidated balance sheet worksheet as of December 31, 20X8. Note: If no entry is required for a transaction/event, select "No Journal entry required" in the first account field. Do not round Intermediate calculations. view transaction list Consolidation Worksheet Entries A B < Record the basic consolidation entry. Note: Enter debits before credits. Entry 1 Accounts Debit Credit
a. Prepare all consolidation entries needed to complete a consolidated balance sheet worksheet as of December 31, 20X8. Note: If no entry is required for a transaction/event, select "No Journal entry required" in the first account field. Do not round Intermediate calculations. view transaction list Consolidation Worksheet Entries A B < Record the basic consolidation entry. Note: Enter debits before credits. Entry 1 Accounts Debit Credit
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter16: Financial Statement Analysis
Section: Chapter Questions
Problem 4PB
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Question
![The December 31, 20x8, balance sheets for Pint Corporation and its 70 percent-owned subsidiary Saloon Company contained the
following summarized amounts:
Assets
Cash and Receivables
Inventory
Buildings and Equipment (net)
Investment in Saloon Company
Total Assets
Liabilities and Equity
Accounts Payable
Common Stock
Retained Earnings
Total Liabilities and Equity
PINT CORPORATION AND SALOON COMPANY
Balance Sheets
December 31, 20x8
view transaction list
Consolidation
Worksheet Entries
A B
<
Pint acquired the shares of Saloon Company on January 1, 20X7. On December 31, 20X8, assume Pint sold Inventory to Saloon during
20X8 for $105,000 and Saloon sold Inventory to Pint for $309,000. Pint's balance sheet contains Inventory Items purchased from
Saloon for $100,000. The Items cost Saloon $60,000 to produce. In addition, Saloon's Inventory contains goods it purchased from Pint
for $27,000 that Pint had produced for $16,200. Assume Saloon reported net Income of $72,000 and dividends of $14,400.
Record the basic consolidation entry.
Required:
a. Prepare all consolidation entries needed to complete a consolidated balance sheet worksheet as of December 31, 20X8.
Note: If no entry is required for a transaction/event, select "No Journal entry required" in the first account fleld. Do not round
Intermediate calculations.
Note: Enter debits before credits.
Entry
1
Pint Corporation
$ 118,000
167,000
327,000
234,900
$ 846,900
$ 142,900
182,000
522,000
$ 846,900
Accounts
Saloon Company
$ 48,000
107,000
291,000
$ 446,000
Debit
$ 55,000
146,000
245,000
$ 446,000
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0e1626d3-7791-488e-be9c-52d49e431036%2F22f6ed6b-f978-482e-8ed5-75c9156ba0f2%2Fqpgqltr_processed.png&w=3840&q=75)
Transcribed Image Text:The December 31, 20x8, balance sheets for Pint Corporation and its 70 percent-owned subsidiary Saloon Company contained the
following summarized amounts:
Assets
Cash and Receivables
Inventory
Buildings and Equipment (net)
Investment in Saloon Company
Total Assets
Liabilities and Equity
Accounts Payable
Common Stock
Retained Earnings
Total Liabilities and Equity
PINT CORPORATION AND SALOON COMPANY
Balance Sheets
December 31, 20x8
view transaction list
Consolidation
Worksheet Entries
A B
<
Pint acquired the shares of Saloon Company on January 1, 20X7. On December 31, 20X8, assume Pint sold Inventory to Saloon during
20X8 for $105,000 and Saloon sold Inventory to Pint for $309,000. Pint's balance sheet contains Inventory Items purchased from
Saloon for $100,000. The Items cost Saloon $60,000 to produce. In addition, Saloon's Inventory contains goods it purchased from Pint
for $27,000 that Pint had produced for $16,200. Assume Saloon reported net Income of $72,000 and dividends of $14,400.
Record the basic consolidation entry.
Required:
a. Prepare all consolidation entries needed to complete a consolidated balance sheet worksheet as of December 31, 20X8.
Note: If no entry is required for a transaction/event, select "No Journal entry required" in the first account fleld. Do not round
Intermediate calculations.
Note: Enter debits before credits.
Entry
1
Pint Corporation
$ 118,000
167,000
327,000
234,900
$ 846,900
$ 142,900
182,000
522,000
$ 846,900
Accounts
Saloon Company
$ 48,000
107,000
291,000
$ 446,000
Debit
$ 55,000
146,000
245,000
$ 446,000
Credit
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