AssetsCash and receivablesInventoryLandBuildings and equipment (net)Investment in Solution DairyTotal AssetsLiabilities & EquityCurrent payablesLong-term liabilitiesCommon stockRetained earningsNCI in Net assets of Solution DairyTotal Liabilities & EquityPROBLEM COMPANY AND SUBSIDIARYConsolidated Balance Sheet WorksheetProblemCompanyS$Solution Dairy0 $0$0 $0 $Consolidation EntriesCreditDebit0 S0 $Consolidated0 $0 $00 Problem Company owns 90 percent of Solution Dairy's stock. The balance sheets of the two companies immediately after the Solutionacquisition showed the following amounts:AssetsCash & Receivables.InventoryLandBuildings & Equipment (net)Investment in Solution DairyTotal AssetsLiabilities & Stockholders' EquityCurrent PayablesLong-Term LiabilitiesCommon StockRetained EarningsTotal Liabilities & Stockholders' EquityProblem Company$ 132,000211,00074,000409,000259,200$ 1,085,200SolutionDairy$ 88,000108,00054,000228,000$ 478,000$ 77,000254,200382,000372,000$ 30,000180,00066,000202,000$ 1,085,200 $ 478,000The fair value of the noncontrolling interest at the date of acquisition was determined to be $28,800. The full amount of the increaseover book value is assigned to land held by Solution. At the date of acquisition, Solution owed Problem $9,000 plus $1,100 accruedinterest. Solution had recorded the accrued interest, but Problem had notRequired:Prepare a consolidated balance sheet worksheet.Note: Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with aminus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts wheremultiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of theworksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.

Assets Cash and receivables Inventory Land Buildings and equipment (net) Investment in Solution Dairy Total Assets Liabilities & Equity Current payables Long-term liabilities Common stock Retained earnings NCI in Net assets of Solution Dairy Total Liabilities & Equity PROBLEM COMPANY AND SUBSIDIARY Consolidated Balance Sheet Worksheet Problem Company S $ Solution Dairy 0 $ 0$ 0$ 0 $ Consolidation Entries Credit Debit 0 $ $ 0 Consolidated $ 0 S 0 0

Assets Cash and receivables Inventory Land Buildings and equipment (net) Investment in Solution Dairy Total Assets Liabilities & Equity Current payables Long-term liabilities Common stock Retained earnings NCI in Net assets of Solution Dairy Total Liabilities & Equity PROBLEM COMPANY AND SUBSIDIARY Consolidated Balance Sheet Worksheet Problem Company S $ Solution Dairy 0 $ 0$ 0$ 0 $ Consolidation Entries Credit Debit 0 $ $ 0 Consolidated $ 0 S 0 0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Statement of Cash Flows The following is a list of the items for Lombardo Company's 2019 statement of cash flows: a. depreciation expense, $4,300 b. proceeds from sale of land, $5,500 c. payment of dividends, $5,000 d. net income, $8,000 e. conversion of bonds to common stock, $7,000 f. increase in accounts payable, $3,000 Required: Prepare the statement of cash flows. Use a minus sign to indicate cash outflows, a decrease in cash or cash payments. LOMBARDO COMPANY Statement of Cash Flows For Year Ended December 31, 2019 Operating Activities: Net income Adjustment for noncash income items: Add: Depreciation expense Less: Gain on sale of land Adjustments for cash flow effects from working capital items: g. proceeds from issuance of note, $6,100 h. gain on sale of land, $1,900 i. payment for purchase of building, $13,000 j. increase in accounts receivable, $2,800 k. ending cash balance, $14,000 Tunne 8,000 4,300 -1,900 0.000 ✓
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Assets Current assets Cash and cash equivalents Accounts receivable, net Supplies Other current assets Total current assets Property and equipment Accumulated depreciation Net property and equipment Goodwill Deferred charges Other Total assets Liabilities and equity Current liabilities Accounts payable Accrued liabilities Current maturities of long-term debt Total current liabilities Operating lease liabilities non-current Long-term debt Other non-current liabilities Total liabilities Total liabilities Common stock Cummulative dividends Retained earnings Other Total equity Total liabilities and equities Revenue, net Operating charges Salaries, wages, and benefits Other operating expenses Supplies expense Depreciation and amortization Lease and rental expense Total operating charges Income from operations Interest expense, net Other (income) expense, net Income before income taxes Provision for income taxes Net income $61,268 1,560,847 Cost of debt (%) Cost of equity (%) Weighted…
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Assets Cash Accounts receivable Inventory Plant and equipment, net Investment in Buisson, S.A. Land (undeveloped) Total assets Liabilities and Stockholders Equity Accounts payable Long-term debt Stockholders equity Total liabilities and stockholders equity Joel de Paris, Incorporated Balance Sheet Joel de Paris, Incorporated Income Statement Sales Operating expenses Net operating income Interest and taxes: Interest expense Tax expense Net Income $ 119,000 204,000 1. Average operating assets 2. Margin 2. Turnover 2 ROI 3. Residual income $4,467.000 3703,460 258,540 323,000 $ 435,540 Beginning Balance % $ 130,000 349,000 574,000 867,000 390,000 254,000 1.2.572,000 1% 1383,000 952,000 1,237,000 $ 2,572,000 Ending Balance $ 136,000 483,000 479,000 The company paid dividends of $326,540 last year. The "Investment in Buisson, S.A.," on the balance sheet represents an investment in the stock of another company. The company's minimum required rate of return of 15%. 062,000 431,000 251,000 $…
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