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be WileyPLUS 8 https://edugen.wileyplus.com/edugen/lti/main.uni Return to Blackboard US Jeter, Advanced Accounting, 6e Help | System Announcements CALCULA Problem 4-3 Perkins Company acquired 100% of Schultz Company on January 1, 2012, for $160,800. On December 31, 2012, the companies prepared the following trial balances: Perkins Schultz Cash $23,700 $31,100 Inventory 106,300 101,300 Investment in Schultz Company 223,900 -0- Land 109,800 92,700 Cost of Goods Sold 222,700 58,000 Other Expense 39,500 41,600 Dividends Declared 14,500 9,900 $740,400 Total Debits $334,600 Accounts Payable $73,600 $16,800 74,700 155,900 Common Stock 18,100 34,600 Other Contributed Capital 52,400 26,200 Retained Earnings, 1/1 172,600 377,100 Sales -0- 73,000 Equity in Subsidiary Income $334,600 $740,400 Total Credits (b) Prepare a workpaper for the preparation of consolidated financial statements on December 31, 2012. Any difference between the book value of equity acquired and the value implied by the goodwill. (List items that increase retained earnings first.) Perkins Company and Subsidiary Consolidated Statements Workpaper For the Year Ended December 31, 2012 Consolt Eliminating Entries Schultz Perkins Cr. Dr. Company Company 549700 Income Statement 172600 377100 Sales 14500

be WileyPLUS 8 https://edugen.wileyplus.com/edugen/lti/main.uni Return to Blackboard US Jeter, Advanced Accounting, 6e Help | System Announcements CALCULA Problem 4-3 Perkins Company acquired 100% of Schultz Company on January 1, 2012, for $160,800. On December 31, 2012, the companies prepared the following trial balances: Perkins Schultz Cash $23,700 $31,100 Inventory 106,300 101,300 Investment in Schultz Company 223,900 -0- Land 109,800 92,700 Cost of Goods Sold 222,700 58,000 Other Expense 39,500 41,600 Dividends Declared 14,500 9,900 $740,400 Total Debits $334,600 Accounts Payable $73,600 $16,800 74,700 155,900 Common Stock 18,100 34,600 Other Contributed Capital 52,400 26,200 Retained Earnings, 1/1 172,600 377,100 Sales -0- 73,000 Equity in Subsidiary Income $334,600 $740,400 Total Credits (b) Prepare a workpaper for the preparation of consolidated financial statements on December 31, 2012. Any difference between the book value of equity acquired and the value implied by the goodwill. (List items that increase retained earnings first.) Perkins Company and Subsidiary Consolidated Statements Workpaper For the Year Ended December 31, 2012 Consolt Eliminating Entries Schultz Perkins Cr. Dr. Company Company 549700 Income Statement 172600 377100 Sales 14500

FINANCIAL ACCOUNTING
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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be WileyPLUS 8 https://edugen.wileyplus.com/edugen/lti/main.uni Return to Blackboard US Jeter, Advanced Accounting, 6e Help | System Announcements CALCULA Problem 4-3 Perkins Company acquired 100% of Schultz Company on January 1, 2012, for $160,800. On December 31, 2012, the companies prepared the following trial balances: Perkins Schultz Cash $23,700 $31,100 Inventory 106,300 101,300 Investment in Schultz Company 223,900 -0- Land 109,800 92,700 Cost of Goods Sold 222,700 58,000 Other Expense 39,500 41,600 Dividends Declared 14,500 9,900 $740,400 Total Debits $334,600 Accounts Payable $73,600 $16,800 74,700 155,900 Common Stock 18,100 34,600 Other Contributed Capital 52,400 26,200 Retained Earnings, 1/1 172,600 377,100 Sales -0- 73,000 Equity in Subsidiary Income $334,600 $740,400 Total Credits (b) Prepare a workpaper for the preparation of consolidated financial statements on December 31, 2012. Any difference between the book value of equity acquired and the value implied by the goodwill. (List items that increase retained earnings first.) Perkins Company and Subsidiary Consolidated Statements Workpaper For the Year Ended December 31, 2012 Consolt Eliminating Entries Schultz Perkins Cr. Dr. Company Company 549700 Income Statement 172600 377100 Sales 14500
Transcribed Image Text:be WileyPLUS 8 https://edugen.wileyplus.com/edugen/lti/main.uni Return to Blackboard US Jeter, Advanced Accounting, 6e Help | System Announcements CALCULA Problem 4-3 Perkins Company acquired 100% of Schultz Company on January 1, 2012, for $160,800. On December 31, 2012, the companies prepared the following trial balances: Perkins Schultz Cash $23,700 $31,100 Inventory 106,300 101,300 Investment in Schultz Company 223,900 -0- Land 109,800 92,700 Cost of Goods Sold 222,700 58,000 Other Expense 39,500 41,600 Dividends Declared 14,500 9,900 $740,400 Total Debits $334,600 Accounts Payable $73,600 $16,800 74,700 155,900 Common Stock 18,100 34,600 Other Contributed Capital 52,400 26,200 Retained Earnings, 1/1 172,600 377,100 Sales -0- 73,000 Equity in Subsidiary Income $334,600 $740,400 Total Credits (b) Prepare a workpaper for the preparation of consolidated financial statements on December 31, 2012. Any difference between the book value of equity acquired and the value implied by the goodwill. (List items that increase retained earnings first.) Perkins Company and Subsidiary Consolidated Statements Workpaper For the Year Ended December 31, 2012 Consolt Eliminating Entries Schultz Perkins Cr. Dr. Company Company 549700 Income Statement 172600 377100 Sales 14500
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