Income Statement Sales Cost of goods sold Gross profit Investment income Operating expenses Net income Statement of retained earnings: BOY retained earnings Net income Dividends Ending retained earnings Parent 8,318,750 (5,989,500) 2,329,250 37,400 (1,247,840) 1,118,810 5,801,070 1,118,810 (262,570) 6,657,310 Subsidiary 1,815,000 (1,089,000) 726,000 (471,900) 254,100 937,750 254,100 (37,400) 1,154,450 Consolidation Entries Dr Cr Consolidated

Income Statement Sales Cost of goods sold Gross profit Investment income Operating expenses Net income Statement of retained earnings: BOY retained earnings Net income Dividends Ending retained earnings Parent 8,318,750 (5,989,500) 2,329,250 37,400 (1,247,840) 1,118,810 5,801,070 1,118,810 (262,570) 6,657,310 Subsidiary 1,815,000 (1,089,000) 726,000 (471,900) 254,100 937,750 254,100 (37,400) 1,154,450 Consolidation Entries Dr Cr Consolidated

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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