Quickly please please please Laiiple 7: Consolidated financial statements - 2 years- Equityt MethodOn Januaryl, 2007, P Company purchased 90% of the outstanding common stock ofS company for JD 180000. S equity did not change through the year. Any differencebetween cost and book value of equity is attributable to land. On Dec 31, 2007 thetrial balances of the two companies were as follow:Cash6500025000Accounts receivables400003000015000InventoryEquipments2500011000085000Land4850045000Investmentdividends declaredCost of goods sold175500200001500060000150000operating expensestotal debits3500015000669000 290000accounts payable2000015000other liabilities1500025000capital - C.Sother contributed capitalretained earnings 1/1/2007salesequity in S incometotal creditsA-Prepare the consolidated financial statements at the end of year 2007. assumingand difference between the implied and book values is attributable to landb- Prepare the consolidated financial statements on Dec 31, 2008, assuming that thetrial balances on that date were as follow:20000012000070000200005500025000300000850009000669000 290000cash70000 1000060000 35000Accounts receivablesinventoryequipments40000125000 90000485001845002000030000land45000investmentdividends declared15000160000 6500035000Cost of goods soldoperating expensestotal debits20000743000 31000016500 16000accounts payableother liabilities1500024000capital - C.Sother contributed capitalretained earnings 1/1/2008 159000 20000200000 1200002000070000260000 11000022500| 743000 310000salesQuity in S incometotal credits

A set of consolidated financial statements is a collection of reports that show the operations, cash…

Laailple 7: Consolidated financial statements - 2 years- Equityt Method On Januaryl, 2007, P Company purchased 90% of the outstanding common stock of S company for JD 180000. S equity did not change through the year. Any difference between cost and book value of equity is attributable to land. On Dec 31, 2007 the trial balances of the two companies were as follow:

Laailple 7: Consolidated financial statements - 2 years- Equityt Method On Januaryl, 2007, P Company purchased 90% of the outstanding common stock of S company for JD 180000. S equity did not change through the year. Any difference between cost and book value of equity is attributable to land. On Dec 31, 2007 the trial balances of the two companies were as follow:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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