P S Eliminations Noncontrolling Consolidated Corp. Dr. Cr. Interest Balances Income Statement Sales Dividend Income Cost of Sales Other Expenses Noncontrolling Interest in Income Net Income Retained Earnings Statement Retained Earnings 1/1 Corp. $ 200,000.00 $ 150,000.00 16,000.00 S (92,000.00) $ (47,000.00) S (23,000.00) $ (40,000.00) $ 101,000.00 $ 63,000.00 $ 110,000.00 $ 30,000.00 Add: Net Income $ 101,000.00 S 63,000.00 Less: Dividends S (30,000.00) $ (20,000.00) Retained Earnings 12/31 $ 181,000.00 S 73,000.00 20,000.00 $ 19,000.00 55,000.00 Balance Sheet Cash Accounts Receivable-net Inventories Patent Land Equipment and Buildings-net Investment in S Corporation Total Assets Equities Accounts Payable Common Stock Retained Earnings 1/1 Noncontrolling Interest in Net Assets 12/31 Noncontrolling Interest in Net Assets Total Equities $ 120,000.00 $ $ 140,000.00 $ 80,000.00 $ 270,000.00 $420,000.00 $ 600,000.00 $ 430,000.00 $ 240,000.00 $ 695,000.00 $1,004,000.00 $ 909,000.00 $ 831,000.00 $ 300,000.00 $ 100,000.00 $ 181,000.00 $ 73,000.00 $ 1,390,000.00 $ 1,004,000.00

P S Eliminations Noncontrolling Consolidated Corp. Dr. Cr. Interest Balances Income Statement Sales Dividend Income Cost of Sales Other Expenses Noncontrolling Interest in Income Net Income Retained Earnings Statement Retained Earnings 1/1 Corp. $ 200,000.00 $ 150,000.00 16,000.00 S (92,000.00) $ (47,000.00) S (23,000.00) $ (40,000.00) $ 101,000.00 $ 63,000.00 $ 110,000.00 $ 30,000.00 Add: Net Income $ 101,000.00 S 63,000.00 Less: Dividends S (30,000.00) $ (20,000.00) Retained Earnings 12/31 $ 181,000.00 S 73,000.00 20,000.00 $ 19,000.00 55,000.00 Balance Sheet Cash Accounts Receivable-net Inventories Patent Land Equipment and Buildings-net Investment in S Corporation Total Assets Equities Accounts Payable Common Stock Retained Earnings 1/1 Noncontrolling Interest in Net Assets 12/31 Noncontrolling Interest in Net Assets Total Equities $ 120,000.00 $ $ 140,000.00 $ 80,000.00 $ 270,000.00 $420,000.00 $ 600,000.00 $ 430,000.00 $ 240,000.00 $ 695,000.00 $1,004,000.00 $ 909,000.00 $ 831,000.00 $ 300,000.00 $ 100,000.00 $ 181,000.00 $ 73,000.00 $ 1,390,000.00 $ 1,004,000.00

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

Section: Chapter Questions

Problem 4.1MBA

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