Pop Son Statements of Income and Retained Earnings for the Year Ended December 31 Sales Income from Son Cost of sales $ 900 38 S300 (150) (90) 60 (600) Operating expenses Net Income (190) 148 Add: Retained earnings January 1 Less: Dividends 122 (100) S 170 50 (20) $ 90 Retained earnings December 31 Balance Sheet at December 31 $ 6 26 S 15 20 Cash Accounts receivable-net Inventories Advance to Son 82 20 60 Other current assets Land Plant assets-net 80 160 340 280 $ 994 S 24 5 30 230 Investment in Son Total assets $360 Accounts payable Dividends payable Other liabilities $ 15 10 45 Capital stock Retained earnings Total liabilities and stockholders' equity 100 700 170 200 90 $ 994 $360 REQUIRED: Using the Incomplete Equity method, prepare consolidation workpapex entries, necessary calculations and consolidated statements for Pop Corporation and Subsidiary for 2017.

Pop Son Statements of Income and Retained Earnings for the Year Ended December 31 Sales Income from Son Cost of sales $ 900 38 S300 (150) (90) 60 (600) Operating expenses Net Income (190) 148 Add: Retained earnings January 1 Less: Dividends 122 (100) S 170 50 (20) $ 90 Retained earnings December 31 Balance Sheet at December 31 $ 6 26 S 15 20 Cash Accounts receivable-net Inventories Advance to Son 82 20 60 Other current assets Land Plant assets-net 80 160 340 280 $ 994 S 24 5 30 230 Investment in Son Total assets $360 Accounts payable Dividends payable Other liabilities $ 15 10 45 Capital stock Retained earnings Total liabilities and stockholders' equity 100 700 170 200 90 $ 994 $360 REQUIRED: Using the Incomplete Equity method, prepare consolidation workpapex entries, necessary calculations and consolidated statements for Pop Corporation and Subsidiary for 2017.

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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