Prepare a consolidated balance sheet workpaper as of January 1, 2024.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
Problem 14RE
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Question
![On January 1, 2024, Windsor Company purchased 8,896 shares of Sheridan Company's common stock for $131,000. Immediately after the stock acquisition, the statements of financial position of Windsor and Sheridan appeared as follows:
Assets
Windsor
Sheridan
Cash
$40,850
$20,370
Accounts receivable
50,180
32,780
Inventory
44,020
26,230
Investment in Sheridan Company
131,000
Plant assets
160,360
101,030
Accumulated depreciation-plant assets
(55,790)
(18,940)
Total
$370,620
$161,470
Liabilities and Owners' Equity
Current liabilities
$16,910
$23,570
Mortgage notes payable
40,080
Common stock, $10 par value
112,700
111,200
Other contributed capital
125,210
15,650
Retained earnings
75,720
11,050
Total
$370,620
$161,470
Prepare a consolidated balance sheet workpaper as of January 1, 2024.
Cash
WINDSOR COMPANY AND SUBSIDIARY SHERIDAN
Consolidated Balance Sheet Workpaper
January 1, 2024
Windsor
Sheridan
Eliminations
Noncontrolling
Consolidated
Company Company
Debit
Credit
Interest
Balance
40.850
20,370
$
$
Accounts Receivable
50,160
32,760
Inventory
Investment in Sheridan
Difference between Implied and Book Value
Plant Assets
Accumulated Depreciation
Total
Current Liabilities
44020
26,230
131,000
160,360
101,030
(55,790)
(18,940)
370,620
161,470
16,910
23,570
Mortgage Note Payable
40,080
Common Stock:
Windsor Company
112,700
Sheridan Company
Other Contributed Capital
Windsor Company
125,210
Sheridan Company
Retained Earnings:
Windsor Company
75.720
Sheridan Company
Noncontrolling Interest
Total
111,200
15,650
11,050
370,620
161,470
$
$
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F260cc7d6-e2e8-4d2c-abb0-3fefc243ad53%2F43ef7d3f-3e4f-44fa-92cd-2de6b0a6d3e4%2Fmqyksoq_processed.png&w=3840&q=75)
Transcribed Image Text:On January 1, 2024, Windsor Company purchased 8,896 shares of Sheridan Company's common stock for $131,000. Immediately after the stock acquisition, the statements of financial position of Windsor and Sheridan appeared as follows:
Assets
Windsor
Sheridan
Cash
$40,850
$20,370
Accounts receivable
50,180
32,780
Inventory
44,020
26,230
Investment in Sheridan Company
131,000
Plant assets
160,360
101,030
Accumulated depreciation-plant assets
(55,790)
(18,940)
Total
$370,620
$161,470
Liabilities and Owners' Equity
Current liabilities
$16,910
$23,570
Mortgage notes payable
40,080
Common stock, $10 par value
112,700
111,200
Other contributed capital
125,210
15,650
Retained earnings
75,720
11,050
Total
$370,620
$161,470
Prepare a consolidated balance sheet workpaper as of January 1, 2024.
Cash
WINDSOR COMPANY AND SUBSIDIARY SHERIDAN
Consolidated Balance Sheet Workpaper
January 1, 2024
Windsor
Sheridan
Eliminations
Noncontrolling
Consolidated
Company Company
Debit
Credit
Interest
Balance
40.850
20,370
$
$
Accounts Receivable
50,160
32,760
Inventory
Investment in Sheridan
Difference between Implied and Book Value
Plant Assets
Accumulated Depreciation
Total
Current Liabilities
44020
26,230
131,000
160,360
101,030
(55,790)
(18,940)
370,620
161,470
16,910
23,570
Mortgage Note Payable
40,080
Common Stock:
Windsor Company
112,700
Sheridan Company
Other Contributed Capital
Windsor Company
125,210
Sheridan Company
Retained Earnings:
Windsor Company
75.720
Sheridan Company
Noncontrolling Interest
Total
111,200
15,650
11,050
370,620
161,470
$
$
$
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