Prepare a consolidated balance sheet workpaper as of January 1, 2024.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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
$
$
$
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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