Pruitt Corporation owns 90% of the common stock of Sedbrook Company. The stock was purchased for $544, 590 on January 1, 2012, when Sedbrook Company's retained earnings were $100,000. Preclosing trial balances forthe two companies at December 31, 2016, are presented here: The January 1, 2016, inventory of Sedbrook Company includes $30, 200 of profit recorded by Pruitt Corporation on 2015 sales. During 2016, Pruitt Corporationmade intercompany sales of $200,700 with a markup of 25% on cost. The ending inventory of Sedbrook Company includes goods purchased in 2016 from Pruitt for $49,800. Pruitt Corporation uses the complete equity methodto record its investment in Sedbrook Company. Prepare the consolidated statements workpaper for the year ended December 31, 2016. (List items that increase retained earnings first.) Income StatementCost of Goods Sold:Retained Earnings StatementBalance SheetV1/1 Noncontrolling InterestCash12/31 Noncontrolling InterestAccounts Receivable (net)Inventory 1/1Investment in Sedbrook Co.Other AssetsDividends DeclaredPrepare the consolidated statements workpaper for the year ended December 31, 2016. (List items that increase retained earnings first.)PurchasesOther ExpensesAccounts PayableOther LiabilitiesCommon StockRetained Earnings (1/1)SalesEquity in Subsidiary IncomeEnding InventoryPruittCorporationPruittCorporation$83,400SedbrookCompany211,800149,800566,220499.400100,100845,000180,500$70,40074,200793,900527,1001,109,70060,920$2,636,220$2,636,220 $1,218,500$201,800PRUITT CORPORATION AND SUBSIDIARYFor the Year Ended December 31,2016DebitSedbrookCompany$79,500113,000110,500Eliminations397,80029.900349,100138,700$30,20039,900505,100119,800523,500$1,218,500$120,000CreditNoncontrollingInterestConsolidatedBalances

Consolidation work papers are integral to the financial reporting process, particularly for…

Prepare the consolidated statements workpaper for the year ended December 31, 2016. (List items that increase retained earnings first.) Income Statement Pruitt Corporation S PRUITT CORPORATION AND SUBSIDIARY For the Year Ended December 31, 2016 Sedbrook Company Debit Eliminations S Credit Noncontrolling Interest S Consolidated Balances

Prepare the consolidated statements workpaper for the year ended December 31, 2016. (List items that increase retained earnings first.) Income Statement Pruitt Corporation S PRUITT CORPORATION AND SUBSIDIARY For the Year Ended December 31, 2016 Sedbrook Company Debit Eliminations S Credit Noncontrolling Interest S Consolidated Balances

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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