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

See similar textbooks

Similar questions

Suppose the following historical data is from the consolidated income statements filed by a media corporation. *chart attached* A: Prepare a horizontal analysis of the net income comparing 2012 and 2013. (Round percentages to one decimal place.) *Chart attached*
Compute the DuPont Disaggregation of ROE Refer to the balance sheets and income statement below for Facebook Inc. FACEBOOK INC. Consolidated Statement of Income For Year Ended December 31, $ millions 2018 Revenue $56,894 Costs and expenses Cost of revenue 10,411 Research and development 11,329 Marketing and sales 7,846 General and administrative 4,507 Total costs and expenses 34,093 Income from operations 22,801 Interest and other income (expense), net 1,504 Income before provision for income taxes 24,305 Provision for income taxes 3,249 Net income $21,056 FACEBOOK INC. Consolidated Balance Sheet At December 31, $ millions 2018 2017 Current assets Cash and cash equivalents $11,075 $8,079 Marketable securities 31,095 34,688 Accounts receivable, net 8,643 5,832 Prepaid expenses and other current assets 1,779 1,020 Total current assets 52,592 49,619 Property and equipment, net 24,683 14,777 Intangible assets, net…
Please do not give image format
Only typed solution
Calculate the following ratios all are required 1-Receivables Turnover 2-Inventory Turnover 3-Payables Turnover 4-Debt-Equity Ratio 5-Debt Ratio Balance sheet Group Parent Company 31 December 2018 31 March 2018 31 December 2018 31 March 2018 Notes RO RO RO RO ASSETS Non-current Property, plant and equipment 5 6,406,433 7,113,759 3,683,610 4,182,275 Investment in subsidiaries - - 515,750 515,750 Fixed deposit 9.1 1,048,399 - 1,048,399 - Deferred tax assets 27 675,393 537,722 727,632 602,078 Non-current assets 8,130,225 7,651,481 5,975,391 5,300,103 Current Inventories 6 4,481,209 3,832,010 4,450,529 3,651,720 Trade and other receivables 7 3,771,104 3,502,574 3,244,883 2,758,158 Due from related parties 18 - - 351,897 2,439,914 Financial assets at…
Compute the DuPont Disaggregation of ROE Refer to the balance sheets and income statement below for Facebook Inc. FACEBOOK INC. Consolidated Statement of Income For Year Ended December 31, $ millions 2018 Revenue $57,449 Costs and expenses Cost of revenue 10,966 Research and development 11,884 Marketing and sales 7,846 General and administrative 5,062 Total costs and expenses 35,758 Income from operations 21,691 Interest and other income (expense), net 2,059 Income before provision for income taxes 23,750 Provision for income taxes 3,249 Net income $20,501 FACEBOOK INC. Consolidated Balance Sheet At December 31, $ millions 2018 2017 Current assets Cash and cash equivalents $11,630 $8,079 Marketable securities 31,095 35,243 Accounts receivable, net 9,198 5,832 Prepaid expenses and other current assets 1,779 1,020 Total current assets 53,702 50,174 Property and equipment, net 24,683 15,332 Intangible assets, net…
Analysis and Interpretation of ProfitabilityBalance sheets and income statements for Costco Wholesale Corporation follow. Costco Wholesale Corporation Consolidated Statements of Earnings For Fiscal Years Ended ($ millions) September 2, 2018 Total revenue $141,576 Operating expenses Merchandise costs 123,152 Selling, general and administrative 13,876 Preopening expenses 68 Operating Income 4,480 Other income (expense) Interest expense 159 Interest income and other, net (121) Income before income taxes 4,442 Provision for income taxes 1,263 Net income including noncontrolling interests 3,179 Net income attributable to noncontrolling interests (45) Net income attributable to Costco $3,134 Costco Wholesale Corporation Consolidated Balance Sheets ($ millions, except par value and share data) September 2, 2018 September 3, 2017 Current assets Cash and cash equivalents $6,055 $4,546 Short-term investments 1,204 1,233…
Compute Measures for DuPont Disaggregation Analysis Use the information below for 2018 for 3M Company to answer the requirements. ($ millions) Sales Net income, consolidated Net income attributable to 3M shareholders Pretax interest expense Assets Total equity Equity attributable to 3M shareholders Net income consolidated S a. Compute return on equity (ROE) from the perspective of a 3M shareholder. Note: 1. Select the appropriate numerator and denominator used to compute ROE from the drop-down menu options. 2. Enter the numerator and denominator amounts to compute ROE Numerator Denominator E Net income consolidated (adjusted) 2018 2017 $32,765 5,363 5,349 S 207 36,500 $37,987 9,848 11,622 9,796 11,563 S + Average total equity 5,349 $ b. Compute the DuPont model component measures for profit margin, asset turnover, and financial leverage. (Perform these computations from a consolidated perspective). Profit Margin (PM) Note: 1. Select the appropriate numerator and denominator used to…
find P/E Ratio 2019. i attached balance sheet and income statement
Please don't give image format
Prepare a statement of retained earnings for Tidal Company for the current year ended December 31 using the following data. (Amounts to be deducted should be indicated by a minus sign.) Cash dividends declared and paid in current year Retained earnings at December 31, prior year Net income in current year Tidal Company Statement of Retained Earnings For Current Year Ended December 31 $ 8,800 61,600 34,600
Analysis and Interpretation of Ratios When RNOA Exceeds ROE Refer to the balance sheets and income statement below for Facebook Inc. FACEBOOK INC. Consolidated Statement of Income For Year Ended December 31, $ millions 2018 Revenue $55,838 Costs and expenses Cost of revenue 9,355 Research and development 10,273 Marketing and sales 7,846 General and administrative 3,451 Total costs and expenses 30,925 Income from operations 24,913 Interest and other income (expense), net 448 Income before provision for income taxes 25,361 Provision for income taxes 3,249 Net income $22,112 FACEBOOK INC. Consolidated Balance Sheet At December 31, $ millions 2018 2017 Current assets Cash and cash equivalents $10,019 $8,079 Marketable securities 31,095 33,632 Accounts receivable, net 7,587 5,832 Prepaid expenses and other current assets 1,779 1,020 Total current assets 50,480 48,563 Property and equipment, net 24,683 13,721 Intangible…