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The December 31, 20x8, balance sheets for Pint Corporation and its 70 percent-owned subsidiery Saloon Company contained the following summarized amounts PINT CORPORATION AND SALOON COMPANY Balance Sheets December 31, 20x8 Assets Cash and Receivables Inventory Buildings and Equipment (net) Investment in Saloon Company Total Assets Liabilities and Equity Accounts Payable Common Stock Retained Earnings Total Liabilities and Equity Pint Corporation $ 103,000 159,000 310,000 220,000 $ 792,000 $ 89,000 189,000 314,000 $792,000 Saleon Company $ 57,000 119,000 281,000 $ 457,000 $ 85,000 141,000 231.000 457,000 $ Pint acquired the shares of Saloon Company on January 1, 20x7 On December 31, 20x8, assume Pint sold inventory to Saloon during 20x8 for $108.000 and Saloon sold inventory to Pint for $315,000. Pint's balance sheet contains inventory items purchased from Saloon for $103,000. The items cost Saloon $63,000 to produce. In addition, Saloon's inventory contains goods it purchased from Pint for $31,000 that Pint had produced for $18,600 Assume Saloon reported net income of $77,000 and dividends of $15,400 Required: a. Prepare all consolidation entries needed to complete a consolidated balance sheet worksheet as of December 31, 20X8. Note: If no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not round intermediate calculations.

The December 31, 20x8, balance sheets for Pint Corporation and its 70 percent-owned subsidiery Saloon Company contained the following summarized amounts PINT CORPORATION AND SALOON COMPANY Balance Sheets December 31, 20x8 Assets Cash and Receivables Inventory Buildings and Equipment (net) Investment in Saloon Company Total Assets Liabilities and Equity Accounts Payable Common Stock Retained Earnings Total Liabilities and Equity Pint Corporation $ 103,000 159,000 310,000 220,000 $ 792,000 $ 89,000 189,000 314,000 $792,000 Saleon Company $ 57,000 119,000 281,000 $ 457,000 $ 85,000 141,000 231.000 457,000 $ Pint acquired the shares of Saloon Company on January 1, 20x7 On December 31, 20x8, assume Pint sold inventory to Saloon during 20x8 for $108.000 and Saloon sold inventory to Pint for $315,000. Pint's balance sheet contains inventory items purchased from Saloon for $103,000. The items cost Saloon $63,000 to produce. In addition, Saloon's inventory contains goods it purchased from Pint for $31,000 that Pint had produced for $18,600 Assume Saloon reported net income of $77,000 and dividends of $15,400 Required: a. Prepare all consolidation entries needed to complete a consolidated balance sheet worksheet as of December 31, 20X8. Note: If no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not round intermediate calculations.

FINANCIAL ACCOUNTING
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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b. Prepare a consolidated balance sheet worksheet as of December 31, 20X8. Note: Do not round intermediate calculations. Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Assets Cash and receivables Inventory Buildings and equipment (net) Investment in Saloon Company Total Assets Liabilities & Equity Accounts payable Common stock Retained earnings NCI in Net assets of Saloon Company Total Liabilities & Equity PINT CORPORATION & SUBSIDIARY Consolidated Balance Sheet Worksheet December 31, 20X8 Pint Corporation $ $ Saloon Company 0 $ 05 0$ Consolidation Entries Credit $ Debit 0$ 05 Consolidated 0$ 0 $ D
Transcribed Image Text:b. Prepare a consolidated balance sheet worksheet as of December 31, 20X8. Note: Do not round intermediate calculations. Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Assets Cash and receivables Inventory Buildings and equipment (net) Investment in Saloon Company Total Assets Liabilities & Equity Accounts payable Common stock Retained earnings NCI in Net assets of Saloon Company Total Liabilities & Equity PINT CORPORATION & SUBSIDIARY Consolidated Balance Sheet Worksheet December 31, 20X8 Pint Corporation $ $ Saloon Company 0 $ 05 0$ Consolidation Entries Credit $ Debit 0$ 05 Consolidated 0$ 0 $ D
Exercise 6-13 (Algo) Consolidated Balance Sheet Worksheet LO 6-3, 6-4 The December 31, 20x8, balance sheets for Pint Corporation and its 70 percent-owned subsidiery Saloon Company contained the following summarized amounts Assets Cash and Receivables Inventory Buildings and Equipment (net) Investment in Saloon Company Total Assets S PINT CORPORATION AND SALOON COMPANY Balance Sheets December 31, 20x8 Liabilities and Equity Accounts Payable Common Stock Retained Earnings Total Liabilities and Equity view transaction list Consolidation Worksheet Entries < A Record the basic consolidation entry hots Enter debits before credits Entry 1 Bacard entry Pint acquired the shares of Saloon Company on January 1, 20x7. On December 31, 20x8, assume Pint sold inventory to Saloon during 20x8 for $108.000 and Saloon sold inventory to Pint for $315.000 Pint's balance sheet contains inventory items purchased from Saloon for $103,000. The items cost Saloon $63,000 to produce. In addition, Saloon's inventory contains goods it purchased from Pint for $31,000 that Pint had produced for $18,600. Assume Saloon reported net income of $77,000 and dividends of $15,400 Pint Corporation Required: a. Prepare all consolidation entries needed to complete a consolidated balance sheet worksheet as of December 31, 20x8. Note: If no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not round intermediate calculations. Accounts $ 103,000 159,000 310,000 220,000 $ 792,000 Cleartry $ 89,000 189,000 514,000 $792,000 Saloon Company $ 57,000 119,000 281,000 $ 457,000 $85,000 141,000 231,000 $ 457,000 Debit Credit view coneidation entries < Prev 44 Next >
Transcribed Image Text:Exercise 6-13 (Algo) Consolidated Balance Sheet Worksheet LO 6-3, 6-4 The December 31, 20x8, balance sheets for Pint Corporation and its 70 percent-owned subsidiery Saloon Company contained the following summarized amounts Assets Cash and Receivables Inventory Buildings and Equipment (net) Investment in Saloon Company Total Assets S PINT CORPORATION AND SALOON COMPANY Balance Sheets December 31, 20x8 Liabilities and Equity Accounts Payable Common Stock Retained Earnings Total Liabilities and Equity view transaction list Consolidation Worksheet Entries < A Record the basic consolidation entry hots Enter debits before credits Entry 1 Bacard entry Pint acquired the shares of Saloon Company on January 1, 20x7. On December 31, 20x8, assume Pint sold inventory to Saloon during 20x8 for $108.000 and Saloon sold inventory to Pint for $315.000 Pint's balance sheet contains inventory items purchased from Saloon for $103,000. The items cost Saloon $63,000 to produce. In addition, Saloon's inventory contains goods it purchased from Pint for $31,000 that Pint had produced for $18,600. Assume Saloon reported net income of $77,000 and dividends of $15,400 Pint Corporation Required: a. Prepare all consolidation entries needed to complete a consolidated balance sheet worksheet as of December 31, 20x8. Note: If no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not round intermediate calculations. Accounts $ 103,000 159,000 310,000 220,000 $ 792,000 Cleartry $ 89,000 189,000 514,000 $792,000 Saloon Company $ 57,000 119,000 281,000 $ 457,000 $85,000 141,000 231,000 $ 457,000 Debit Credit view coneidation entries < Prev 44 Next >
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