ADVANCED FINANCIAL ACCT.(LL) >CUSTOM<
12th Edition
ISBN: 9781260824292
Author: Christensen
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Question
Chapter 3, Problem 3.3.3E
To determine
Introduction:
The consolidated financial statements are those statements which are prepared for providing a consolidated view of financial activities of the company having subsidiary companies.The
The minority interest is that portion of stock which the parent company does not hold in the subsidiary company and does not hold any controlling interest.
To choose:The correct option for determining the proper consolidation for N, R, and W.
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Please answer numbers 17 and 18. Thank you
Prepare the set of consolidated financial statement of financial position on the date of acquisition by showing the consolidation procedures.
R E Q U I R E D:Determine the amounts that would appear in the consolidated financial statements of PamCorporation and Sam for each of the following:
4. Consolidated retained earnings at December 31, 2019 5. Consolidated net income for 2019 6. Non-controlling interest at December 31, 2018
Chapter 3 Solutions
ADVANCED FINANCIAL ACCT.(LL) >CUSTOM<
Ch. 3 - What is the basic idea underlying the preparation...Ch. 3 - How might consolidated statements help an investor...Ch. 3 - Prob. 3.3QCh. 3 - Prob. 3.4QCh. 3 - Prob. 3.5QCh. 3 - Prob. 3.6QCh. 3 - Prob. 3.7QCh. 3 - Prob. 3.8QCh. 3 - Prob. 3.9QCh. 3 - Prob. 3.10Q
Ch. 3 - Prob. 3.11QCh. 3 - Prob. 3.12QCh. 3 - What is meant by indirect control? Give an...Ch. 3 - Prob. 3.14QCh. 3 - Prob. 3.15QCh. 3 - Prob. 3.16QCh. 3 - Prob. 3.17QCh. 3 - Prob. 3.18QCh. 3 - Prob. 3.1CCh. 3 - Prob. 3.2CCh. 3 - Prob. 3.1.1ECh. 3 - Prob. 3.1.2ECh. 3 - Prob. 3.1.3ECh. 3 - Prob. 3.1.4ECh. 3 - Multiple-Choice Question on Variable Interest...Ch. 3 - Multiple-Choice Question on Variable Interest...Ch. 3 - Prob. 3.2.3ECh. 3 - Prob. 3.2.4ECh. 3 - Prob. 3.3.1ECh. 3 - Prob. 3.3.2ECh. 3 - Prob. 3.3.3ECh. 3 - Prob. 3.4.1ECh. 3 - Prob. 3.4.2ECh. 3 - Prob. 3.4.3ECh. 3 - Prob. 3.4.4ECh. 3 - Balance Sheet Consolidation On January 1, 20X3,...Ch. 3 - Prob. 3.6ECh. 3 - Prob. 3.7ECh. 3 - Prob. 3.8ECh. 3 - Prob. 3.9ECh. 3 - Reporting for a Variable Interest Entity Gamble...Ch. 3 - Prob. 3.11ECh. 3 - Prob. 3.12ECh. 3 - Prob. 3.13ECh. 3 - Prob. 3.14ECh. 3 - Prob. 3.15ECh. 3 - Prob. 3.16ECh. 3 - Prob. 3.17ECh. 3 - Prob. 3.18ECh. 3 - Prob. 3.19.1PCh. 3 - Prob. 3.19.2PCh. 3 - Prob. 3.20PCh. 3 - Prob. 3.21PCh. 3 - Prob. 3.22PCh. 3 - Prob. 3.23PCh. 3 - Prob. 3.24PCh. 3 - Prob. 3.25PCh. 3 - Prob. 3.26PCh. 3 - Prob. 3.27PCh. 3 - Prob. 3.28PCh. 3 - Prob. 3.29PCh. 3 - Consolidated Worksheet at End of the First Year of...Ch. 3 - Prob. 3.31P
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- 1) In the consolidated balance sheet, the total temporary investment should be reported at: 2) In the consolidated balance sheet, the receivables should be reported atarrow_forwardDetermine the following balances that would appear in the consolidated financial statements of P COMPANY and S COMPANY:1. Total Assets2. Total Liabilities3. Equityarrow_forwardR E Q U I R E D:Determine the amounts that would appear in the consolidated financial statements of PamCorporation and Sam for each of the following:1. Goodwill at December 31, 2019 2. Non-controlling interest share for 2019 3. Consolidated retained earnings at December 31, 2018arrow_forward
- (a) Prepare a consolidated statement of financial position in order of liquidity ie starting with cash at the date of acquisition under each of the following: (i) Identifiable net assets methodarrow_forwardAfter the business combination on the basis of full-goodwill approach, what amount of stockholders' equity will be reported? a. P355,000 b. P397,000 c. P419,500 d. P495,000arrow_forwardLGM Motors acquired 80% of NS Service Center outstanding shares on January 1, 2022 by payingcash. The consolidated statement of financial position showed the following balances at thedate of acquisition.Consolidated Balances AmountTotal Assets 15,670,000Total Liabilities 4,575,000Total Shareholder’s Equity ?The book value of the net assets of NS Services Center is P4,500,000. The assets of NS ServiceCenter are fairly valued except for the following:• Patent on the product that is deemed worthless, P50,000.• Goodwill of P150,000.• Unrecognized identifiable R&D of P75,000.The fair value of the non-controlling interest is 705,000 and the book value of LGM’s equitybalance is P9,500,000.On December 31, 2022 the following information were provided by NS Services Center:• Net income of 400,000 was recognized.• Patents remaining useful life is 4 years.• Pre-existing goodwill presented above was impaired with a current value of 120,000.• Dividends were declared amounting to P100,000.LGM…arrow_forward
- 8arrow_forwardplease step by step solution. please give answer with excel form.arrow_forwardREQUIRED 1. Prepare a consolidated balance sheet for Pen Corporation and Subsidiary at December 31, 2011. 2. Compute consolidated net income for 2012 assuming that Pen Corporation reported separate income of $680,000 and Sut Company reported net income of $360,000. (Separate incomes do not include income from the investment in Sut.)arrow_forward
- R E Q U I R E D:Determine the amounts that would appear in the consolidated financial statements of PamCorporation and Sam for each of the following: 7. Non-controlling interest at December 31, 2019arrow_forwardpls answer and provide solution and explanationarrow_forwardA, B, C, and D are companies to be combined. Just prior to the combination, their individual stockholder’s equity consists of the following balances:Company A is the surviving entity. It issued 20,000, P69 par value ordinary shares, with FMV of P91; dispersed to the stockholders of the acquired companies. 1. How much goodwill is to be recognized assuming that the net assets are fairly valued?a. P 845,000.00b. P 695,000.00c. P 485,000.00d. P 440,000.00 2. Following the problem above, how much is the Share Premium of the combined entity after the combination?a. P 845,000.00b. P 695,000.00c. P 485,000.00arrow_forward
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