Determine and explain the account balances of Investment in Company J (on Company T’s individual financial records) as of December 31, 2015.

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Answer 1

Question

Chapter 3, Problem 36P

a.

To determine

Determine and explain the account balances of Investment in Company J (on Company T’s individual financial records) as of December 31, 2015.

b.

To determine

Determine and explain the account balances of Equity in Subsidiary Earnings (on Company T’s individual financial records) as of December 31, 2015.

c.

To determine

Determine and explain the account balances of Consolidated Net Income (on Company T’s individual financial records) as of December 31, 2015.

d.

To determine

Determine and explain the account balances of Consolidated Equipment (net) as of December 31, 2015.

e.

To determine

Determine and explain the account balances of Consolidated Buildings (net) as of December 31, 2015.

f.

To determine

Determine and explain the account balances of Consolidated Goodwill (net) as of December 31, 2015.

g.

To determine

Determine and explain the account balances of Consolidated Common stock (net) as of December 31, 2015.

h.

To determine

Determine and explain the account balances of Consolidated Retained Earnings, 12/31/15 as of December 31, 2015.

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Assets Current Assets Cash Credit card receivables Accounts receivable Marketable securities Food Inventories Prepaid expenses Total Current Assets Golden Bay Balance Sheet as at December 31 Year 2018 Year 2019 $ 18,500 9,807 $ 29,400 11,208 5,983 6,882 15,400 2,000 12,880 14,700 10 800 14 900 73370 79 090 Property Plant & Equipment Land Building Equipment Furnishings $ 60,500 828,400 114,900 75,730 (330,100) 16 600 766 030 839 400 $ 60,500 884,400 157,900 81,110 (422,000) 18 300 7 80 210 859 300 Net: Accumulated depreciation China, glass, silver, & linen Total Assets Liabilities & Stockholders' Equity Current Liabilities Accounts payable Accrued expenses payable Taxes payable Current mortgage payable Total Current assets $ 19,200 4,200 12,400 26 900 62 700 $16,500 5,000 20,900 26 000 68 400 Long-term liabilities Mortgage payable Total Liabilities $ $512 800 $486 400 575 500 $555 200 Stockholders' Equity Common stock ($5 par. 40,000 shares issued & OS) $200,000 Retained earnings…

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Answer 2

Question

Chapter 3, Problem 36P

a.

To determine

Determine and explain the account balances of Investment in Company J (on Company T’s individual financial records) as of December 31, 2015.

b.

To determine

Determine and explain the account balances of Equity in Subsidiary Earnings (on Company T’s individual financial records) as of December 31, 2015.

c.

To determine

Determine and explain the account balances of Consolidated Net Income (on Company T’s individual financial records) as of December 31, 2015.

d.

To determine

Determine and explain the account balances of Consolidated Equipment (net) as of December 31, 2015.

e.

To determine

Determine and explain the account balances of Consolidated Buildings (net) as of December 31, 2015.

f.

To determine

Determine and explain the account balances of Consolidated Goodwill (net) as of December 31, 2015.

g.

To determine

Determine and explain the account balances of Consolidated Common stock (net) as of December 31, 2015.

h.

To determine

Determine and explain the account balances of Consolidated Retained Earnings, 12/31/15 as of December 31, 2015.

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Answer 3

Question

Chapter 3, Problem 36P

a.

To determine

Determine and explain the account balances of Investment in Company J (on Company T’s individual financial records) as of December 31, 2015.

b.

To determine

Determine and explain the account balances of Equity in Subsidiary Earnings (on Company T’s individual financial records) as of December 31, 2015.

c.

To determine

Determine and explain the account balances of Consolidated Net Income (on Company T’s individual financial records) as of December 31, 2015.

d.

To determine

Determine and explain the account balances of Consolidated Equipment (net) as of December 31, 2015.

e.

To determine

Determine and explain the account balances of Consolidated Buildings (net) as of December 31, 2015.

f.

To determine

Determine and explain the account balances of Consolidated Goodwill (net) as of December 31, 2015.

g.

To determine

Determine and explain the account balances of Consolidated Common stock (net) as of December 31, 2015.

h.

To determine

Determine and explain the account balances of Consolidated Retained Earnings, 12/31/15 as of December 31, 2015.

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Answer 4

Question

Chapter 3, Problem 36P

a.

To determine

Determine and explain the account balances of Investment in Company J (on Company T’s individual financial records) as of December 31, 2015.

b.

To determine

Determine and explain the account balances of Equity in Subsidiary Earnings (on Company T’s individual financial records) as of December 31, 2015.

c.

To determine

Determine and explain the account balances of Consolidated Net Income (on Company T’s individual financial records) as of December 31, 2015.

d.

To determine

Determine and explain the account balances of Consolidated Equipment (net) as of December 31, 2015.

e.

To determine

Determine and explain the account balances of Consolidated Buildings (net) as of December 31, 2015.

f.

To determine

Determine and explain the account balances of Consolidated Goodwill (net) as of December 31, 2015.

g.

To determine

Determine and explain the account balances of Consolidated Common stock (net) as of December 31, 2015.

h.

To determine

Determine and explain the account balances of Consolidated Retained Earnings, 12/31/15 as of December 31, 2015.

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Answer 5

Chapter 3, Problem 36P

a.

To determine

Determine and explain the account balances of Investment in Company J (on Company T’s individual financial records) as of December 31, 2015.

b.

To determine

Determine and explain the account balances of Equity in Subsidiary Earnings (on Company T’s individual financial records) as of December 31, 2015.

c.

To determine

Determine and explain the account balances of Consolidated Net Income (on Company T’s individual financial records) as of December 31, 2015.

d.

To determine

Determine and explain the account balances of Consolidated Equipment (net) as of December 31, 2015.

e.

To determine

Determine and explain the account balances of Consolidated Buildings (net) as of December 31, 2015.

f.

To determine

Determine and explain the account balances of Consolidated Goodwill (net) as of December 31, 2015.

g.

To determine

Determine and explain the account balances of Consolidated Common stock (net) as of December 31, 2015.

h.

To determine

Determine and explain the account balances of Consolidated Retained Earnings, 12/31/15 as of December 31, 2015.

Answer 6

Chapter 3, Problem 36P

a.

To determine

Determine and explain the account balances of Investment in Company J (on Company T’s individual financial records) as of December 31, 2015.

Answer 7

Chapter 3, Problem 36P

a.

To determine

Determine and explain the account balances of Investment in Company J (on Company T’s individual financial records) as of December 31, 2015.

Answer 8

b.

To determine

Determine and explain the account balances of Equity in Subsidiary Earnings (on Company T’s individual financial records) as of December 31, 2015.

Answer 9

b.

To determine

Determine and explain the account balances of Equity in Subsidiary Earnings (on Company T’s individual financial records) as of December 31, 2015.

Answer 10

c.

To determine

Determine and explain the account balances of Consolidated Net Income (on Company T’s individual financial records) as of December 31, 2015.

Answer 11

c.

To determine

Determine and explain the account balances of Consolidated Net Income (on Company T’s individual financial records) as of December 31, 2015.

Answer 12

d.

To determine

Determine and explain the account balances of Consolidated Equipment (net) as of December 31, 2015.

Answer 13

d.

To determine

Determine and explain the account balances of Consolidated Equipment (net) as of December 31, 2015.

Answer 14

e.

To determine

Determine and explain the account balances of Consolidated Buildings (net) as of December 31, 2015.

Answer 15

e.

To determine

Determine and explain the account balances of Consolidated Buildings (net) as of December 31, 2015.

Answer 16

f.

To determine

Determine and explain the account balances of Consolidated Goodwill (net) as of December 31, 2015.

Answer 17

f.

To determine

Determine and explain the account balances of Consolidated Goodwill (net) as of December 31, 2015.

Answer 18

g.

To determine

Determine and explain the account balances of Consolidated Common stock (net) as of December 31, 2015.

Answer 19

g.

To determine

Determine and explain the account balances of Consolidated Common stock (net) as of December 31, 2015.

Answer 20

h.

To determine

Determine and explain the account balances of Consolidated Retained Earnings, 12/31/15 as of December 31, 2015.

Answer 21

h.

To determine

Determine and explain the account balances of Consolidated Retained Earnings, 12/31/15 as of December 31, 2015.

Answer 22

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Answer 23

Expert Solution & Answer

Answer 24

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Answer 25

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Determine and explain the account balances of Investment in Company J (on Company T’s individual financial records) as of December 31, 2015.

Determine and explain the account balances of Investment in Company J (on Company T’s individual financial records) as of December 31, 2015.

Determine and explain the account balances of Equity in Subsidiary Earnings (on Company T’s individual financial records) as of December 31, 2015.

Determine and explain the account balances of Consolidated Net Income (on Company T’s individual financial records) as of December 31, 2015.

Determine and explain the account balances of Consolidated Equipment (net) as of December 31, 2015.

Determine and explain the account balances of Consolidated Buildings (net) as of December 31, 2015.

Determine and explain the account balances of Consolidated Goodwill (net) as of December 31, 2015.

Determine and explain the account balances of Consolidated Common stock (net) as of December 31, 2015.

Determine and explain the account balances of Consolidated Retained Earnings, 12/31/15 as of December 31, 2015.

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Chapter 3 Solutions