FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- answer must be in table format or i will give down votearrow_forwardDetermine the consolidated balances which Peris would present on their consolidated balance sheet for the following accounts. Cash Inventory Construction permits Goodwill Notes Payable Common Stock Additional Paid-in Capital Retained Earningsarrow_forwardCompute for Consolidated Total Equity *Consolidated Inventories *arrow_forward
- Pagle Corporation holds 80 percent of Standard Company's common shares. The companies report the following balance sheet data for December 31, 20X1: Assets Cash Accounts Receivable Inventory Buildings and Equipment Less: Accumulated Depreciation Investment in Standard Company Stock Total Assets Liabilities and Owners' Equity Accounts Payable Taxes Payable Preferred Stock ($10 par value) Common Stock: $10 par value $5 par value Retained Earnings Total Liabilities and Owners' Equity Pagle Corporation $ 53,000 85,000 126,000 700,000 (295,000) 160,000 $ 829,000 Basic earnings per share Diluted earnings per share $ 120,000 79,000 200,000 100,000 330,000 $ 829,000 Required: Compute basic and diluted EPS for the consolidated entity for 20X1. Note: Round your answers to 2 decimal places. Standard Company $ 43,000 65,000 76,000 330,000 (130,000) $ 384,000 $ 84,000 100,000 An 8 percent annual dividend is paid on the Pagle preferred stock and a 12 percent dividend is paid on the Standard…arrow_forwardComputing consolidated earnings per share (EPS) Assume the following facts about a parent and its 75% owned subsidiary company: Net income $220,000 Common shares outstanding 50,000 Convertible preferred stock Dividends = $21,300 Convertible into 9,000 shares of common stock Convertible bonds a. Compute basic earnings per share $ 4.4 X Parent b. Compute diluted earnings per share $ 4.9 X Subsidiary $50,000 30,000 (22,500 = 75% owned by parent) Interest expense after tax = $5,860Convertible into 8,000 shares of common stockarrow_forwardPoppy Corporation owns 60 percent of Seed Company's common shares. Balance sheet data for the companies on December 31, 20X2, are as follows: Assets Cash Accounts Receivable Inventory Buildings and Equipment Less: Accumulated Depreciation Investment in Seed Company Stock Total Assets Liabilities and Owners' Equity Accounts Payable Bonds Payable Common Stock ($10 par value) Retained Earnings Total Liabilities and Owners' Equity Poppy Corporation Basic earnings per share Diluted earnings per share $ 94,000 $ 35,000 83,000 57,000 117,000 100,000 92,000 (77,000) $ 487,000 690,000 (225,000) 135,000 $ 894,000 Seed Company $ 62,000 $ 119,000 250,000 200,000 300,000 100,000 225,000 125,000 $ 894,000 $ 487,000 The bonds of Poppy Corporation and Seed Company pay annual interest of 8 percent and 10 percent, respectively. Poppy's bonds are not convertible. Seed's bonds can be converted into 10,000 shares of its company stock any time after January 1, 20X1. An income tax rate of 40 percent is…arrow_forward
- Computing the noncontrolling interests equity balance Assume the following facts relating to an 90% owned subsidiary company: BOY stockholders’ equity $900,000 BOY AAP assets 117,000 Net income of subsidiary (not including [A] asset depreciation and amortization) 216,000 AAP assets depreciation and amortization expense 36,000 Dividends declared and paid by subsidiary 18,000 b. Compute the amount reported as noncontrolling equity at the end of the year. $Answerarrow_forwardCompute for the non-controlling interest in Net Incomearrow_forwardHansabenarrow_forward
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