FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:Requirement 1. Prepare the worksheet for the consolidated balance sheet of Rose, Inc.
Start by recording the necessary elimination entries in order to avoid double-counts on the consolidated statements. Then, enter the consolidated amounts. (Leave unused cells blank. For accounts with a $0 consolidated balance, make sure to enter "0" in the appropriate column.)
Rose, Inc.
- X
Data Table
Consolidation Work Sheet
September 30, 20X6
Elimination
Rose
Mountain
Rose
Mountain
Debit
Credit
Assets
Assets
Cash
60.000 S
50,000
Cash
60,000 S
59,000
Accounts receivable, net
194,000
86,000
Accounts receivable, net
194.000
86,000
Note receivable from Mountain
175,000
Note receivable from Mountain
175,000
Inventory
305,000
458,000
Inventory
305,000
458.000
Investment in Mountain
453,000
453,000
403,000
Investment in Mountain
524.000
PPE, net
403,000
524,000
PPE, net
1,590,000 $ 1,127,000
$ 1,590,000 S 1,127,000
Total
.......
Total
Liabilities and Shareholders' Equity
Accounts payable
Notes payable
122,000 $
67,000
Liabilities and Shareholders' Equity
410,000
312,000
Accounts payable
122,000| S
67.000
Other liabilities
216,000
205,000
Notes payable
312,000
410,000
Share capital
558,000
268,000
Other liabilities
218,000
295.000
Retained earnings
286,000
185,000
Share capital
556,000
268,000
1,590,000 $ 1,127,000
288,000
185,000
Total
Retained earnings
1.590,000|| S 1,127.000
Total
Print
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