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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
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

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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