Soft Bound Version for Advanced Accounting 13th Edition
13th Edition
ISBN: 9781260110579
Author: Hoyle
Publisher: McGraw Hill Education
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Question
Chapter 5, Problem 20P
a.
To determine
Determine balances for the following items that would appear on consolidated financial statements for 2018:
- Cost of Goods Sold
- Inventory
- Net Income Attributable to Non-controlling Interest
b.
To determine
Determine balances for the following items that would appear on consolidated financial statements for 2018:
- Cost of Goods Sold
- Inventory
- Net Income Attributable to Non-controlling Interest
c.
To determine
Determine balances for the following items that would appear on consolidated financial statements for 2018:
- Buildings (net)
- Operating expenses
- Net Income Attributable to Non-controlling Interest
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Protrade Corporation acquired 80 percent of the outstanding voting stock of Seacraft Company on January 1, 2020, for $556,000 in cash and other consideration. At the acquisition date, Protrade assessed Seacraft's identifiable assets and liabilities at a collective net fair value of $695,000, and the fair value of the 20 percent noncontrolling interest was $139,000. No excess fair value over book value amortization accompanied the acquisition.
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The following selected account balances are from the individual financial records of these two companies as of December 31, 2021:
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Protrade
Seacraft
Sales
$
810,000
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$
530,000
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Cost of goods sold
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375,000
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282,000
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Operating expenses
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167,000
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122,000
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Retained earnings, 1/1/21
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910,000
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350,000
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Inventory
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363,000
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127,000
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Buildings (net)
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375,000
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174,000
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Investment income
Not given
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0
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Each of the following problems is an independent situation:Â
Assume that Protrade sells Seacraft…
Protrade Corporation acquired 80 percent of the outstanding voting stock of Seacraft Company on January 1, 2020, for $468,000 in
cash and other consideration. At the acquisition date, Protrade assessed Seacraft's identifiable assets and liabilities at a collective net
fair value of $585,000, and the fair value of the 20 percent noncontrolling interest was $117,000. No excess fair value over book value
amortization accompanied the acquisition.
The following selected account balances are from the individual financial records of these two companies as of December 31, 2021:
Protrade Seacraft
$ 700,000 $ 420,000
320,000
227,000
156,000
800,000
Sales
Cost of goods sold
Operating expenses
Retained earnings, 1/1/21
Inventory
Buildings (net)
Investment income
352,000
364,000
Not given
Each of the following problems is an independent situation:
8.
a. Assume that Protrade sells Seacraft inventory at a markup equal to 60 percent of cost. Intra-entity transfers were $96,000 in 2020
and $116,000 in…
Protrade Corporation acquired 80 percent of the outstanding voting stock of Seacraft Company on January 1, 2017, for $612,000 in cash and other consideration. At the acquisition date, Protrade assessed Seacraft’s identifiable assets and liabilities at a collective net fair value of $765,000 and the fair value of the 20 percent noncontrolling interest was $153,000. No excess fair value over book value amortization accompanied the acquisition.The following selected account balances are from the individual financial records of these two companies as of December 31, 2018:
Â
Protrade
Seacraft
Sales
$880000
$600000
Cost of goods sold
410000
317000
Operating expenses
174000
129000
Retained earnings, 1/1/18
980000
420000
Inventory
370000
144000
Buildings (net)
382000
181000
Investment income
not given
-0-
Each of the following problems is an independent situation:a. Assume that Protrade sells Seacraft inventory at a markup equal to 60 percent of cost. Intra-entity transfers…
Chapter 5 Solutions
Soft Bound Version for Advanced Accounting 13th Edition
Ch. 5 - Prob. 1QCh. 5 - Prob. 2QCh. 5 - Prob. 3QCh. 5 - Prob. 4QCh. 5 - James, Inc., sells inventory to Matthews Company,...Ch. 5 - Prob. 6QCh. 5 - Prob. 7QCh. 5 - Prob. 8QCh. 5 - Prob. 9QCh. 5 - Prob. 10Q
Ch. 5 - Prob. 11QCh. 5 - Prob. 12QCh. 5 - Prob. 13QCh. 5 - Prob. 1PCh. 5 - Prob. 2PCh. 5 - Prob. 3PCh. 5 - Prob. 4PCh. 5 - Prob. 5PCh. 5 - Use the same information as in problem (5) except...Ch. 5 - Angela, Inc., holds a 90 percent interest in Corby...Ch. 5 - Prob. 8PCh. 5 - Thomson Corporation owns 70 percent of the...Ch. 5 - Prob. 10PCh. 5 - What is the total of consolidated cost of goods...Ch. 5 - Prob. 12PCh. 5 - Prob. 13PCh. 5 - Prob. 14PCh. 5 - What is the consolidated total for inventory at...Ch. 5 - Prob. 16PCh. 5 - Prob. 17PCh. 5 - Prob. 18PCh. 5 - Prob. 19PCh. 5 - Prob. 20PCh. 5 - Akron, Inc., owns all outstanding stock of Toledo...Ch. 5 - Prob. 22PCh. 5 - Prob. 23PCh. 5 - Prob. 24PCh. 5 - Prob. 25PCh. 5 - Prob. 26PCh. 5 - Prob. 27PCh. 5 - Prob. 28PCh. 5 - Prob. 29PCh. 5 - Following are financial statements for Moore...Ch. 5 - Prob. 31PCh. 5 - Prob. 32PCh. 5 - Prob. 33PCh. 5 - Prob. 34PCh. 5 - Prob. 35PCh. 5 - Prob. 36PCh. 5 - Prob. 1DYSCh. 5 - Hamilton Hawks Players Association and Mr....
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