consolidated income statement and selected comparative
consolidated balance sheet data for Palano Company and subsidiary
follow:...
consolidated income statement and selected comparative
consolidated balance sheet data for Palano Company and subsidiary
follow:
Palano Company and Subsidiary
Consolidated Income Statement
for the Year Ended December 31, 2015
Sales
$699,800
Cost of sales
263,100
Gross profit
436,700
Operating expenses:
Depreciation expense
$76,100
Selling expenses
122,200
Administrative expenses
83,500
281,800
Consolidated net income
154,900
Less noncontrolling interest in consolidated net income
38,725
Controlling interest in consolidated net income
$116,175
December 31
2014
2015
Accounts receivable
$229,451
$323,275
Inventory
196,258...
On June 30, 2018, Plaster, Inc., paid $988,000 for 80 percent of
Stucco Company's outstanding stock....
On June 30, 2018, Plaster, Inc., paid $988,000 for 80 percent of
Stucco Company's outstanding stock. Plaster assessed the
acquisition-date fair value of the 20 percent noncontrolling
interest at $247,000. At acquisition date, Stucco reported the
following book values for its assets and liabilities:
Cash
$
64,500
Accounts receivable
136,900
Inventory
219,200
Land
70,400
Buildings
189,400
Equipment
324,300
Accounts payable
(37,700
)
On June 30, Plaster allocated the excess acquisition-date fair
value over book value to Stucco's assets as follows:...
The comparative balance sheet of Yellow Dog Enterprises Inc. at
December 31, 20Y8 and 20Y7, is...
The comparative balance sheet of Yellow Dog Enterprises Inc. at
December 31, 20Y8 and 20Y7, is as follows: 1 Dec. 31, 20Y8 Dec. 31,
20Y7 2 Assets 3 Cash $146,460.00 $179,930.00 4 Accounts receivable
(net) 224,660.00 242,920.00 5 Merchandise inventory 321,290.00
299,000.00 6 Prepaid expenses 13,120.00 10,510.00 7 Equipment
654,510.00 537,990.00 8 Accumulated depreciation-equipment
(170,510.00) (132,770.00) 9 Total assets $1,189,530.00
$1,137,580.00 10 Liabilities and Stockholders’ Equity 11 Accounts
payable (merchandise creditors) $249,550.00 $237,970.00 12 Mortgage
note payable ????0.00 335,000.00 13...
The comparative balance sheet of Yellow Dog Enterprises Inc. at
December 31, 20Y8 and 20Y7, is...
The comparative balance sheet of Yellow Dog Enterprises Inc. at
December 31, 20Y8 and 20Y7, is as follows:
1
Dec. 31, 20Y8
Dec. 31, 20Y7
2
Assets
3
Cash
$146,190.00
$179,070.00
4
Accounts receivable (net)
224,940.00
241,100.00
5
Merchandise inventory
322,390.00
299,700.00
6
Prepaid expenses
12,670.00
9,430.00
7
Equipment
655,160.00
537,730.00
8
Accumulated depreciation-equipment
(170,790.00)
(131,900.00)
9
Total assets
$1,190,560.00
$1,135,130.00
10
Liabilities and Stockholders’ Equity
11
Accounts payable (merchandise creditors)
$250,640.00
$237,300.00
12
Mortgage note payable
0.00
336,600.00
13...
The Comparative Balance Sheet for SOX Company showed the
following information. Additional information concerning
transactions and...
The Comparative Balance Sheet for SOX Company showed the
following information. Additional information concerning
transactions and events during 2018 are presented below.
SOX Company
Balance Sheet
October 31
Change
2018
2017
Cash and cash equivalents
$35,900
$10,200
Accounts receivable
48,300
20,300
Inventory
33,000
40,500
Prepaid expenses
2,000
1,500
Long-term investments
0
15,000
Property, plant & equipment
236,500
150,000
Accumulated depreciation
(37,700)
(25,000)
Net Property, plant & equipment
198,800
125,000
Total Assets
$318,000
$212,500
Accounts payable
$10,000
$26,500
Accrued liabilities...
Bolero Company holds 80 percent of the common stock of Rivera,
Inc., and 30 percent of...
Bolero Company holds 80 percent of the common stock of Rivera,
Inc., and 30 percent of this subsidiary’s convertible bonds. The
following consolidated financial statements are for 2017 and
2018:
2017
2018
Revenues
$
(915,000
)
$
(1,045,000
)
Cost of goods sold
613,000
653,000
Depreciation and
amortization
103,000
126,000
Gain on sale of building
0
(33,000
)
Interest expense
43,000
43,000
Consolidated net income
(156,000
)
(256,000
)
to noncontrolling interest
22,000
24,000
to parent company
$
(134,000
)...
A comparative balance sheet for the Kris Kringle Corporation is
presented below:
KRIS KRINGLE CORPORATION
Comparative...
A comparative balance sheet for the Kris Kringle Corporation is
presented below:
KRIS KRINGLE CORPORATION
Comparative Balance Sheet
2018
2017
Assets
Cash
$ 37,000
$ 31,000
Accounts receivable (net)
80,000
60,000
Prepaid insurance
22,000
17,000
Land
18,000
40,000
Equipment
70,000
60,000
Accumulated depreciation
(20,000)
(13,000)
Total Assets
$207,000
$195,000
Liabilities and Stockholders' Equity
Accounts payable
$ 12,000
$ 6,000
Bonds payable
27,000
19,000
Common stock
140,000
115,000
Retained earnings
28,000
55,000
Total liabilities and...
The comparative balance sheet of Cromme Inc. for December 31,
2016 and 2015, is shown as...
The comparative balance sheet of Cromme Inc. for December 31,
2016 and 2015, is shown as follows:
1
Dec. 31, 2016
Dec. 31, 2015
2
Assets
3
Cash
$625,080.00
$586,430.00
4
Accounts receivable (net)
228,260.00
209,470.00
5
Inventories
641,070.00
616,400.00
6
Investments
0.00
240,170.00
7
Land
327,640.00
0.00
8
Equipment
705,000.00
552,830.00
9
Accumulated depreciation-equipment
(165,670.00)
(148,610.00)
10
Total assets
$2,361,380.00
$2,056,690.00
11
Liabilities and Stockholders’ Equity
12
Accounts payable (merchandise creditors)
$425,090.00
$405,900.00
13
Accrued expenses payable (operating expenses)...
Wickersham Brothers, Inc. reported the following
information:
2018
2017
Balance Sheet
Assets
Cash
$50,000
$72,000
Accounts...
Wickersham Brothers, Inc. reported the following
information:
2018
2017
Balance Sheet
Assets
Cash
$50,000
$72,000
Accounts Receivable
80,000
70,000
Merchandise Inventory
60,000
65,000
Property And Equipment
110,000
60,000
Less: Accumulated Depreciation
(30,000)
(15,000)
Total Assets
$270,000
$252,000
Liabilities:
Accounts Payable
$10,000
$12,000
Salaries and Wages Payable
2,000
1,000
Bonds Payable, Long-Term
50,000
60,000
Stockholders’ Equity:
Common Stock
100,000
80,000
Retained Earnings
108,000
99,000
Total Liabilities and Stockholders’ Equity
$270,000
$252,000
Income Statement
Sales
$200,000
Cost of Goods Sold
110,000
Depreciation...