SOLUTION: ACT 470 CSU Assessing & Preparing Consolidated Financial Statements Worksheet

ACT470-Portfolio-Option 1
Parent
Income Statement:
Sales
Cost of Goods sold
Gross profit
Income (loss) from subsidiary
Operating expenses
Net Income
Consolidated NI attrib to NCI
Consolidated NI attrib to CI
Subsidiary
6,000,000
(4,000,000)
2,000,000
112,000
(1,500,000)
612,000
2,000,000
(1,200,000)
800,000
Statement of Ret Earnings:
BOY retained earnings
Net income
Dividends
EOY retained earnings
1,978,000
612,000
(190,000)
2,400,000
970,000
200,000
(100,000)
1,070,000
Balance Sheet:
Cash
Accounts receivable
Inventory
Equity investment
200,000
600,000
800,000
1,400,000
120,000
400,000
880,000
2,000,000
1,200,000
5,000,000
2,600,000
500,000
1,100,000
600,000
400,000
2,400,000
200,000
600,000
280,000
450,000
1,070,000
5,000,000
2,600,000
PPE, net
Patent
Goodwill
Current liabilities
Long-term liabilities
Common stock
APIC
Retained earnings
Noncontrolling interest
Consolidation Entries
Dr
(600,000)
200,000
0
Consolidation Entries
Cr
Consolidated
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

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