Prepare A Consolidated Worksheet For Picante And Salsa As Of December 31 2011

Prepare the worksheet necessary to produce the consolidated financial statements of Silvio Corporation and its subsidiary for the year ended December 31, 20X3. Include the determination and distribution of excess schedule and the income distribution schedules. Problem 4-6 LO 3 80 , equity, fixed asset sales by subsidiary and parent. On September 1, 20X1, Parcel Corporation purchased 80 of the outstanding common stock of Sack Corporation for 152,000. On that date, Sack's net book values equaled...

Appendix Problems

Problem 5A-1 (LO 7) 80 , equity, financing leases with unguaranteed residual, fixed asset profit. Steven Truck Company has been an 80 -owned subsidiary of Paulz Heavy Equipment since January 1, 20X3, when Paulz purchased 128,000 shares of Steven common stock for 832,000, an amount equal to the book value of Steven's net assets at that date. Steven's net income and dividends paid since acquisition are as follows On January 1, 20X5, Paulz leased a truck from Steven. The 3-year financing-type...

Equity Method First Year Eliminations Statements

Prepare a determination and distribution of excess schedule for the investment in Shaw Company and determine the balance in the Investment in Shaw Company on Mast Company's books as of December 31, 20X5, under the following methods that could be used by the parent, Mast Company simple equity, sophisticated equity, and cost. Exercise 3 LO 2 Equity method, first year, eliminations, statements. Pepper Company purchased an 80 interest in Salt Company for 250,000 in cash on January 1, 20X1, when...

Intercompany Long Term Construction Contracts

One member of an affiliated group of companies may construct a plant asset for another affiliate over an extended period of time. The company constructing the asset will record progress under the completed-contract method or the percentage-of-completion method. During construction, special adjustments may be necessary when consolidating, depending on which of the two methods is used to record the contract by the constructing affiliate. From a consolidated viewpoint, such activity amounts to the...