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Income Statement: Part A

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Indra Pramana

1) Pruitt Corporation and its subsidiary Sedbrook Company reported total consolidated revenues of $1,596,000 for 2013, with net income of $291,500. 2) Cost of goods sold for Pruitt was $880,000 and for Sedbrook was $408,000, with total consolidated COGS of $1,023,000. 3) Retained earnings balances for Pruitt and Sedbrook at December 31, 2013 were $651,900 and $172,000 respectively, for total consolidated retained earnings of $711,200.

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Income Statement: Part A

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Indra Pramana
45 views1 page
1) Pruitt Corporation and its subsidiary Sedbrook Company reported total consolidated revenues of $1,596,000 for 2013, with net income of $291,500. 2) Cost of goods sold for Pruitt was $880,000 and for Sedbrook was $408,000, with total consolidated COGS of $1,023,000. 3) Retained earnings balances for Pruitt and Sedbrook at December 31, 2013 were $651,900 and $172,000 respectively, for total consolidated retained earnings of $711,200.

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1) Pruitt Corporation and its subsidiary Sedbrook Company reported total consolidated revenues of $1,596,000 for 2013, with net income of $291,500. 2) Cost of goods sold for Pruitt was $880,000 and for Sedbrook was $408,000, with total consolidated COGS of $1,023,000. 3) Retained earnings balances for Pruitt and Sedbrook at December 31, 2013 were $651,900 and $172,000 respectively, for total consolidated retained earnings of $711,200.

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45 views1 page

Income Statement: Part A

Uploaded by

Indra Pramana
1) Pruitt Corporation and its subsidiary Sedbrook Company reported total consolidated revenues of $1,596,000 for 2013, with net income of $291,500. 2) Cost of goods sold for Pruitt was $880,000 and for Sedbrook was $408,000, with total consolidated COGS of $1,023,000. 3) Retained earnings balances for Pruitt and Sedbrook at December 31, 2013 were $651,900 and $172,000 respectively, for total consolidated retained earnings of $711,200.

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Answering Problem Questions 6-5

PRUITT CORPORATION AND SUBSIDIARY


Part A
For the Year Ended December 31, 2013

Pruitt
Sedbrook
Corporation Company
Income Statement
Sales
Dividend Income
Total Revenue
Cost of Goods Sold:
Inventory, 1/1
Purchases
Cost of Available for Sale
Inventory, 12/31
Cost of Goods Sold
Other Expense
Total Cost and Expense
Net/Consolidated Income
Noncontrolling Interest In Consolidated
Income
Net Income to Retained Earnings
Retained Earnings Statement
1/1 Retained Earnings:
Pruitt Corporation
Sedbrook Company
Net Income from above
Dividends Declared
Pruitt Corporation
Sedbrook Company
12/31/ Retained Earnings to Balance Sheet

Eliminations
Debit
Credit

$1,210,000 $636,000 (2) $250,000


31,500
(5)
31,500
1,241,500 636,000
165,000
935,000
1,100,000
220,000
880,000
198,000
1,078,000
163,500

132,000
420,000
552,000
144,000 (3)
408,000
165,000
573,000
63,000

$163,500

$63,000

$598,400

(4)
144,000 (6)
63,000

163,500

Noncontrolling Consolidated
Interest
Balances
$0

$0

1,596,000
(4)
(2)

25,000
250,000

272,000
1,105,000
1,377,000
354,000
1,023,000
363,000
1,386,000
210,000

10,000

$291,500

25,000
144,000
291,500

$275,000

(1)

6,300
$6,300

44,100

(6,300)
$203,700

$617,500

275,000

6,300

31,500
$350,600

(3,500)
$2,800

(110,000)
(35,000)
$651,900 $172,000

$1,596,000

203,700
(110,000)

(5)
$460,500

$711,200

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