The document shows income statements and balance sheets for companies P, S, and T. It reports sales, costs of goods sold, expenses, net income, dividends, retained earnings, assets like cash, receivables, inventories, plant & equipment, and liabilities like accounts payable for each company. It also shows investments that P has in S (80% ownership) and T (50% ownership).
The document shows income statements and balance sheets for companies P, S, and T. It reports sales, costs of goods sold, expenses, net income, dividends, retained earnings, assets like cash, receivables, inventories, plant & equipment, and liabilities like accounts payable for each company. It also shows investments that P has in S (80% ownership) and T (50% ownership).
The document shows income statements and balance sheets for companies P, S, and T. It reports sales, costs of goods sold, expenses, net income, dividends, retained earnings, assets like cash, receivables, inventories, plant & equipment, and liabilities like accounts payable for each company. It also shows investments that P has in S (80% ownership) and T (50% ownership).
The document shows income statements and balance sheets for companies P, S, and T. It reports sales, costs of goods sold, expenses, net income, dividends, retained earnings, assets like cash, receivables, inventories, plant & equipment, and liabilities like accounts payable for each company. It also shows investments that P has in S (80% ownership) and T (50% ownership).
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P S T
Income Statement Sales 500,000 300,000 100,000 Dividend Income 32,000 Dividend Income 5,000 4,000 COGS -240,000 -150,000 -60,000
Other Expenses -160,000 -70,000 -15,000
Net Income 137,000 84,000 25,000
NCI expense T NCI expense S Consolidated Income Retained Earnings-beg 55,000 160,000 45,000
Dividends -80,000 -40,000 -10,000
Retained Earnings-end 112,000 204,000 60,000
Balance sheet Cash 67,000 36,000 10,000 Account Receivable-net 70,000 50,000 20,000 Inventories 110,000 75,000 35,000 Plant and Equipment-net 140,000 425,000 115,000 Investment in S (80%) 420,000 Investment in T (50%) 75,000 Investment in T (40%) 68000 Goodwill Patent Total Assets 882,000 654,000 180,000 Accounts Payable 70,000 40,000 15,000 Other Liabilities 100,000 10,000 5,000 Capital stock $10 par 600,000 400,000 100,000
Retained Earnings 112,000 204,000 60,000
NCI T NCI S Total liabilities & Equities 882,000 654,000 180,000 Dr Cr Ref Akun x a Deviden Income from T 50000 850,000 Deviden 32000 0 9000 0x b Investment in T 20000 50000 -412,000 RE 8000 1000 -252,250 6250 b. Capital Stock 2500 -2500 RE 25600 -25600 Patent 157650 Goodwill 45000 10000 101,600 Investment in T 40% 160000 43000 Investment in T 50% 6400 NCI T 4000 -80,000 1000 37000 x c. NCI Expense T 8000 Dividend 179,250 NCI T
113,000 x d Deviden Income From S
10000 130,000 Deviden Income From T 20000 200,000 Dividend 18750 6250 692,500 43000 463000 0x e. Investment in S 10000 85000 0 RE 68000 0 15000 15000 x f CS 10000 1000 9000 RE 1,159,500 Equipment 10000 115,000 Investment in S 115,000 NCI S 500000 600,000 x g Sales 179,250 COGS 18500 18500 1600 133350 131750 x h COGS Inventory 966100 966100 1,159,500 x i RE Beginning 0 NCI S COGS
