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    P4-3 WP

    Uploaded by

    Ana Laila
    Pam Corporation and its 75% owned subsidiary Sun consolidation workpaper for 2016: - Pam reported $267,200 in net income and Sun reported $96,000 for a total consolidated net income of $285,600. - Retained earnings for Pam increased to $787,200 and for Sun increased to $168,000 after distributing $200,000 and $64,000 in dividends respectively. - The consolidated balance sheet shows total assets of $3,417,600 including investments, land, buildings, and equipment.

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    P4-3 WP

    Uploaded by

    Ana Laila
    119 views4 pages
    Pam Corporation and its 75% owned subsidiary Sun consolidation workpaper for 2016: - Pam reported $267,200 in net income and Sun reported $96,000 for a total consolidated net income of $285,600. - Retained earnings for Pam increased to $787,200 and for Sun increased to $168,000 after distributing $200,000 and $64,000 in dividends respectively. - The consolidated balance sheet shows total assets of $3,417,600 including investments, land, buildings, and equipment.

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    Pam Corporation and its 75% owned subsidiary Sun consolidation workpaper for 2016: - Pam reported $267,200 in net income and Sun reported $96,000 for a total consolidated net income of $285,600. - Retained earnings for Pam increased to $787,200 and for Sun increased to $168,000 after distributing $200,000 and $64,000 in dividends respectively. - The consolidated balance sheet shows total assets of $3,417,600 including investments, land, buildings, and equipment.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    119 views4 pages

    P4-3 WP

    Uploaded by

    Ana Laila
    Pam Corporation and its 75% owned subsidiary Sun consolidation workpaper for 2016: - Pam reported $267,200 in net income and Sun reported $96,000 for a total consolidated net income of $285,600. - Retained earnings for Pam increased to $787,200 and for Sun increased to $168,000 after distributing $200,000 and $64,000 in dividends respectively. - The consolidated balance sheet shows total assets of $3,417,600 including investments, land, buildings, and equipment.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 4

    PAM CORPORATION AND SUBSIDIARY CONSOLIDATION WORKAPER

    FOR THE YEAR ENDED DECEMBER 31. 2016


    Adjustment and
    Elimination
    Pam 75% Sun Debit Credit
    Income Statement
    Sales $ 1,600,000 $ 400,000
    Income from Sun $ 55,200 $ 55,200
    Cost of sales $ (1,000,000) $ (200,000)
    Other expenses $ (388,000) $ (104,000) $ 22,400
    Consolidated Net Income
    Noncontrolling Interest Share $ 18,400
    Controlling Share of Net Income $ 267,200 $ 96,000

    Retained Earnings Statement


    Retained Earnings - Pam $ 720,000
    Retained Earnings - Sun $ 136,000 $ 136,000
    Add : Controlling Share of Net Income $ 267,200 $ 96,000
    Deduct : Dividends $ (200,000) $ (64,000) $ 48,000
    $ 16,000
    Retained Earnings December, 31 $ 787,200 $ 168,000

    Balance Sheet
    Cash $ 212,000 $ 60,000
    Accounts Receivable $ 344,000 $ 80,000
    Dividens Receivable from Sum $ 24,000 $ 24,000
    Inventories $ 380,000 $ 40,000
    Note Receivable from Pam $ 20,000 $ 20,000
    Land $ 260,000 $ 120,000
    Buildings - net $ 680,000 $ 320,000
    Equipments - net $ 520,000 $ 200,000
    Investmet in Sum $ 727,200 $ 7,200
    $ 720,000
    Patents $ 224,000 $ 22,400
    $ 3,147,200 $ 840,000

    Accounts Payable $ 340,000 $ 40,000


    Note Payable to Sun $ 20,000 $ 20,000
    Dividend Payable $ 32,000 $ 24,000
    Capital Stock, $10 par $ 2,000,000 $ 600,000 $ 600,000
    Retained Earnings $ 787,200 $ 168,000
    $ 3,147,200 $ 840,000

    Non Controlling Interest, January 1 $ 2,400


    Non Controlling Interest, December 1 $ 240,000
    $ 1,100,000 $ 1,100,000
    RKAPER

    Consolidated
    Statements

    $ 2,000,000
    $ -
    $ (1,200,000)
    $ (514,400)
    $ 285,600
    $ (18,400)
    $ 267,200

    $ 720,000
    $ -
    $ 267,200

    $ (200,000)
    $ 787,200

    $ 272,000
    $ 424,000
    $ -
    $ 420,000

    $ 380,000
    $ 1,000,000
    $ 720,000

    $ -
    $ 201,600
    $ 3,417,600

    $ 380,000
    $ -
    $ 8,000
    $ 2,000,000
    $ 787,200
    $ 242,400
    $ 3,417,600

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