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  • Enrichment Learning Activity: Name: Date: Year and Section: Instructor: Module #: Topic

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    The document is a student worksheet containing problems about consolidated financial statements. It includes: 1) Questions about amounts to report for total retained earnings, earnings from subsidiary, acquisition cost of investment, goodwill, non-controlling interest, and total assets in the consolidated financial statements. 2) The student's work and solutions showing the calculations to arrive at the amounts for each financial statement line item. 3) The amounts reported are $1,240,000 for total retained earnings, $16,000 for earnings from subsidiary, $120,000 for acquisition cost, $40,000 for goodwill, $23,000 for non-controlling interest, and $270

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    07-HOMEWORK-

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    The document is a student worksheet containing problems about consolidated financial statements. It includes: 1) Questions about amounts to report for total retained earnings, earnings from subsidiary, acquisition cost of investment, goodwill, non-controlling interest, and total assets in the consolidated financial statements. 2) The student's work and solutions showing the calculations to arrive at the amounts for each financial statement line item. 3) The amounts reported are $1,240,000 for total retained earnings, $16,000 for earnings from subsidiary, $120,000 for acquisition cost, $40,000 for goodwill, $23,000 for non-controlling interest, and $270

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    22 views2 pages

    Enrichment Learning Activity: Name: Date: Year and Section: Instructor: Module #: Topic

    Uploaded by

    Imthe One
    The document is a student worksheet containing problems about consolidated financial statements. It includes: 1) Questions about amounts to report for total retained earnings, earnings from subsidiary, acquisition cost of investment, goodwill, non-controlling interest, and total assets in the consolidated financial statements. 2) The student's work and solutions showing the calculations to arrive at the amounts for each financial statement line item. 3) The amounts reported are $1,240,000 for total retained earnings, $16,000 for earnings from subsidiary, $120,000 for acquisition cost, $40,000 for goodwill, $23,000 for non-controlling interest, and $270

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    © All Rights Reserved
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    of 2

    CMU

    Enrichment Learning Activity

    Name: John Carlo C. Tolentino Date: February 15 2022


    Year and Section: BSMA - 3A Instructor: Mr. Jefferson Cruz
    Module #: 7 Topic: Consolidated Financial Statement -
    part 4

    Directions: ANSWER PROBLEM 1MULTIPLE CHOICE ON YOUR BOOK NOS. 1-8 pp 358-360 (Show your solutions)

    1. In Owen’s December 31, 1993 consolidated balance sheet, what amount should be reported as total retained
    earnings? 1,240,000

    If the investment in the subsidiary is determined using the equity method, the consolidated retained earnings are
    the same as the parent's retained earnings.

    2. What should Dallas report as earnings from subsidiary, in its 1991 income statement? 16,000

    Share in profit of subsidiary= 20,000*80%= 16,000

    Retained earnings- Subsidiary


    January 1 1991 36,000
    Dividends 5,000 Profit (squeeze) 20,000
    51,000

    3. How much is the acquisition cost of the investment on January 1 1991? 120,000

    Dividends received= 5,000*80%= 4,000

    Investment in subsidiary
    Initial cost 120,000
    Share in profit of subsidiary 16,000 Dividends received 4,000
    Share in the amortization of
    undervaluation of assets -
    December 31 1991 132,000

    4. How much is the goodwill on the business combination? 40,000

    Consideration Transferred 120,000


    Non-controlling interest in the acquire (100,000*20%) 20,000
    Previously held equity interest in the acquiree -
    Total 140,000
    Fair value of net identifiable assets acquired (100,000)

    SY2021-2022 1st Term Homework


    CMU
    Enrichment Learning Activity

    Goodwill at acquisition date 40,000


    Accumulated impairment losses since acquisition date -
    Goodwill, net-current year
    40,000

    5. How much is the non-controlling interest in the net asset of Style on December 31,1991? 23,000

    115,000*20%= 23,000

    6. How much is the consolidated retained earnings on December 31, 1991? 139,750

    Consolidated retained earnings is equal to parent’s retained earnings

    7. How much is the total assets in the consolidated statement of financial position as of December 31, 1991?
    293,000

    Other assets (138,000+115,000) 253,000


    Goodwill 40,000
    Total Asset 293,000

    Common stock (Parent only) 50,000


    Additional paid-in capital (Parent only) 80,250
    Retained earnings (Parent only) 139,750
    Equity attributable to owners of the parent 270,000
    Non-controlling interest 23,000
    Total equity 293,000

    8. What amount of equity attributable to the owners of the parent should be reported in the Dallas December
    31, 1991 consolidated balance sheet? 270,000

    SY2021-2022 1st Term Homework

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