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Consolidated Financial Overview

This document contains consolidated financial statements for a parent and subsidiary corporation. It includes statements of income, retained earnings, and financial position. For the income statement, total consolidated revenue was $450,000 with total costs and expenses of $388,000, resulting in income of $62,000. The balance sheet shows total consolidated assets of $657,000, with total liabilities and equity also equaling $657,000 after eliminating entries and adjustments between the parent and subsidiary.

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Kristine Astorga-Ng
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139 views2 pages

Consolidated Financial Overview

This document contains consolidated financial statements for a parent and subsidiary corporation. It includes statements of income, retained earnings, and financial position. For the income statement, total consolidated revenue was $450,000 with total costs and expenses of $388,000, resulting in income of $62,000. The balance sheet shows total consolidated assets of $657,000, with total liabilities and equity also equaling $657,000 after eliminating entries and adjustments between the parent and subsidiary.

Uploaded by

Kristine Astorga-Ng
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

PROBLEM 16-7

PARENT
Corporatio
n

SUBSIDIAR
Y
Corporatio
n

300,000
19,000
319,000

150,000
150,000

450,000

COGS
Operating expenses
Depreciation
Expense
Other expenses
Goodwill Impairment
Loss
Total cost and
expenses

210,000

85,000

295,000

25,000

20,000

45,000

23,000

25,000

48,000

258,000

130,000

388,000

CI, carried forward

61,000

20,000

62,000

Statement of CI
Sales
Dividend Income
Total Revenue

Statement of R/E
Retained earnings,
Jan 1
P
S
CI From above
Dividends declared
P
S
Retained earnings,
Dec 31
Statement of FP
Cash
Accounts receivable
Inventory
Bldgs. & Equipment
Less: Accumulated
Depreciation
Goodwill
Investment in Solo

Eliminations & Adjustments


Debit
Credit

450,000
(1)19,000

230,000

230,000
50,000

61,000

Consolidated

(2)50,000

20,000

62,000

(20,000)

(20,000)

271,000

(10,000)
60,000

37,000
50,000
70,000
300,000
(105,000)

20,000
30,000
60,000
240,000
(65,000)

(1)10,000
272,000

57,000
80,000
130,000
540,000
(170,000)
(3)20,000

229,000

(1)9,000
(2)200,000
(3)20,000

20,000
-

TOTAL ASSETS

581,000

285,000

657,000

Accounts Payable
Taxes Payable
Common stock
P
S
Retained Earnings,
from SRE
TOTAL LIAB &
EQUITY

40,000
70,000

20,000
55,000

60,000
125,000

200,000

200,000
(2)150,000

271,000

150,000
60,000

581,000

285,000

239,000

272,000
239,000

657,000

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