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  3. the total asset and total liabilities amp se are not...

Question: the total asset and total liabilities amp se are not...

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Peanut Company acquired 90 percent of Snoopy Companys outstanding common stock for $299,700 on January 1, 20X8, when the book value of Snoopys net assets was equal to $333,000. Peanut uses the equity method to account for investments. Trial balance data for Peanut and Snoopy as of December 31, 20X8, are as follows Peanut Company Snoopy Company Debit Credit Debit Credit $162,000 180,000 205,000 351,900 211,000 710,000 188,000 44,000 216,000 84,000 $85,000 84,000 83,000 Cash Accounts Receivable Inventory Investment in Snoopy Stock Land Buildings and Equipment Cost of Goods Sold Depreciation Expense Selling & Administrative Expense Dividends Declared Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Retained Earnings Sales Income from Snoopy 96,000 182,000 113,000 9,000 38,000 22,000 $ 446,000 57,000 183,000 489,000 313,900 791,000 72,000 $18,000 42,000 79,000 185,000 148,000 240,000 Total $2,351,900$2,351,900 $712,000 $712,000b. Prepare a consolidation worksheet for 20X8. Assume the company prepares the optional Accumulated Depreciation Consolidation Entry. (Values in the first two columns (the parent and subsidiary balances) that are to be deducted should be indicated with a minus sign, while all values in the Consolidation Entries columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.) Answer is not complete. PEANUT COMPANY AND SUBSIDIARY Consolidated Financial Statement Worksheet December 31, 20x8 Consolidation Entries Peanut Snoopy Co DR CR Consolidated Co Income Statement Sales Less: COGS Less: Depreciation expense Less: Selling & Administrative Expense (216,000 Income from Snoopy Co Consolidated net income NCI in net income Controlling interest in net income Statement of Retained Earnings Beginning balance Net income Less: Dividends declared Ending balance $ 791,000 $ 240,000 (188,000)(113,000) (9,000) (38,000) $ 1,031,000 (301,000) (53,000) (254,000) (44,000) 072,000 72,000 72,000 415,000 80,000 0 423,000 $ 415,000 80,000 72,000 0 $423,000 $ 313,900 415,000 148,000$ 148,000 72,000 $313,900 423,000 22,000 (84,000) 22,000 $652,900 80,000 (84,000)(22,000) $644,900 $ 206,000 220,000Balance sheet Assets Cash Accounts receivable $ 162,000$ 85,000 84,000 83,000 $247,000 264,000 288,000 Inventory Investment in Snoopy Co Land 180,000 205,000 351,900 211,000 710,000 351,900 307,000 9,000883,000 (455,000) $ 512,000 9,000 360,900 1,534,000 96,000 Buildings and equipment Less: Accumulated depreciation Total Assets 182,000 (446,000)(18,0009,000 Liabilities & Stockholders Equity Accounts payable Bonds payable Common stock Retained earnings NCl in NA of Snoopy Co Total Liabilities & Stockholders Equity $ 57,000 $42,000 183,000 79,000 489,000 185,000 185,000 644,900 99,000 262,000 489,000 652,900 206,000 220,000 22,000 0 $ 512,000 405,000 22,000 $1,502,900The total asset and total liabilities & SE are not balanced but I don't know where is incomplete. I try to plug in the difference between them into the NCI in NA, but it doesn't work.

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