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Consolidation Worksheet

This document is a consolidation worksheet for David Co. and its subsidiary Carol Co. as of July 1, 2006, the date of combination. It shows the individual company balance sheets and the eliminations and adjustments needed to consolidate them. The consolidated balance sheet combines the accounts of David Co. and Carol Co. after eliminating the investment in Carol Co. and intracompany balances and transactions. Goodwill of $3,611,111 is recognized from the consolidation. Minority interest of $3,361,111 is also shown on the consolidated balance sheet.

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Firezer Agegnehu
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© Attribution Non-Commercial (BY-NC)
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319 views

Consolidation Worksheet

This document is a consolidation worksheet for David Co. and its subsidiary Carol Co. as of July 1, 2006, the date of combination. It shows the individual company balance sheets and the eliminations and adjustments needed to consolidate them. The consolidated balance sheet combines the accounts of David Co. and Carol Co. after eliminating the investment in Carol Co. and intracompany balances and transactions. Goodwill of $3,611,111 is recognized from the consolidation. Minority interest of $3,361,111 is also shown on the consolidated balance sheet.

Uploaded by

Firezer Agegnehu
Copyright
© Attribution Non-Commercial (BY-NC)
Available Formats
Download as XLS, PDF, TXT or read online on Scribd
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David,& subsidiary

Consolidation Worksheet
July 1,2006- Date of combination
Balance Sheet
SN

Eliminations & Adjustments

Account Title

Consolidated
Balance Sheet

David Co.

Carol Co.

Debit

$23,750,000

$8,000,000

(El)*1000000

$32,750,000

2 Plant assets

26,000,000

22,000,000

(El) 4000000

52,000,000

3 Investment in Carol Company

30, 250000

1 Current assets

(El) 30,250,000

4 Good will
5

(El)**3, 611, 111


80,000,000

30,000,000

6 Liabilities

15,000,000

5,000,000

7 Common stock, $ 10 par

28,000,000

10,000,000

8 Additional paid-in capital

25,000,000

1,000,000

9 Retained earnings

14,000,000

14,000,000

Total Assets

Total equities

80,000,000

30,000,000

3,611,111

30,250,000

$88,361,111
$20,000,000

(El) 10000000

27,500,000

(El)

1000000

23,500,000

(El) 14000000

14,000,000

10 Minority (non controlling) interest


11

Credit

25,000,000

(El)***3,361111

3,361,111

3,361,111

$88,361,111

*(El) elimination and adjustment entry : to adjust the net assets of the subsidiary to their fair value
: to temporarily eliminate stockholders' equity accounts of the subsidiary and investment accounts of the parent
** Good Will is accounted for Under Entity Concept
*** Minority Interset is dtermined under Entity Concept

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