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Randall Corporation and Sharp Company Consolidation Worksheet December 31, 20X7

Randall Corporation and its subsidiary Sharp Company consolidated their financial statements for the year ended December 31, 20X7. The consolidation resulted in total assets of $1,126,300, total liabilities of $404,800, and total stockholders' equity of $616,300 for the parent and subsidiary combined. For the year, the consolidated net income was $84,900, with $78,300 attributable to the controlling interest and $6,600 to the noncontrolling interest. Retained earnings increased from $320,000 at the beginning of the year to $348,300 at the end of the year after distributing $50,000 in dividends.

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86 views

Randall Corporation and Sharp Company Consolidation Worksheet December 31, 20X7

Randall Corporation and its subsidiary Sharp Company consolidated their financial statements for the year ended December 31, 20X7. The consolidation resulted in total assets of $1,126,300, total liabilities of $404,800, and total stockholders' equity of $616,300 for the parent and subsidiary combined. For the year, the consolidated net income was $84,900, with $78,300 attributable to the controlling interest and $6,600 to the noncontrolling interest. Retained earnings increased from $320,000 at the beginning of the year to $348,300 at the end of the year after distributing $50,000 in dividends.

Uploaded by

Diane Magnaye
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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3.

Randall Corporation and Sharp Company


Consolidation Worksheet
December 31, 20X7

Randall Sharp Eliminations Consolidated


Item Corp. Co. Debit Credit

INCOME STATEMENT

Sales 500,000 250,000 45,000


12,000 693,000
Other Income 20,400 30,000 50,400
Income from Subsidiary 28,000 28,000
Credits 548,400 280,000 743,400
Cost of Goods Sold 416,000 202,000 8,000
2,000
35,000
9,000 564,000
Deprec. and Amortization 30,000 20,000 5,000 2,500 52,500
Other Expenses 24,000 18,000 42,000
Debits (470,000) (240,000) (658,500)
Consolidated Net Income 84,900
NCI Income 6,600 (6,600)
78, 40,000 96,600 56,500 78,300
Income 400

STATEMENT OF
RETAINED EARNINGS

Ret. Earnings, Jan. 1 345,900 215,000 215,000


6,400
2,000
17,500 320,000
Income, from above 78,400 40,000 96,600 56,500 78,300
424,300 255,000 398,300
Dividends Declared (50,000) (25,000) 20,000
5,000 (50,000)

Ret. Earnings, Dec. 31 374,300 230,000 337,500 81,500 348,300


BALANCE SHEET

Cash 130,300 10,000 140,300


Accounts Receivable 80,000 70,000 10,000 140,000
Inventory 170,000 110,000 10,000
3,000 267,000
Buildings and Equipment 600,000 400,000 50,000
25,000 1,075,000
Investment in Sharp
Company Stock 304,000 8,000
296,000
Differential 35,000 35,000
Debits 1,284,300 590,000 1,622,300

Accum. Depreciation 310,000 120,000 20,000


40,000 490,000
Accounts Payable 100,000 15,200 10,000 105,200
Bonds Payable 300,000 100,000 400,000
Bond Premium 4,800 4,800
Common Stock 200,000 100,000 100,000 200,000
Additional Paid-In
Capital 20,000 20,000
Retained Earnings,
from above 374,300 230,000 337,500 81,500 348,300
Noncontrolling Interest 1,600 1,600
74,000 74,000
Credits 1,284,300 590,000 579,100 579,100 1,622,300
4. Randall Corporation and Subsidiary
Consolidated Balance Sheet
December 31, 20X7

Cash $ 140,300
Accounts Receivable 140,000
Inventory 267,000
Total Current Assets $ 547,300
Buildings and Equipment $1,065,000
Less: Accumulated Depreciation (486,000) 579,000
Total Assets $1,126,300

Accounts Payable $ 105,200


Bonds Payable $ 400,000
Bond Premium 4,800 404,800
Stockholders’ Equity:
Controlling Interest:
Common Stock $ 200,000
Retained Earnings 348,300
Total Controlling Interest $ 548,300
Noncontrolling Interest 68,000
Total Stockholders’ Equity 616,300
Total Liabilities and Stockholders' Equity $1,126,300
Randall Corporation and Subsidiary
Consolidated Income Statement
Year Ended December 31, 20X7

Sales $ 693,000
Other Income 50,400
$ 743,400
Cost of Goods Sold $ 564,000
Depreciation and Amortization Expense 52,500
Other Expenses 42,000 (658,500)
Consolidated Net Income $ 84,900
Income to Noncontrolling Interest (6,600)
Income to Controlling Interest $ 78,300

Randall Corporation and Subsidiary


Consolidated Statement of Retained Earnings
Year Ended December 31, 20X7
Retained Earnings, January 1, 20X7 $ 320,000
Income to Controlling Interest, 20X7 78,300
$ 398,300
Dividends Declared, 20X7 (50,000)
Retained Earnings, December 31, 20X7 $ 348,300

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