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Yohannes Wibowo - Akuntansi Keuangan Lanjutan I - Akuntansi (E) - Tugas Minggu 9

The document shows consolidation workpapers for Pal Corporation and its 90% owned subsidiary Sor for the year ended December 31, 2012. It includes adjustments and eliminations to consolidate the income statement, retained earnings, and balance sheet of the two entities. The consolidated statements show total sales of $568,000, net income of $182,000, retained earnings of $234,000, and total assets of $1,512,000.

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YOHANNES WIBOWO
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77 views10 pages

Yohannes Wibowo - Akuntansi Keuangan Lanjutan I - Akuntansi (E) - Tugas Minggu 9

The document shows consolidation workpapers for Pal Corporation and its 90% owned subsidiary Sor for the year ended December 31, 2012. It includes adjustments and eliminations to consolidate the income statement, retained earnings, and balance sheet of the two entities. The consolidated statements show total sales of $568,000, net income of $182,000, retained earnings of $234,000, and total assets of $1,512,000.

Uploaded by

YOHANNES WIBOWO
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as XLSX, PDF, TXT or read online on Scribd
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38200332 - Yohannes Wibowo

Cost January 1, 2011 270,000


Implied fair value 300,000
Book value of Sor 240,000
Excess fair value over book value - Goodwill 60,000

Eliminate intercompany sales-inventory


Cost of Sales 72,000
Sales 72,000

Record defer profit 2011


Investment in Sor 10,000
Cost of Sales 10,000

Record unrealized profit 2012


Cost of sales 12,000
Inventory 12,000

Eliminate gain on sale of machinary


Investment in Sor 6,000
Machinary 4,000
Depreciation Expense - Machinary 2,000

Eliminate gain on sale of land


Gain on Land 5,000
Land 5,000

Eliminate Investment income from investment account and dividend


Income from Sor 40,000
Dividend 18,000
Investment in Sor 22,000

Record NCI in subsidiary earnings and dividend


Noncontrolling interest share 5,000
Dividends 2,000
Noncontrolling interest 3,000

Eliminate reciprocal investment and subsidiary balance


Capital Stock 150,000
Retained earnings 120,000
Goodwill 60,000
Investment in Sor 297,000
Noncontrolling Interest 33,000

Eliminate other reciprocal balance


Accounts payable 10,000
Accounts Receivable 10,000

Dividends Payable 18,000


Dividends Receivable 18,000
Pal Corporation and Subsidiary
Consolidation Workpapers
For the Year Ended December 31, 2012 (in thousands)
Adj. and Elimination
Pal Sor 90%
Dr. Cr.
Income Statement
Sales 450,000 190,000 72,000
Income from Sor 40,000 40,000
Gain on Land 5,000 5,000
Cost of sales - 200,000 - 100,000 12,000 72,000
10,000
Income expense - 113,000 - 40,000 2,000
Consolidated NI
Noncontrolling share 5,000
Controlling share of NI 182,000 50,000

Retained Earnings
Retained earnings - Pal 202,000
Retained Earnings - Sor 120,000 120,000
Noncontrolling share of NI 182,000 50,000
Dividends - 150,000 - 20,000 18,000
2,000
Retained earnings Dec, 31 234,000 150,000

Balance Sheet
Cash 133,000 14,000
Accounts receivable 180,000 100,000 10,000
Dividends receivable 18,000 18,000
Inventories 60,000 36,000 12,000
Land 100,000 30,000 5,000
Buildings - net 280,000 80,000
Machinary - net 330,000 140,000 4,000
Investment in Sor 303,000 10,000 22,000
6,000 297,000
Goodwill 60,000
Total Assets 1,404,000 400,000

Accounts payable 200,000 50,000 10,000


Dividends payable 30,000 20,000 18,000
Other payable 140,000 30,000
Capital stock 800,000 150,000 150,000
Retained earnings 234,000 150,000
Total Equities 1,404,000 400,000
Noncontrolling interest January 1 33,000
Noncontrolling Interest December 31 3,000
Consolidated
Statements

568,000
-
-

- 230,000
- 151,000
187,000
- 5,000
182,000

202,000
-
182,000

- 150,000
234,000

147,000
270,000
-
84,000
125,000
360,000
466,000

-
60,000
1,512,000

240,000
32,000
170,000
800,000
234,000

36,000
1,512,000
2011 2012 2013 2014
Par's separate income 200,000 150,000 40,000 120,000
Add: 80% of Sum's net income 48,000 56,000 64,000 72,000
Amortize the negative differential
assigned to plant assets 4,000 4,000 4,000 4,000
Unrealized profit on upstream
Sale of land - 4,000 4,000
Sale of inventory - 6,400 6,400
Unrealized profit on downstream
Sale of Machinery - 25,000
Piecemeal recognition of gain 5,000 5,000 5,000
Par's net income and controlling
Share of consolidated net income 248,000 190,000 106,600 211,400

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