CH 03
CH 03
CH 03
This worksheet contains spreadsheets that complete the consolidated balance sheet after the
student inputs the eliminating journal entries on the consolidated worksheet.
1. To activate the process, a debit must be entered into the debit elimination entry column.
2. There is a separate column, in which to enter the number or letter to key the entry (e.g. (1) or (a)).
3. In some cases, balance sheet accounts may need to be added. The row to enter the accounts
will contain the message "ADD ACCOUNTS HERE". You will need to activate the
worksheet to see the message.
4. If two rows in the elimination columns contain brackets (i.e. [ ), this means that two rows can
be used for the same account. In other words, more than one debit to an account is possible.
5. Each worksheet may be printed before any numbers are inserted and used to solve the problem
manually.
6. The last worksheet (labeled JE) contains three blank journal entry pages. These can be used to
prepare eliminating journal entries for any or all of the homework problems. This sheet can
be duplicated for each problem if needed.
Problem 3-1 Part I.
P COMPANY AND SUBSIDIARY
Consolidated Balance Sheet Workpaper
November 30, 2014
P S Eliminations Noncontrolling Consolidated
Company Company Dr. Cr. Interest Balance
Current Assets 880,000 260,000
Investment in S Company 190,000 (1)190000
Difference bw IV and BV (1) 71,111 (2) 71,111
Long term Assets 1,400,000 400,000 (2) 71,111
Other Assets 90,000 40,000
Total 2,560,000 700,000
Noncontrolling Interest
Noncontrolling Interest
Total 8,020,000 2,440,000
Advances from Ping Company
Interest Payable
Interest Receivable
Total Liabilities and Equity
Journal entry descriptions
Problem 3-8 Part B PUNTO COMPANY AND SUBSIDIARIES
Consolidated Balance Sheet Workpaper
February 1, 2014
Punto Sara Rob Eliminations Noncontrolling Consolidated
Company Company Company Dr. Cr. Interest Balance
Cash 111,000 45,000 17,000
Accounts Receivable 35,000 35,000 26,000
Notes Receivable 18,000
Merchandise Inventory 106,000 35,500 14,000
Prepaid Insurance 13,500 2,500 500
Investment in Sara Company 160,800
Investment in Rob Company 50,000
Entry
Number Accounts Used Debit Credit
10
11
Entry
Number Accounts Used Debit Credit
12
13
Entry
Number Accounts Used Debit Credit
14
15
Problem 3-1 Part I.
P COMPANY AND SUBSIDIARY
Consolidated Balance Sheet Workpaper
November 30, 2014
P S Eliminations
Company Company Dr.
Current Assets 880,000 260,000
Investment in S Company 190,000
Difference bw IV and BV 71,111
Long term Assets 1,400,000 400,000 71,111
Other Assets 90,000 40,000
Total 2,560,000 700,000
910,000
1,140,000
600,000
470,000
40,000
21,111 21,111 21,111
322,222 3,141,111
Sheet Workpaper
30, 2014
Eliminations Noncontrolling Consolidated
Cr. Interest Balance
1,060,000
190,000
8,889
8,889 1,591,111
140,000
2,791,111
960,000
1,190,000
600,000
20,000
369,000
266,000
868,667
500,000
2,767,167
232,000
57,600
160,000
1,500,000
260,000
492,400
65,167 65,167
2,767,167