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    Item Blank Faith Corporation Corporatio N

    Uploaded by

    SARA ALKHODAIR
    - The document presents consolidated balance sheet information for Blank Corporation and Faith Corporation before and after consolidation. - Key assets and liabilities were combined, and the investment in Faith Corporation stock was eliminated against the stockholders' equity accounts. - Goodwill was calculated as the difference between the purchase price and the book value of Faith's net assets acquired. No goodwill resulted from this consolidation.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    Item Blank Faith Corporation Corporatio N

    Uploaded by

    SARA ALKHODAIR
    31 views3 pages
    - The document presents consolidated balance sheet information for Blank Corporation and Faith Corporation before and after consolidation. - Key assets and liabilities were combined, and the investment in Faith Corporation stock was eliminated against the stockholders' equity accounts. - Goodwill was calculated as the difference between the purchase price and the book value of Faith's net assets acquired. No goodwill resulted from this consolidation.

    Original Description:

    advanced acc

    Original Title

    acc418 ch4 q2,3,4 copy

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    - The document presents consolidated balance sheet information for Blank Corporation and Faith Corporation before and after consolidation. - Key assets and liabilities were combined, and the investment in Faith Corporation stock was eliminated against the stockholders' equity accounts. - Goodwill was calculated as the difference between the purchase price and the book value of Faith's net assets acquired. No goodwill resulted from this consolidation.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    31 views3 pages

    Item Blank Faith Corporation Corporatio N

    Uploaded by

    SARA ALKHODAIR
    - The document presents consolidated balance sheet information for Blank Corporation and Faith Corporation before and after consolidation. - Key assets and liabilities were combined, and the investment in Faith Corporation stock was eliminated against the stockholders' equity accounts. - Goodwill was calculated as the difference between the purchase price and the book value of Faith's net assets acquired. No goodwill resulted from this consolidation.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 3

    basic

    Blank Faith
    elimininting
    Item
    Corporatio
    Corporation
    n d c consolidation
    Cash $26,000 $18,000 44,000
    Accounts
    87,000 37,000
    Receivable 124,000
    Inventory 110,000 60,000 24,000 194,000

    Buildings &
    220,000 150,000
    Equipment (net)
    15,000 385,000

    Investment in Faith
    189,000
    Corporation Stock
    189,000 0

    Total Assets $632,000 $265,000


    747,000

    Accounts Payable $92,000 $35,000


    127,000

    Notes Payable 150,000 80,000


    230,000

    Common Stock 100,000 60,000


    60,000 100,000

    Retained Earnings 290,000 90,000


    90,000 290,000
    Total Liabilities &
    Stockholders’ $632,000 $265,000
    Equity 747,000

    basic elimininting
    entry: dr cr
    CS 60,000
    RE 90,000
    Invesment in faith 150,000

    adjusting entry:
    inventry 24,000
    building& equip 15,000
    invesment in faith 39,000

    gooowill= (150,000+24,000+15,000)=0
    basic
    Gold Premium
    elimininting

    Enterprises Builders
    d c consildation

    Cash & Receivables $80,000 $30,000


    2,000 $108,000
    Inventory 150,000 350,000 7,000 507,000

    Buildings & Equipment


    430,000 80,000
    (net)
    12,000 522,000

    Investment in Premium
    167,000
    Stock
    167,000 0

    Total Assets $827,000 $460,000


    $1,137,000

    Current Liabilities $100,000 $110,000


    $210,000

    Long-Term Debt 400,000 200,000


    $600,000

    Common Stock 200,000 140,000


    140,000 200,000
    Retained Earnings 127,000 10,000 10,000 127,000

    Total Liabilities & Stock $827,000 $460,000

    $1,137,000

    basic elimininting entry: dr cr


    cs 140,000
    re 10,000
    invesment 150,000

    Adjusting
    Buildi& Equip 12,000
    Inventory 7000
    Cash & Receivables 2000
    Investment in Premium
    Stock 17,000
    goodwill=167,000-(150,000+2000+7000+12,000)=0
    basic
    Gold Premium
    elimininting

    Enterprises Builders
    d c consolidation
    Cash &
    $80,000 $30,000
    Receivables $110,000
    Inventory 150,000 350,000 7000 507,000
    Buildings &
    430,000 80,000
    Equipment (net) 12,000 522,000
    Investment in
    167,000 167,000 0
    Premium Stock
    Total Assets $827,000 $460,000 $1,139,000

    Current Liabilities $100,000 $110,000


    $210,000
    Long-Term Debt 400,000 200,000 $600,000
    Common Stock 200,000 130,000 130,000 200,000

    Retained Earnings 127,000 20,000 20,000 2,000


    129,000

    Total Liabilities
    & Stockholders’ $827,000 $460,000
    Equity $1,139,000

    basic elimininting
    entry: ddr cr
    cs 130,000
    re 20,000
    invesment 150,000

    goodwill=167,000(150,000+7000+12,000)=2000
    Adjusting
    Buildi& Equip 7000
    Inventory 12,000
    cain on aquistion 2000
    Investmen 17,000

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