Total Assets Current liabilities Long-term debt Common stock Retained earnings $ 0 $ 0 $ 0 $ 0 $ 0 Net income $ $ $ $ $ 0 $ 0 $ 0 $ 0 $ 0 $ Statement of Retained Earnings Beginning balance Net income Less: Dividends declared Ending balance Balance Sheet Current assets Depreciable assets Less: Accumulated depreciation Investment in Song Co. DR CR Consolidated Income Statement Sales Less: Depreciation expense Less: Other expenses Income from Song Co. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.) POLKA CORPORATION AND SUBSIDIARY Consolidated Financial Statements Worksheet December 31, 20X4 Consolidation Entries Polka Corp Song Co. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. (Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. Prepare a three-part consolidation worksheet as of December 31, 20X4. Event Debit Credit Accounts Income from Song Company Investment in Song Company Record entry Clear entry view consolidation entriesī. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)Ĭonsolidation Worksheet Entries Record the basic consolidation entry. Prepare all consolidation entries required on December 31, 20X4, to prepare consolidated financial statements. Polka uses the equity method in accounting for its ownership of Song. Polka Corporation acquired 100 percent of Song Company's voting stock on January 1, 20X4, at underlying book value.
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