Question
In: Accounting
On January 1, 2018, Sledge had common stock of $220,000 and retained earnings of $360,000. During...
On January 1, 2018, Sledge had common stock of $220,000 and retained earnings of $360,000. During that year, Sledge reported sales of $230,000, cost of goods sold of $120,000, and operating expenses of $50,000.
On January 1, 2016, Percy, Inc., acquired 70 percent of Sledge's outstanding voting stock. At that date, $70,000 of the acquisition-date fair value was assigned to unrecorded contracts (with a 20-year life) and $30,000 to an undervalued building (with a 10-year remaining life).
In 2017, Sledge sold inventory costing $12,500 to Percy for $25,000. Of this merchandise, Percy continued to hold $4,000 at year-end. During 2018, Sledge transferred inventory costing $15,000 to Percy for $30,000. Percy still held half of these items at year-end.
On January 1, 2017, Percy sold equipment to Sledge for $17,000. This asset originally cost $26,000 but had a January 1, 2017, book value of $11,000. At the time of transfer, the equipment's remaining life was estimated to be five years.
Percy has properly applied the equity method to the investment in Sledge.
- Prepare worksheet entries to consolidate these two companies as of December 31, 2018.
- Compute the net income attributable to the noncontrolling interest for 2018.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
On January 1, 2018, Sledge had common stock of $290,000 and retained earnings of $430,000. During...
On January 1, 2018, Sledge had common stock of $290,000 and
retained earnings of $430,000. During that year, Sledge reported
sales of $300,000, cost of goods sold of $155,000, and operating
expenses of $57,000.
On January 1, 2016, Percy, Inc., acquired 80 percent of Sledge's
outstanding voting stock. At that date, $77,000 of the
acquisition-date fair value was assigned to unrecorded contracts
(with a 20-year life) and $37,000 to an undervalued building (with
a 10-year remaining life).
In 2017, Sledge...
On January 1, 2018, Sledge had common stock of $250,000 and retained earnings of $390,000. During...
On January 1, 2018, Sledge had common stock of $250,000 and
retained earnings of $390,000. During that year, Sledge reported
sales of $260,000, cost of goods sold of $135,000, and operating
expenses of $53,000.
On January 1, 2016, Percy, Inc., acquired 80 percent of Sledge's
outstanding voting stock. At that date, $73,000 of the
acquisition-date fair value was assigned to unrecorded contracts
(with a 20-year life) and $33,000 to an undervalued building (with
a 10-year remaining life).
In 2017, Sledge...
On January 1, 2018, Sledge had common stock of $280,000 and retained earnings of $420,000. During...
On January 1, 2018, Sledge had common stock of $280,000 and
retained earnings of $420,000. During that year, Sledge reported
sales of $290,000, cost of goods sold of $150,000, and operating
expenses of $56,000.
On January 1, 2016, Percy, Inc., acquired 70 percent of Sledge's
outstanding voting stock. At that date, $76,000 of the
acquisition-date fair value was assigned to unrecorded contracts
(with a 20-year life) and $36,000 to an undervalued building (with
a 10-year remaining life).
In 2017, Sledge...
On January 1, 2018, Sledge had common stock of $160,000 and retained earnings of $300,000. During...
On January 1, 2018, Sledge had common stock of $160,000 and
retained earnings of $300,000. During that year, Sledge reported
sales of $170,000, cost of goods sold of $90,000, and operating
expenses of $44,000.
On January 1, 2016, Percy, Inc., acquired 70 percent of Sledge's
outstanding voting stock. At that date, $64,000 of the
acquisition-date fair value was assigned to unrecorded contracts
(with a 20-year life) and $24,000 to an undervalued building (with
a 10-year remaining life).
In 2017, Sledge...
On January 1, 2018, Sledge had common stock of $160,000 and retained earnings of $300,000. During...
On January 1, 2018, Sledge had common stock of $160,000 and
retained earnings of $300,000. During that year, Sledge reported
sales of $170,000, cost of goods sold of $90,000, and operating
expenses of $44,000.
On January 1, 2016, Percy, Inc., acquired 70 percent of Sledge's
outstanding voting stock. At that date, $64,000 of the
acquisition-date fair value was assigned to unrecorded contracts
(with a 20-year life) and $24,000 to an undervalued building (with
a 10-year remaining life).
In 2017, Sledge...
On January 1, 2018, Marshall Corporation had 83,000 common shares, recorded at $599,000, and retained earnings...
On January 1, 2018, Marshall Corporation had 83,000 common
shares, recorded at $599,000, and retained earnings of $1,013,000.
During the year, the following transactions occurred:
Apr.
2
Issued 5,100 common shares at $20
per share.
June
15
Declared a cash dividend of $0.35
per share to common shareholders of record on June 30, payable on
July 10.
Aug.
21
Declared a 5% stock dividend to
common shareholders of record on September 5, distributable on
September 20. The shares were trading...
On January 1, 2018, Coronado Corp. had 491,000 shares of common stock outstanding. During 2018, it...
On January 1, 2018, Coronado Corp. had 491,000 shares of common
stock outstanding. During 2018, it had the following transactions
that affected the Common Stock account.
February 1 Issued 114,000 shares
March 1 Issued a 10% stock dividend
May 1 Acquired 103,000 shares of treasury stock
June 1 Issued a 3-for-1 stock split
October 1 Reissued 60,000 shares of treasury stock
Determine the weighted-average number of shares outstanding as
of December 31, 2018.
On January 1, 2018, Coronado Corp. had 491,000 shares of common stock outstanding. During 2018, it...
On January 1, 2018, Coronado Corp. had 491,000 shares of common
stock outstanding. During 2018, it had the following transactions
that affected the Common Stock account.
February 1 Issued 114,000 shares
March 1 Issued a 10% stock dividend
May 1 Acquired 103,000 shares of treasury stock
June 1 Issued a 3-for-1 stock split
October 1 Reissued 60,000 shares of treasury stock
a. Determine the weighted-average number of shares outstanding
as of December 31, 2018.
b. Assume that Coronado Corp. earned...
) On January 1, 2018, Swifty Corp. had 463,000 shares of common stock outstanding. During 2018,...
) On January 1, 2018, Swifty Corp. had 463,000 shares of common
stock outstanding. During 2018, it had the following transactions
that affected the Common Stock account. February 1 Issued 118,000
shares March 1 Issued a 10% stock dividend May 1 Acquired 103,000
shares of treasury stock June 1 Issued a 3-for-1 stock split
October 1 Reissued 63,000 shares of treasury stock Collapse
question part
(a) Determine the weighted-average number of shares outstanding
as of December 31, 2018. The weighted-average...
On January 1, 2018, Ivanhoe Corp. had 482,000 shares of common stock outstanding. During 2018, it...
On January 1, 2018, Ivanhoe Corp. had 482,000 shares of common
stock outstanding. During 2018, it had the following transactions
that affected the Common Stock account.
February 1
Issued 126,000 shares
March 1
Issued a 10% stock dividend
May 1
Acquired 104,000 shares of treasury stock
June 1
Issued a 3-for-1 stock split
October 1
Reissued 61,000 shares of treasury stock
Part 1
Determine the weighted-average number of shares outstanding as
of December 31, 2018.
The weighted-average number of shares...
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