Roshawn Been

Advanced Accounting I
Professor Bugg
12th November 2012

Acounts Titles

Inventory, December 31
Other Current Assets
Investment in Sub. Company

Trial Balance
Prange
Seaman
Company Company
100,000 105,000
207,000 325,000
710,000

Land
Buildings and Equipment
Accumulated Depreciation
Patent

140,000
80,000
315,000 340,000
[220,000] [130,000]
20,000

Current Liabilities
Bonds Payable
Other Long-Term Liabilities

[150,000]

Common Stock - P Company

Other Paid in Capital - P
Retained Earning - P Company

[200,000]
[100,000]
[492,000]

Common Stock - S Company

Other Paid in Capital - S
Retained Earning - S Company

[70,000]
[100,000]
[200,000] [40,000]

Eliminations and
Adjustments
Debit

[D] 200,000

Consol. Income
Statement

Control. Retained
Earnings

NCI

Credit
[EI] 8,000
[IA] 20,000
[CY] 60,000
[EL] 450,000
[D] 200,000

[A] 40,000

[IA] 20,000

[A] 20,000
[BI] 12,000
[150,000]
[100,000]
[200,000]

[EL] 150,000
[EL] 100,000
[EL] 200,000

[460,000]

0
0
0

Net Sales
Cost of Goods Sold

[600,000] [380,000]
360,000 228,000

Operating Expenses

140,000

Subsidiary Income
Dividends Declared - P
Dividends Declared - S

[90,000]
60,000
0

Consolidated Net Income

NCI
Controlling Interest
Total NCI
Retained Earn. Control. Int.

62,000

[IS] 100,000
[EI] 8,000

[BI] 12,000
[IS] 100,000

[A] 20,000

880,000
484,000
222,000

[CY] 90,000
30,000
0

920,000

[CY] 30,000
920,000

0
1,586,000
0
[114,000]
0
[574,000]

Consol. Balance
Sheet

197,000
512,000
0

220,000
655,000
[350,000]
180,000
[200,000]
[100,000]
[240,000]
[200,000]
[100,000]

[574,000]
0