VIERNES, KEITH JEROME A.

ACP 312
Practice Problem-Consolidated Financial Statements

CAE-PEN CORPORATION
Consolidated Statement of Comprehensive Income
For the year ended December 31, 2022
Sales 1,697,500
Cost of Goods Sold (1,000,000)
Gross Profit 697,500

Gain on Sale 60,000

Dividend Income -

Acquisition Expense (232,100)

Distribution Expense (22,000)
Depreciation (466,000)
Rent Expense (75,000)
Amortization (7,500)

Net Income / (Loss) (45,100)      

NCI in CI
(12,000)
Net Income/ (Loss) Attributable to Parent (57,100)      

CAE-PEN CORPORATION
Consolidated Statement of Retained Earnings
For the year ended December 31, 2022

Retained Earnings, January 1 (1,299,250)

Net Income / (Loss) (57,100)
Dividend Declaration and Payment (400,000)

Retained Earnings, December 31 (842,150)      

 CAE-PEN CORPORATION
Consolidated Statement of Financial Position
December 31, 2022

Cash 2,340,000
Accounts Receivable (net) 1,297,500
Marketable Securities 630,000
Prepaid Rent 75,000
Inventories 1,087,500
Land 1,000,000
Building (net) 2,790,000
Equipment (net) 1,811,750
Goodwill 1,316,280
TOTAL ASSETS       12,348,030

Accounts Payable 263,600

Notes Payable 2,425,250
Mortgage Payable 4,500,000
Contingent Consideration Payable 60,000
Ordinary Shares 3,750,000
Share Premium 312,100
Retained Earnings 842,150
NCI 232,430
Treasury Shares (37,500)
TOTAL LIABILITIES AND SHE       12,348,030