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Accounting Expert Answers & Study Resources : Page 599

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10.Plymouth Company holds a 90% interest in Savannah, Inc., which was acquired in a previous year. As of the end of the current fiscal period, the following information is available: Plymouth Savannah Company     Inc.   Internally generated net income $80,000 $60,000 Weighted average common shares outstanding 25,000 12,000 Warrants to acquire sub’s common stock:     Held by unaffiliated investors 2,000 Warrants to acquire.

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  • 10.Plymouth Company holds a 90% interest in Savannah, Inc., which
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8.              Refer to Scenario 4-2.  Assume that during 20X1 and 20X2, Powers has appropriately accounted for its investment in Sculley using the cost method. Required: a. Using the information above or on the Figure 4-5 worksheet, prepare a determination and distribution of excess schedule. b. Complete the Figure 4-5 worksheet for consolidated financial statements for.

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  • 8.              Refer to Scenario 4-2.  Assume that during 20X1 and
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9.The following comparative consolidated trial balances apply to Pembina Company and its subsidiary Scranton Company (80% interest) for the fiscal year ended 12/31/X5: 12/31/X4 12/31/X5 Cash $   145,000 $   419,000 Trading Securities Portfolio (at market)      160,000       175,000 Accounts Receivable     440,000     384,000 Inventories      525,000     542,000 Land      130,000      105,000 Plant, Property, and.

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  • 9.The following comparative consolidated trial balances apply to Pembina Company
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PROBLEM 1.Pilatte Company acquired a 90% interest in the common stock of Sweet Company for $630,000 on January 1, 20X3, when Sweet Company had the following stockholders' equity: Preferred stock (5% cumulative, $100 par) $  80,000 Common stock ($10 par) 350,000 Paid-in capital in excess of par, common stock 75,000 Retained earnings   150,000      Total $655,000 The preferred stock dividends are.

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  • PROBLEM 1.Pilatte Company acquired a 90% interest in the common stock
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5.Refer to Patrick and Solomon. In both 20X1 and 20X2, Patrick has accounted for its investment in Solomon using the simple equity method. Required: a. Using the information from the scenario or on the separate worksheet, prepare necessary determination and distribution of excess schedules for the two purchases. b. Complete the Figure 7-3 worksheet for.

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  • 5.Refer to Patrick and Solomon. In both 20X1 and 20X2,
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11.Company P acquired 80% of the outstanding common stock of the Company S by issuing common stock with a market value of $550,000. The balance sheet of Company S was as follows on the acquisition date: Assets Liabilities and Equity Cash $  50,000 Liabilities $120,000 Inventory 120,000 Common stock, $10 par 100,000 Land 100,000 Other paid-in capital 150,000 Building (net)   350,000 Retained earnings   250,000      Total $620,000      Total $620,000 The.

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  • 11.Company P acquired 80% of the outstanding common stock of
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MULTIPLE CHOICE 1.The usual impetus for transactions that create a long-term debtor-creditor relationship between members of a consolidated group is due to the: a. subsidiary's ability to borrow larger amounts of capital at more favorable terms than would be available to the parent. b. parent's ability to borrow larger amounts of capital at more favorable.

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  • MULTIPLE CHOICE 1.The usual impetus for transactions that create a long-term
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3.Company P Industries purchased a 70% interest in Company S on January 1, 20X1, and prepared the following determination and distribution of excess schedule: D&D Schedule Entity Parent NCI Entity FV $   300,000 210,000 90,000 Book value: Pd-In Capt C Stk       200,000 RE      80,000 Book value:    280,000 196,000 84,000 Excess $     20,000    14,000.

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  • 3.Company P Industries purchased a 70% interest in Company S
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2.Tempo Industries is an 80%-owned subsidiary of Dalie Inc. On January 1, 20X8, Dalie leased an asset to Tempo and the following journal entries were made: Tempo Assets Under Capital Lease 21,561      Cash    5,000      Obligations Under Capital Lease 16,561 Dalie Minimum Lease Payments Receivable 20,000 Cash 5,000      Unearned Interest Income    3,439      Asset (cost of asset leased) 18,000      Sales.

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  • 2.Tempo Industries an 80%-owned subsidiary of Dalie Inc. On January
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4.Refer to Patrick and Solomon. In both 20X1 and 20X2, Patrick has accounted for its investment in Solomon using the cost method. Required: a. Using the information above or on the separate worksheet, prepare necessary determination and distribution of excess schedules for the two purchases. b. Complete the Figure 7-2 worksheet for consolidated financial statements.

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  • 4.Refer to Patrick and Solomon. In both 20X1 and 20X2,
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21.              Which of the following statements is true? a. When one affiliate purchases another affiliate's bonds prior to the business combination, the bonds become an intercompany debt as of the business combination date and thus are viewed, for consolidate purposes, as being retired on the purchase date. b. When one affiliate purchases another affiliate's.

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  • 21.              Which of the following statements true? a. When one affiliate purchases
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4.Selected information from the separate and consolidated balance sheets and income statements of Palo Alto, Inc. and its subsidiary, Stanford Co., as of December 31, 20X1, and for the year then ended is as follows: Palo Alto Stanford Consolidated Balance sheet accounts: Accounts receivable $  26,000 $  19,000 $  42,000 Inventory 30,000 25,000 50,000 Investment in Stanford 67,000 --     --     Stockholders' equity 154,000 50,000 154,000 Income statement accounts: Revenues $200,000 $140,000 $300,000 Cost of.

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  • 4.Selected information from the separate and consolidated balance sheets and
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11.Plymouth Company holds a 90% interest in Savannah, Inc., which was acquired in a previous year. As of the end of the current fiscal period, the following information is available: Plymouth Savannah Company     Inc.   Internally generated net income $20,000 $7,000 Weighted average common shares outstanding 10,000 4,000 Subsidiary common stock warrants to     acquire 200 shares parent common stock 200 Dilutive convertible.

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  • 11.Plymouth Company holds a 90% interest in Savannah, Inc., which
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Partridge & Sparrow scenario: Partridge purchased a 60% interest in Sparrow on January 1, 20X1, for $240,000. At the time of the purchase, Sparrow had the following stockholders' equity: Common stock ($10 par) $  80,000 Retained earnings   120,000      Total stockholders' equity $200,000 Any excess is attributable to equipment with a 10-year life. On January 1, 20X6,.

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  • Partridge & Sparrow scenario: Partridge purchased a 60% interest in Sparrow
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2.The following comparative consolidated trial balances apply to Perella Company and its subsidiary Sherwood Company (80% control): 12/31/X4 12/31/X5 Cash $   275,000 $       300,800 Trading Securities Portfolio (at market)      160,000          120,000 Accts Rec      350,000          379,600 Inventories      316,000          268,000 Land        95,000          180,000 PPE      500,000          520,000 Accum Dep     (135,000)         (152,000) Goodwill       .

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  • 2.The following comparative consolidated trial balances apply to Perella Company
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