Homework Help is Here – Start Your Trial Now!
Business
Accounting
Ute sold $20

Ute sold $20

Fundamentals of Financial Management (MindTap Course List)
Fundamentals of Financial Management (MindTap Course List)
15th Edition
ISBN:9781337395250
Author:Eugene F. Brigham, Joel F. Houston
Publisher:Eugene F. Brigham, Joel F. Houston
Chapter4: Analysis Of Financial Statements
Section: Chapter Questions
Problem 24P: Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of...
See similar textbooks
icon
Related questions
Question

On January 1, 20X9, Ute Company acquired 70 percent of Cougar Company's common shares at the underlying book value.  Ute paid $70,000 for the 70% ownership. Ute uses the equity method in accounting for its ownership of Standard.  During the year, Ute sold $200K inventory to Cougar.  Ute’s original price on the inventory was $150K.  At the end of the year Cougar had $30K in ending inventory.

  1. Prepare all the equity and eliminating entries needed as of December 31, 20X9, and complete the attached consolidated worksheet (Please fill out the cells with bolded question marks within the consolidated worksheet as well, if you can not find some of the values to replace the question marks, that is ok, but indicate which specific cell you are answering for the ones you do know, thank you).
A Ute Cougar Income Statement Sales 200,000 187,000 Other Expenses (90,000) (70,000) (30,000) (12,000) 66,000 ??? Depreciation Income from Standard Net Income 146,000 ??? 105,000 NCI Net Income CI Net Income ??? ??? ??? Statement of Retained Earnings Beginning RE 175,000 75,000 Net Income 146,000 105,000 Less Dividends Declared (40,000) (20,000) Ending Retained Earnings 281,000 160,000 Balance Sheet Current Assets 246,000 180,000 Depreicable Assets Accumulated Depreciation Investment in Standard 304,000 170,000 (120,000) (85,000) 122,000 ??? 265,000 Total Assets 552,000 Current Liabilities 50,000 30,000 Long Term Liabilities 121,000 50,000 Common Stock 100,000 25,000 Retained Earnings 281,000 160,000 NCI Share of Assets ??? ??? Total Liabilities and Equity 552,000 265,000
Transcribed Image Text:A Ute Cougar Income Statement Sales 200,000 187,000 Other Expenses (90,000) (70,000) (30,000) (12,000) 66,000 ??? Depreciation Income from Standard Net Income 146,000 ??? 105,000 NCI Net Income CI Net Income ??? ??? ??? Statement of Retained Earnings Beginning RE 175,000 75,000 Net Income 146,000 105,000 Less Dividends Declared (40,000) (20,000) Ending Retained Earnings 281,000 160,000 Balance Sheet Current Assets 246,000 180,000 Depreicable Assets Accumulated Depreciation Investment in Standard 304,000 170,000 (120,000) (85,000) 122,000 ??? 265,000 Total Assets 552,000 Current Liabilities 50,000 30,000 Long Term Liabilities 121,000 50,000 Common Stock 100,000 25,000 Retained Earnings 281,000 160,000 NCI Share of Assets ??? ??? Total Liabilities and Equity 552,000 265,000
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Consolidations
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Fundamentals of Financial Management (MindTap Cou…
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781337395250
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS