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Income Statement: Placid Storm Adjustments and Eliminations Consolidat Ed Statement S
Income Statement: Placid Storm Adjustments and Eliminations Consolidat Ed Statement S
Income Statement: Placid Storm Adjustments and Eliminations Consolidat Ed Statement S
Cr
Cr
Cr
Cr
Cr
Dr
Income Statement
Sales
Gain on land
Gain on building
Income from Storm
Gain on bonds
Cost of sales
Dr
Dr
Dr
Dr
Depreciation expense
Interest expense
Other expense
Noncontrolling int. share
Net Income
Cr Retained Earnings, January 1
Dr Dividends
Retained earnings,
December 31
Dr
Dr
Dr
Dr
Dr
Dr
Balance Sheet
Cash
Bond interest receivable
Other receivables-net
Inventories
Land
Buildings net
$ 1260 $ 1000
20
40
104
(700)
(600)
(152)
(40)
(92)
(80)
(120)
$440
$200
300
(320)
200
(160)
80
160
180
300
Dr Equipment net
280
180
Dr Investment in Storm
686
Cr
Cr
Cr
Cr
Cr
Accounts payable
Bond interest payable
10% bonds payable
Common stock
Retained earnings
Total Equity
2) 100
5) 20
6) 40
8) 104
2160
7) 12
12
2) 100
3) 30
(1260)
3) 24
(232)
(40)
(92)
10) 52
(52)
496
9) 200
300
8) 120
10) 40
$ 420 $ 240
$162
10
60
100
140
360
Adjustments Consolidat
and
ed
Eliminations Statement
s
$ 54
188
$
$
1740 1200
$ 100 $ 160
20
400
800
800
420
240
$
$
1740 1200
(320)
476
2) 20
6) 40
4) 8
2) 20
3) 30
5) 20
6) 2
6) 2
4) 8
4) 32
236
10
120
230
300
696
428
3) 24
4) 24 9) 750
5) 16
7) 188
2020
7) 200
9) 800
260
(180)
400
800
476
1756
4) 8 9) 250
10) 12
942
12
2710