Solved

The December 31, 2021 Consolidated Trial Balance of a Parent

Question 97

Essay

The December 31, 2021 consolidated trial balance of a parent and its subsidiary is shown below.
 Current assets $6,000 Property, net 150,000 Intangible assets, net 25,000 Goodwill 95,000 Liabilities (233,955) Capital stock (15,000) Retained earnings, beginning (20,000) Accumulated other comprehensive income, beginning (700) Treasury stock 800 Noncontrolling interest (3,000) Dividends 1,000 Sales revenue (500,000) Cost of sales 390,000 Operating expenses 105,000 Other comprehensive income (300) Noncontrolling interest in net income 150 Noncontrolling interest in other comprehensive income 5 Total $0\begin{array}{lr} \text { Current assets } & \$ 6,000 \\ \text { Property, net } & 150,000 \\ \text { Intangible assets, net } & 25,000 \\ \text { Goodwill } & 95,000 \\ \text { Liabilities } & (233,955) \\ \text { Capital stock } & (15,000) \\ \text { Retained earnings, beginning } & (20,000) \\ \text { Accumulated other comprehensive income, beginning } & (700) \\ \text { Treasury stock } & 800 \\ \text { Noncontrolling interest } & (3,000) \\ \text { Dividends } & 1,000 \\ \text { Sales revenue } & (500, 000) \\ \text { Cost of sales } & 390,000 \\ \text { Operating expenses } & 105,000 \\ \text { Other comprehensive income } & (300) \\ \text { Noncontrolling interest in net income } & 150 \\ \text { Noncontrolling interest in other comprehensive income } & 5 \\ \text { Total } & \$ 0\\\end{array}
Required
Present the consolidated statement of income and comprehensive income, and the consolidated balance sheet, in good form.

Correct Answer:

verifed

Verified

None...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents