Maurice Tutor

(5)

$15/per page/Negotiable

About Maurice Tutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 6 Days Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Sep 2017 My Price 10.00

Rodriguez Company

Rodriguez Company holds 80 percent of the common stock of Molina, Inc., and 30 percent of this subsidiary’s convertible bonds. The following consolidated financial statements are for 2010 and 2011:

Rodriguez Company and Consolidated Subsidiary Molina

2010

2011

Revenues

$ (850,000)

$ (980,000)

Cost of goods sold

600,000

640,000

Depreciation and amortization

90,000

100,000

Gain on sale of building

–0–

(20,000)

Interest expense

30,000

30,000

Consolidated net income

(130,000)

(230,000)

to noncontrolling interest

9,000

11,000

to parent company

$ (121,000)

$ (219,000)

Retained earnings, 1/1

$ (300,000)

$ (371,000)

Net income

(121,000)

(219,000)

Dividends paid

50,000

100,000

Retained earnings, 12/31

$ (371,000)

$ (490,000)

Cash

$ 80,000

$ 150,000

Accounts receivable

150,000

140,000

Inventory

200,000

340,000

Buildings and equipment (net)

640,000

690,000

Databases

150,000

145,000

Total assets

$ 1,220,000

$ 1,465,000

Accounts payable

$ (140,000)

$ (100,000)

Bonds payable

(400,000)

(500,000)

Noncontrolling interest in Molina

(32,000)

(41,000)

Common stock

(100,000)

(130,000)

Additional paid-in capital

(177,000)

(204,000)

Retained earnings

(371,000)

(490,000)

Total liabilities and equities

$(1,220,000)

$(1,465,000)

Additional Information for 2011

• The parent issued bonds during the year for cash.

• Amortization of databases amounts to $5,000 per year.

• The parent sold a building with a cost of $60,000 but a $30,000 book value for cash on May 11.

• The subsidiary purchased equipment on July 23 using cash.

• Late in November, the parent issued stock for cash.

• During the year, the subsidiary paid dividends of $10,000.

Prepare a consolidated statement of cash flows for this business combination for the year ending

December 31, 2011. Either the direct or the indirect approach may be used.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 09:09 PM My Price 10.00

Hel-----------lo -----------Sir-----------/Ma-----------dam-----------Tha-----------nk -----------You----------- fo-----------r u-----------sin-----------g o-----------ur -----------web-----------sit-----------e a-----------nd -----------and----------- ac-----------qui-----------sit-----------ion----------- of----------- my----------- po-----------ste-----------d s-----------olu-----------tio-----------n.P-----------lea-----------se -----------pin-----------g m-----------e o-----------n c-----------hat----------- I -----------am -----------onl-----------ine----------- or----------- in-----------box----------- me----------- a -----------mes-----------sag-----------e I----------- wi-----------ll

Not Rated(0)