Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 04 Aug 2017 My Price 9.00

Blank Corporation

Balance Sheet Worksheet

Blank Corporation acquired 100 percent of Faith Corporation’s common stock on December 31, 20X2, for $150,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition:

 

Blank

Faith

Item

Corporation

Corporation

Cash

$ 65,000

$ 18,000

Accounts Receivable

87,000

37,000

Inventory

110,000

60,000

Buildings & Equipment (net)

220,000

150,000

Investment in Faith Corporation Stock

150,000

  

Total Assets

$632,000

$265,000

Accounts Payable

$ 92,000

$ 35,000

Notes Payable

150,000

80,000

Common Stock

100,000

60,000

Retained Earnings

290,000

90,000

Total Liabilities & Stockholders’ Equity

$632,000

$265,000

At the date of the business combination, the book values of Faith’s net assets and liabilities approximated fair value. Assume that Faith Corporation’s accumulated depreciation on buildings and equipment on the acquisition date was $30,000.

Required

a. Give the elimination entry or entries needed to prepare a consolidated balance sheet immediately following the business combination.

b. Prepare a consolidated balance sheet worksheet.

Answers

Maurice Tutor
(5)
Status NEW Posted 04 Aug 2017 08:08 PM My Price 9.00

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