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Trial balances of the Silvio Corporation and Jenko Company as of December 31, 2013, are as follows:

Silvio Jenko
Corporation Company

Cash .................................................... . 140,000 205,200
Accounts Receivable ........................................ . 285,000 110,000
Interest Receivable .......................................... . 1,500
Notes Receivable ........................................... . 50,000
Inventory ................................................. . 470,000 160,000
Land ..................................................... . 350,000 300,000
Depreciable Fixed Assets .................................... . 1,110,000 810,000
Accumulated Depreciation ................................... . (500,000) (200,000)
Intangibles ................................................ . 60,000
Investment in Jenko Company ................................. . 1,128,000
Accounts Payable .......................................... . (611,500) (165,000)
Note Payable .............................................. . (10,000)
Interest Payable ............................................ . (200)
Common Stock ($1 par) ..................................... . (400,000)
Common Stock ($5 par) ..................................... . (450,000)
Paid-In Capital in Excess of Par ................................ . (1 ,235,000) (180,000)
Retained Earnings, January 1, 2013 ............................ . (958,500) (470,000)
Treasury Stock (at cost) ...................................... . 315,000
Sales .................................................... . (1 ,020,000) (500,000)
Interest Income ............................................. . (1,500)
Subsidiary Income .......................................... . (88,000)
Cost of Goods Sold ......................................... . 705,000 300,000
Other Expenses ............................................ . 200,000 90,000
Totals .................................................. . 0 0

problem1) Create the worksheet essential to produce consolidated financial statements of Silvio Corporation and its subsidiary for year ended December 31, 2013. Include value analysis and determination and distribution of excess schedule and income distribution schedules.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92656

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