Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

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

Have any Question? 


Related Questions in Accounting Basics

Pat sajork has two drawers one drawer contains three gold

Pat Sajork has two drawers. One drawer contains three gold coins, and the other contains one gold coin and two silver coins. We are allowed to choose one drawer, and we will be paid $500 for each gold coin and $100 for e ...

Final project budget variance reportintroduction-in your

Final Project Budget Variance Report Introduction- In your opening paragraph, very briefly introduce the purpose of your paper. Recall that you will be discussing the operating budget and variance analysis as explained i ...

Management accounting - farnsworths fine furniture

Management Accounting - Farnsworth's Fine Furniture Ltd Question 1 - (a) Prepare a new profit statement for Fred, using a variable costing approach (Also known as marginal costing, or the contribution margin approach). Y ...

Dq1explain how the account of biblical creation can be

DQ1 Explain how the account of biblical creation can be viewed as a model for innovative and creative leaders when managing chaos. DQ2 Hypothesize why it is important for leaders both to create and enable chaos as well a ...

Provide a three page discussion in pdf to address the

Provide a three page discussion in PDF to address the following: • Changes to Rev Rec since initial issuance propose impact • Changes to IFRS 9 since initial issuance propose impact • Summary of the latest IFRS since 8 e ...

Assignment ethical issue reclassification of

Assignment: Ethical Issue: Reclassification of Receivables Respond to the following ethical issue concerning the reclassification of receivables in your initial post: Moss Exports is having a bad year. Net income is only ...

The costs listed below relate to a variety of different

The costs listed below relate to a variety of different decision situations. Cost Decision 1. Unavoidable fixed overhead Eliminate an unprofitable segment 2. Direct labor Make or buy 3. Original cost of old equipment Equ ...

Theory and current issues in accounting assignment-

Theory and Current Issues in Accounting Assignment- Learning Objective- - Evaluate different accounting theories and their implications for policy choices by managers; - Synthesize the complex elements of the Conceptual ...

Horizontal and vertical analysisfor this assignment due in

Horizontal and Vertical analysis For this assignment, due in Module Four, you will submit both a horizontal and vertical analysis of Starbucks' accounts receivable, fixed assets, and debt financing. Use basic financial a ...

Question 1 -jj industries is in the business of

Question 1 - JJ Industries is in the business of manufacturing large yachts. They have an agreement with one of their biggest customers that they will pay off their account of R18.5 million over the next three years, wit ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate