Accounting Consolidated Financial Statement And Journal Entry Homework Help
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The following financial statements of William Ltd and its subsidiary Adam Ltd have been extracted from their financial records at 30 June 2012.
|William Ltd||Adam Ltd|
|Extract from Statements of Comprehensive Income and Changes in Equity|
|Cost of Sales||(770,240)||(395,080)|
|Dividends received from Adam||154,380||–|
|Management fee revenue||43,990||–|
|Gain on sale of equipment||66,400||58,100|
|Management fee expense||–||(43,990)|
|Profit before tax||341,130||237,380|
|Income tax expense||(102,090)||(70,052)|
|Profit for the period||239,040||167,328|
|Retained earnings 30 June 2011||530,204||397,072|
|Retained earnings 30 June 2012||541,160||410,020|
|Statements of Financial Position|
|Investment in Adam Ltd||590,960||–|
|Short-term loan payable||68,558||41,500|
|Total Liabilities & Equity||1,569,530||1,052,938|
William Ltd acquired the 100 per cent interest in Adam Ltd on 1 July 2007, that is five (5) years earlier.At that time the capital and retained earnings of Adam Ltd were
Share capital $332,000 Retained earnings$298,800 $630,800
At the date of acquisition all assets were valued at their fair value.
• During the year William Ltd made total sales to Adam Ltd of $99,600, and Adam Ltd sold $83,000 of inventory to William Ltd.
• The opening inventory in William Ltd as at 1 July 2011 included inventory acquired from Adam Ltd for $66,400 that had cost Adam Ltd $49,800.
• The closing inventory of William Ltd includes inventory acquired from Adam Ltd at a cost of $54,780.This inventory had cost Adam $46,480.
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• The closing inventory of Adam Ltd includes inventory acquired from William Ltd at a cost of $19,920.This inventory had cost William Ltd $16,600.
• On 1 July 2011 Adam Ltd sold an item of equipment to William Ltd for $192,560 when its carrying value in Adam Ltd’s books was $134,460 (cost $224,100, accumulated depreciation $89,640).This equipment is assessed as having a remaining useful life of six (6) years.
• Adam Ltd paid $43,990 in management fees to William Ltd.
• The tax rate is 30 per cent.
1.Prepare the journal entries necessary for the preparation of consolidated financial statements.
2. Prepare a consolidated statement of financial position as at 30 June 2012 and a consolidated statement of comprehensive income and a consolidated statement of changes in equity for the period ended 30 June 2012 for William Ltd and its subsidiaries.
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