Adjusting entries consolidating statements
Adjusting entries consolidating statements - online dating sites with no subscription
In addition to ensuring that all revenue and expenses are recorded, we are also making sure that all asset and liability accounts have the proper balances.
However, if an organization develops a logical consolidation account code design, they can often eliminate the need for Consolidation Software and use Dynamics GP and Management Reporter to manage the consolidation process.P2-1 Consolidation Phillips Solina Current Assets 0,000.00 ,000.00 Plant & equipment (net) 0,000.00 0,000.00 Total Assets 0,000.00 5,000.00 Total Liabilities ,000 ,000 Common Stock, par value 350,000 160,000 Other contributed capital 125,000 53,000 Retained earnings (deficit) 60,000 -23,000 Total liabilities & equities 0,000 5,000 On January 1, 2007, the stockholders of Phillips and Solina agreed to a consolidation.Because FASB requires that one party be recognized as the acquirer and the other as the acquirer, it was agreed that Phillips was acquiring Solina. results in expense accounts being charged when cash is disbursed. should be replenished when the fund is low and at the end of the period. results in expense accounts being charged when the fund is replenished. Harder Company's records show the following for the month of January: Total Retained Earnings at January 1 0,000 Total Retained Earnings at January 31 600,000 Total Revenues 670,000 Total Dividends Declared 30,000 Total expenses for January were a. In a period of rising prices, the inventory method that results in the lowest income tax payment is a.
The inventory methods that result in the most current costs in the income statement and balance sheet are Income Statement Balance Sheet a.
” As a business goes through the normal day-to-day operations, many transactions are recorded.
When work is done and the company is paid, revenue is recorded.
The following information is available for Morton Company: Sales 0,000 Freight-in ,000 Ending Merchandise Inventory 12,000 Purchase Returns and Allowances 5,000 Purchases 90,000 Beginning Merchandise Inventory 15,000 Morton's cost of goods sold is a.
If ending inventory is understated, net income and assets will be Net Income Assets a.
The process of consolidating the financial statements of a corporation across all entities requires a common set of reporting accounts.