Assignment 2 Question #3
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Katherine
Jul 22, 2011, 12:41:08 PM7/22/11
to FA4 Summer 2011
Does anyone know whether the equipment is amortized for half the usual
amount in Year 2?
amount in Year 2?
eytan cerasi
Jul 22, 2011, 12:51:30 PM7/22/11
to fa4-sum...@googlegroups.com
half so amort. is $30,000
Katherine
Jul 22, 2011, 2:16:12 PM7/22/11
to FA4 Summer 2011
Thanks!
I have another question, I'm having problems with my Consolidated
balance sheet, it's not balancing. It's off by nearly the amount of
the unamortized purchase discrepancy. I've gone through the examples
on page 236 of the text and haven't figured it out yet, can anyone
point me in the right direction?
Also, I thought it might be good to compare some answers:
Consolidated retained earnings (beginning/end) - 2,720,000 / 3,310,000
Cons. Net income - $1,090,000
Balance sheet - A = 7,860,000 L&E = 7,440,000 (hence my problem)
Any feedback would be appreciated! Thanks!
>
> - Show quoted text -
I have another question, I'm having problems with my Consolidated
balance sheet, it's not balancing. It's off by nearly the amount of
the unamortized purchase discrepancy. I've gone through the examples
on page 236 of the text and haven't figured it out yet, can anyone
point me in the right direction?
Also, I thought it might be good to compare some answers:
Consolidated retained earnings (beginning/end) - 2,720,000 / 3,310,000
Cons. Net income - $1,090,000
Balance sheet - A = 7,860,000 L&E = 7,440,000 (hence my problem)
Any feedback would be appreciated! Thanks!
> On Fri, Jul 22, 2011 at 12:41 PM, Katherine <kathompson.em...@gmail.com>wrote:
>
>
>
> > Does anyone know whether the equipment is amortized for half the usual
> > amount in Year 2?- Hide quoted text -
>
>
>
> > Does anyone know whether the equipment is amortized for half the usual
>
> - Show quoted text -
lenny.l...@gmail.com
Jul 22, 2011, 2:17:46 PM7/22/11
to fa4-sum...@googlegroups.com
I have not gotten that far yet - but I will send my answer to you tomorrow sometime -
Helene
Sent from my BlackBerry® wireless device
Helene
Sent from my BlackBerry® wireless device
Irina Silvestrova
Jul 22, 2011, 2:25:06 PM7/22/11
to FA4 group
Hi,
I have the same numbers for consolidated net income. However, my B/S assets = 8,055,000.
Could you please tell me how you got beginning retained earnings (2,720,000)?
Thank you,
Irina
> Date: Fri, 22 Jul 2011 11:16:12 -0700
> Subject: Re: Assignment 2 Question #3
Irina Silvestrova
Jul 22, 2011, 2:25:39 PM7/22/11
to FA4 group
Yes. 1/2 * 60,000
> Date: Fri, 22 Jul 2011 09:41:08 -0700
> Subject: Assignment 2 Question #3
> From: kathomps...@gmail.com
> To: fa4-sum...@googlegroups.com
>
> Subject: Assignment 2 Question #3
> From: kathomps...@gmail.com
> To: fa4-sum...@googlegroups.com
>
eytan cerasi
Jul 22, 2011, 2:26:48 PM7/22/11
to fa4-sum...@googlegroups.com
Your figures are correct except B/S which should be $8.055. I dont know where you are doing wrong but deduct 75K from A/R, add $480K to P&E and also add $270K to Acc Depr.
For the liabilities part deduct $75K and NCI-B/S is $770K.
For the liabilities part deduct $75K and NCI-B/S is $770K.
Katherine
Jul 22, 2011, 3:50:51 PM7/22/11
to FA4 Summer 2011
Alright, the Retained Earnings,
Consolidated Retained Earnings
Pear's retained earnings 2,900,000.00
Silver's retained earnings 800,000.00
Silver's retained earnings, acquisition date 400,000.00
Increase since acquisition 400,000.00
Less purchase discrepancy amort -640,000.00
-240,000.00
Pearl's ownership 75%
-180,000.00
Consolidated retained earnings 2,720,000.00
On Jul 22, 2:25 pm, Irina Silvestrova <irina0...@hotmail.com> wrote:
> Hi,
> I have the same numbers for consolidated net income. However, my B/S assets = 8,055,000.
> Could you please tell me how you got beginning retained earnings (2,720,000)?
> Thank you,
> Irina
>
>
>
> > Date: Fri, 22 Jul 2011 11:16:12 -0700
> > Subject: Re: Assignment 2 Question #3
> > From: kathompson.em...@gmail.com
Consolidated Retained Earnings
Pear's retained earnings 2,900,000.00
Silver's retained earnings 800,000.00
Silver's retained earnings, acquisition date 400,000.00
Increase since acquisition 400,000.00
Less purchase discrepancy amort -640,000.00
-240,000.00
Pearl's ownership 75%
-180,000.00
Consolidated retained earnings 2,720,000.00
On Jul 22, 2:25 pm, Irina Silvestrova <irina0...@hotmail.com> wrote:
> Hi,
> I have the same numbers for consolidated net income. However, my B/S assets = 8,055,000.
> Could you please tell me how you got beginning retained earnings (2,720,000)?
> Thank you,
> Irina
>
>
>
> > Date: Fri, 22 Jul 2011 11:16:12 -0700
> > Subject: Re: Assignment 2 Question #3
> > To: fa4-sum...@googlegroups.com
>
> > Thanks!
>
> > I have another question, I'm having problems with my Consolidated
> > balance sheet, it's not balancing. It's off by nearly the amount of
> > the unamortized purchase discrepancy. I've gone through the examples
> > on page 236 of the text and haven't figured it out yet, can anyone
> > point me in the right direction?
>
> > Also, I thought it might be good to compare some answers:
> > Consolidated retained earnings (beginning/end) - 2,720,000 / 3,310,000
> > Cons. Net income - $1,090,000
> > Balance sheet - A = 7,860,000 L&E = 7,440,000 (hence my problem)
>
> > Any feedback would be appreciated! Thanks!
>
> > On Jul 22, 12:51 pm, eytan cerasi <ecer...@gmail.com> wrote:
> > > half so amort. is $30,000
>
> > > On Fri, Jul 22, 2011 at 12:41 PM, Katherine <kathompson.em...@gmail.com>wrote:
>
> > > > Does anyone know whether the equipment is amortized for half the usual
> > > > amount in Year 2?- Hide quoted text -
>
> > > - Show quoted text -- Hide quoted text -
>
> > Thanks!
>
> > I have another question, I'm having problems with my Consolidated
> > balance sheet, it's not balancing. It's off by nearly the amount of
> > the unamortized purchase discrepancy. I've gone through the examples
> > on page 236 of the text and haven't figured it out yet, can anyone
> > point me in the right direction?
>
> > Also, I thought it might be good to compare some answers:
> > Consolidated retained earnings (beginning/end) - 2,720,000 / 3,310,000
> > Cons. Net income - $1,090,000
> > Balance sheet - A = 7,860,000 L&E = 7,440,000 (hence my problem)
>
> > Any feedback would be appreciated! Thanks!
>
> > On Jul 22, 12:51 pm, eytan cerasi <ecer...@gmail.com> wrote:
> > > half so amort. is $30,000
>
> > > On Fri, Jul 22, 2011 at 12:41 PM, Katherine <kathompson.em...@gmail.com>wrote:
>
> > > > Does anyone know whether the equipment is amortized for half the usual
> > > > amount in Year 2?- Hide quoted text -
>
Irina Silvestrova
Jul 22, 2011, 3:54:10 PM7/22/11
to FA4 group
Thank you for your help Katherine.
> Date: Fri, 22 Jul 2011 12:50:51 -0700
> Subject: Re: Assignment 2 Question #3
Katherine
Jul 22, 2011, 3:54:50 PM7/22/11
to FA4 Summer 2011
Thank you! Part of my problem was a formula error in excel, I dealt
with the P&E and Acc Depr differently, but your way is better. I
hadn't yet dealt with the AR, which was silly, but definitely makes
sense.
I'm confused on the NCI-BS, actually I'm having issues with the
difference between NCI BS and NCI IS for parts b and c as well... was
there an example somewhere that you followed? I'd really like to
understand rather than just following your lead. This is what I have
for NCI which is what I used on the B/S...
Consolidated Net Income
Pearl's Net Income - cost method 1,000,000.00
Less: dividends from Silver -150,000.00
850,000.00
Silver's Net income 400,000.00
Less Purchase discrepancy amortization -80,000.00
320,000.00
Pearl's ownership 75%
240,000.00
Consolidated Net Income 1,090,000.00
NCI (25%) 80,000.00
Thanks!
On Jul 22, 2:26 pm, eytan cerasi <ecer...@gmail.com> wrote:
> Your figures are correct except B/S which should be $8.055. I dont know
> where you are doing wrong but deduct 75K from A/R, add $480K to P&E and also
> add $270K to Acc Depr.
> For the liabilities part deduct $75K and NCI-B/S is $770K.
>
with the P&E and Acc Depr differently, but your way is better. I
hadn't yet dealt with the AR, which was silly, but definitely makes
sense.
I'm confused on the NCI-BS, actually I'm having issues with the
difference between NCI BS and NCI IS for parts b and c as well... was
there an example somewhere that you followed? I'd really like to
understand rather than just following your lead. This is what I have
for NCI which is what I used on the B/S...
Consolidated Net Income
Pearl's Net Income - cost method 1,000,000.00
Less: dividends from Silver -150,000.00
850,000.00
Silver's Net income 400,000.00
Less Purchase discrepancy amortization -80,000.00
320,000.00
Pearl's ownership 75%
240,000.00
Consolidated Net Income 1,090,000.00
NCI (25%) 80,000.00
Thanks!
On Jul 22, 2:26 pm, eytan cerasi <ecer...@gmail.com> wrote:
> Your figures are correct except B/S which should be $8.055. I dont know
> where you are doing wrong but deduct 75K from A/R, add $480K to P&E and also
> add $270K to Acc Depr.
> For the liabilities part deduct $75K and NCI-B/S is $770K.
>
> On Fri, Jul 22, 2011 at 2:16 PM, Katherine <kathompson.em...@gmail.com>wrote:
>
>
>
> > Thanks!
>
> > I have another question, I'm having problems with my Consolidated
> > balance sheet, it's not balancing. It's off by nearly the amount of
> > the unamortized purchase discrepancy. I've gone through the examples
> > on page 236 of the text and haven't figured it out yet, can anyone
> > point me in the right direction?
>
> > Also, I thought it might be good to compare some answers:
> > Consolidated retained earnings (beginning/end) - 2,720,000 / 3,310,000
> > Cons. Net income - $1,090,000
> > Balance sheet - A = 7,860,000 L&E = 7,440,000 (hence my problem)
>
> > Any feedback would be appreciated! Thanks!
>
> > On Jul 22, 12:51 pm, eytan cerasi <ecer...@gmail.com> wrote:
> > > half so amort. is $30,000
>
> > > On Fri, Jul 22, 2011 at 12:41 PM, Katherine <kathompson.em...@gmail.com
> > >wrote:
>
> > > > Does anyone know whether the equipment is amortized for half the usual
> > > > amount in Year 2?- Hide quoted text -
>
> > > - Show quoted text -- Hide quoted text -
>
>
>
> > Thanks!
>
> > I have another question, I'm having problems with my Consolidated
> > balance sheet, it's not balancing. It's off by nearly the amount of
> > the unamortized purchase discrepancy. I've gone through the examples
> > on page 236 of the text and haven't figured it out yet, can anyone
> > point me in the right direction?
>
> > Also, I thought it might be good to compare some answers:
> > Consolidated retained earnings (beginning/end) - 2,720,000 / 3,310,000
> > Cons. Net income - $1,090,000
> > Balance sheet - A = 7,860,000 L&E = 7,440,000 (hence my problem)
>
> > Any feedback would be appreciated! Thanks!
>
> > On Jul 22, 12:51 pm, eytan cerasi <ecer...@gmail.com> wrote:
> > > half so amort. is $30,000
>
> > > On Fri, Jul 22, 2011 at 12:41 PM, Katherine <kathompson.em...@gmail.com
> > >wrote:
>
> > > > Does anyone know whether the equipment is amortized for half the usual
> > > > amount in Year 2?- Hide quoted text -
>
Irina Silvestrova
Jul 22, 2011, 4:57:19 PM7/22/11
to FA4 group
There is a similar problem with a solution in Module 6 (self-test, question 2).
> Date: Fri, 22 Jul 2011 12:54:50 -0700
> Subject: Re: Assignment 2 Question #3
> From: kathomps...@gmail.com
> To: fa4-sum...@googlegroups.com
>
Katherine
Jul 25, 2011, 3:22:49 PM7/25/11
to FA4 Summer 2011
I'll look at that, thanks!
On Jul 22, 4:57 pm, Irina Silvestrova <irina0...@hotmail.com> wrote:
> There is a similar problem with a solution in Module 6 (self-test, question 2).
>
>
>
> > Date: Fri, 22 Jul 2011 12:54:50 -0700
> > Subject: Re: Assignment 2 Question #3
> > From: kathompson.em...@gmail.com
On Jul 22, 4:57 pm, Irina Silvestrova <irina0...@hotmail.com> wrote:
> There is a similar problem with a solution in Module 6 (self-test, question 2).
>
>
>
> > Date: Fri, 22 Jul 2011 12:54:50 -0700
> > Subject: Re: Assignment 2 Question #3
Helene Lapierre
Jul 25, 2011, 3:39:01 PM7/25/11
to fa4-sum...@googlegroups.com
that is what I did
Helene ( Lenny)
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