CH 05

Chapter 5
Introduction to this program

This worksheet contains spreadsheets that complete the consolidated worksheet after the
student inputs the eliminating journal entries on the consolidated worksheet.
1. To activate the process, a debit must be entered into the debit elimination entry column.
2. There is a separate column, in which to enter the number or letter to key the entry (e.g. (1) or (a)).
3. In some cases, balance sheet accounts may need to be added. The row to enter the accounts
will contain a shaded cell.
4. If two rows in the elimination columns contain brackets (i.e. [ or { ), this means that two rows can
be used for the same account. In other words, more than one debit to an account is possible.
5. Each worksheet may be printed before any numbers are inserted and used to solve the problem
manually.
6. The last worksheet (labeled JE) contains three blank journal entry pages. These can be used to
prepare eliminating journal entries for any or all of the homework problems. This sheet can
be duplicated for each problem if needed.
Problem 5-4 (part D)

PORTER COMPANY AND SUBSIDIARY
Consolidated Statement Workpaper
For the Year Ended December 31, 2009
Porter
Company
Income Statement
Sales
Dividend Income
Total Revenue
Cost of Goods Sold
Depreciation Expense
Other expense
Total cost & expense
Net/Consolidated income
Noncontrolling Interest in income
Net income to retained earnings
Statement of Retained Earnings
1/1Retained Earnings
Porter Company
Salem Company
Net income from above
Dividends declared
Porter Company
Salem Company
12/31Retained Earnings to
Balance sheet
1,100,000
48,000
1,148,000
450,000
900,000
40,000
200,000
30,000
60,000
1,000,000
148,000
50,000
280,000
170,000
148,000
170,000
148,000
12/31 Noncontrolling Interest

Total liabilities & equity
Cr.
Noncontrolling
Interest
Consolidated
Balance
Cr.
Noncontrolling
Interest
Consolidated
Balance
450,000
230,000
170,000
(90,000)
(60,000)
558,000
Balance Sheet
Cash
70,000
Accounts Receivable
260,000
Inventory
240,000
Investment in Salem Company
850,000
Difference between implied and book value
Land
Plant and Equipment
360,000
Accounts Payable
Notes Payable
Capital Stock:
Porter Company
Salem Company
Retained Earnings from above
Eliminations
Dr.
500,000
Porter
Company
Total assets
Salem
Company
340,000
Salem
Company
65,000
190,000
175,000
320,000
280,000
1,780,000
1,030,000
132,000
90,000
110,000
30,000
1,000,000
558,000
550,000
340,000
1,780,000
1,030,000
Eliminations
Dr.
Problem 5-5
PALMER COMPANY AND SUBSIDIARY
Palmer
Company
INCOME STATEMENT
Sales
Cost of Goods Sold
Gross margin
Other expenses
Income from operations
Dividends income
Stevens
Company
620,000
430,000
190,000
30,000
60,000
100,000
31,500
131,500
340,000
240,000
100,000
20,000
35,000
45,000
131,500
45,000
Eliminations
Dr.
Cr.
Noncontrolling
Interest
Consolidated
Balance
Cr.
Noncontrolling
Interest
Consolidated
Balance
45,000
STATEMENT OF RETAINED EARNINGS

Palmer Company
297,600
Stevens Company
Dividends declared
Palmer Company
Stevens Company
Balance sheet
131,500
(120,000)
(35,000)
309,100
Palmer
Company
BALANCE SHEET
Cash
201,200
Accounts Receivable
221,000
Inventory
100,400
Investment in Stevens Company
1,000,000
Equipment
450,000
Accumulated depreciation
(300,000)
Land
Total assets
Accounts Payable
Bonds Payable
Capital Stock:
Palmer Company
Stevens Company
210,000
45,000
220,000
Stevens
Company
151,000
173,000
81,000
300,000
(140,000)
360,000
290,000
2,032,600
855,000
323,500
400,000
135,000
1,000,000
309,100
500,000
220,000
2,032,600
855,000
Eliminations
Dr.

Porter
Company
INCOME STATEMENT
Sales
Equity Income
Total Revenue
Cost of Goods Sold
Other expense
Salem
Company
1,100,000
136,000
1,236,000
450,000
900,000
40,000
200,000
30,000
60,000
1,000,000
236,000
50,000
280,000
170,000
236,000
170,000
Eliminations
Dr.
Noncontrolling
Interest
Cr.
450,000

Porter Company
620,000
Salem Company
Dividends declared
Porter Company
Salem Company
Balance sheet
236,000
Accounts Payable
Notes Payable
Capital Stock:
Porter Company
Salem Company
230,000
170,000
(60,000)
766,000
70,000
260,000
240,000
1,058,000
Difference between implied & book value

Land
Plant and Equipment
360,000
Total assets
###
(90,000)
Porter
Company
BALANCE SHEET
Cash
Accounts Receivable
Inventory
Consolidated
Balance
###
###
340,000
Salem
Company
###
Eliminations
Dr.
Noncontrolling
Interest
Cr.
65,000
190,000
175,000
320,000
280,000
1,988,000
1,030,000
132,000
90,000
110,000
30,000
1,000,000
766,000
550,000
340,000
###
###
1,988,000
1,030,000
###
Consolidated
Balance
Problem 5-12 (part B)

Palmer
Company
INCOME STATEMENT
Sales
Cost of Good Sold
Gross margin
Other expenses
Equity in subsidiary income
Stevens
Company
620,000
430,000
190,000
30,000
60,000
100,000
40,500
140,500
340,000
240,000
100,000
20,000
35,000
45,000
140,500
45,000
Eliminations
Dr.
Cr.
Noncontrolling
Interest
Consolidated
Balance
Cr.
Noncontrolling
Interest
Consolidated
Balance
45,000

Palmer Company
315,600
Stevens Company
Dividends declared
Palmer Company
Stevens Company
Balance sheet
140,500
210,000
45,000
(120,000)
(35,000)
336,100
Palmer
Company
BALANCE SHEET
Cash
Accounts Receivable
Inventory
220,000
Stevens
Company
201,200
221,000
100,400
1,027,000
151,000
173,000
81,000
450,000
(300,000)
300,000
(140,000)
360,000
290,000
2,059,600
855,000
323,500
400,000
135,000
0
Equipment
Land
Total assets
Accounts Payable
Bonds Payable
Capital Stock:
Palmer Company
Stevens Company
1,000,000
336,100
500,000
220,000
2,059,600
855,000
Eliminations
Dr.
Problem 5-13
PRESS COMPANY AND SUBSIDIARY
Consolidated Balance Sheet Workpaper
January 1, 2011
Cash
Receivable
Inventory
Investment in Sensor Company
Buildings
Equipment
Land
Pantents
Total
Liabilities:
Common Stock:
Press Company
Sensor Company
Other Contributed Capital:
Press Company
Sensor Company
Retained Earnings:
Press Company
Sensor Company
Revaluation Capital
Noncontrolling Interest in Net Assets
Total
Press
Company
265,000
422,500
216,500
800,000
465,000
229,000
188,000
167,500
2,753,500
Sensor
Company
38,000
76,000
124,000
667,000
249,000
322,000
246,467
140,978
190,444
1,137,889
700,000
300,000
846,000
164,000
540,500
220,000
204,889
2,753,500
1,137,889
Eliminations
Dr.
Cr.
Noncontrolling Consolidated
Interest
Balance

PUSH COMPANY AND SUBSIDIARY
Push
Company
INCOME STATEMENT
Sales
Dividend Income
Total revenue
Cost of goods sold expense
Other expenses
Total Cost & Expense
STATEMENT OF RETAINED EARNING
Push Company
WayDown Company
Dividends declared
Push Company
WayDown Company
Balance sheet
1,050,000
40,000
1,090,000
400,000
850,000
35,000
65,000
950,000
140,000
180,000
50,000
50,000
280,000
120,000
140,000
120,000
Accounts Payable
Notes Payable
Revaluation Capital-WayDown Co.
Capital Stock:
Push Company
WayDown Company
Eliminations
Dr.
Cr.
Interest
Balance
Cr.
Interest
Balance
400,000
480,000
140,000
102,500
120,000
(100,000)
(50,000)
520,000
Push
Company
BALANCE SHEET
Cash
Accounts Receivable
Inventory
Investment in WayDown Company
Land
Plant and Equipment
Goodwill
Total assets
WayDown
Company
80,000
250,000
230,000
820,000
350,000
1,730,000
160,000
50,000
172,500
Way Down
Company
50,000
170,000
150,000
362,500
300,000
185,000
1,217,500
100,000
20,000
425,000
1,000,000
520,000
500,000
172,500
1,730,000
1,217,500
Eliminations
Dr.

Porter
Company
INCOME STATEMENT
Sales
Equity Income
Total Revenue
Cost of Goods Sold
Other expense
STATEMENT OF RETAINED EARN
1/1Retained Earnings:
Porter Company
Salem Company
Dividends declared:
Porter Company
Salem Company
Balance sheet
1,100,000
77,200
1,177,200
450,000
900,000
40,000
200,000
30,000
60,000
1,000,000
177,200
50,000
280,000
170,000
177,200
170,000
177,200
Accounts Payable
Notes Payable
Capital Stock:
Porter Company
Salem Company
Cr.
Noncontrolling
Interest
Consolidated
Balance
Cr.
Noncontrolling
Interest
Consolidated
Balance
450,000
230,000
170,000
(90,000)
(60,000)
633,600
70,000
260,000
240,000
925,600

Land
Plant and Equipment
360,000
Total assets
Eliminations
Dr.
546,400
Porter
Company
BALANCE SHEET
Cash
Accounts Receivable
Inventory
Salem
Company
340,000
Salem
Company
65,000
190,000
175,000
320,000
280,000
1,855,600
1,030,000
132,000
90,000
110,000
30,000
1,000,000
633,600
550,000
340,000
1,855,600
1,030,000
Eliminations
Dr.

Palmer
Company
INCOME STATEMENT
Sales
Cost of Good Sold
Gross margin
Other expenses
Equity in subsidiary income
Capital Stock:
Palmer Company
Stevens Company
Noncontrolling
Interest
Consolidated
Balance
45,000
960,000
670,000
290,000
50,000
95,000
145,000
35,100
180,100
135,100
45,000
180,100
201,200
221,000
100,400
915,800
209,800
210,000
45,000
10,000
200,000
180,100
(120,000)
(35,000)
220,000
Stevens
Company
(35,000)
10,000
165,000
Eliminations
Dr.
Cr.
Noncontrolling
Interest
269,900
Consolidated
Balance
151,000
173,000
81,000
352,200
394,000
181,400
915,800
300,000
(140,000)
750,000
(440,000)
360,000
290,000
650,000
1,948,400
855,000
2,803,400
323,500
400,000
135,000
458,500
400,000

Equipment
450,000
(300,000)
Accounts Payable
Bonds Payable
Cr.
340,000
240,000
100,000
20,000
35,000
45,000
Palmer
Company
Land
ADD ACCOUNT HERE
Total assets
Eliminations
Dr.
620,000
430,000
190,000
30,000
60,000
100,000
35,100
135,100

Palmer Company
209,800
Stevens Company
135,100
Dividends declared
Palmer Company
(120,000)
Stevens Company
Balance sheet
224,900
BALANCE SHEET
Cash
Accounts Receivable
Inventory
Stevens
Company
1,000,000
1,000,000
224,900
500,000
220,000
10,000
1,948,400
855,000
10,000
500,000
165,000
665,000
269,900
665,000
2,793,400
Problem:
Entry
Number
Accounts Used
Debit
10
Credit
11
Entry
Number
Accounts Used
Debit
12
Credit
13
Entry
Number
Accounts Used
Debit
14
Credit
15

CH 05

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CH 05

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Chapter 5

Introduction to this program

Problem 5-4 (part D)

12/31 Noncontrolling Interest

STATEMENT OF RETAINED EARNINGS

Problem 5-11 (part D)

STATEMENT OF RETAINED EARNINGS

Difference between implied & book value

Problem 5-12 (part B)

STATEMENT OF RETAINED EARNINGS

Problem 5-14 (part B)

Problem 5-15 (part D)

Difference between implied and book value

Problem 5-16 (part B)

Difference between implied and book value

STATEMENT OF RETAINED EARNINGS

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