finance

copy_of_2013sheet.xlsx

Sheet1

INCOME STATEMENT	P CO.	S CO.	ELIMINATIONS		CONS.TOT.
12/31/13			DR.	CR.
Sales	2,555,500	1,120,000			3,675,500
Equity in sub earnings	65,730				65,730
Interest income-bonds	33,000				33,000
Total revenues	2,654,230	1,120,000			3,774,230
Cost of goods sold	1,730,000	690,500			2,420,500
Expenses	654,500	251,000			905,500
loss from bond extinguishment					0
Interest expense-bonds		72,000			72,000
Total expenses	2,384,500	1,013,500			3,398,000
Total net income	269,730	106,500			376,230
Less income to NCI					0
Net income to controlling interest	269,730	106,500			376,230
RETAINED EARNINGS
STATEMENT
Retained Earnings 1/1	865,920	211,500			1,077,420
Net income	269,730	106,500			376,230
Dividends declared	100,000	60,000			160,000
Retained Earnings 12/31	1,035,650	258,000			1,293,650
BALANCE SHEET
Cash	119,500	708,000			827,500
Accounts receivable	342,000	125,000			467,000
Inventory	362,000	201,000			563,000
Other current assets	40,500	13,000			53,500
Land	150,000				150,000
Investment in S	447,650				447,650
Property and equipment	825,000	241,000			1,066,000
Accumulated depreciation	(207,000)	(53,000)			(260,000)
MFG formula					0
Investment in S bonds	294,000				294,000
Total assets	2,373,650	1,235,000			3,608,650
Accounts payable	295,000	32,000			327,000
Other liabilities	43,000	19,000			62,000
Bonds payable		600,000			600,000
Discount on bonds payable		(24,000)			(24,000)
Common stock	1,000,000	300,000			1,300,000
Paid in capital	0	50,000			50,000
Retained earnings	1,035,650	258,000			1,293,650
Noncontrolling interest in sub					0
Total liabilities and equity	2,373,650	1,235,000	0	0	3,608,650
	TRUE	TRUE		TRUE	TRUE
	0