| Problem 11-3 |
| Sorenson Company |
| Trial Balance Translation |
| 31-Dec-18 |
| | | Relevant |
| | Balance | Exchange | Balance |
| Account | in FC | Rate | in Dollars |
| Cash | 2,840,000 |
| Accounts Receivable | 3,990,000 |
| Inventory | 5,800,000 |
| Fixed Assets | 15,000,000 |
| Accumulated Depreciation | (6,800,000) |
| Accounts Payable | (1,580,000) |
| Long-Term Debt | (5,000,000) |
| Common Stock | (3,000,000) |
| Paid-In Capital in Excess of Par | (2,000,000) |
| Retained Earnings, January 1, 20X8 | (7,950,000) |
| Sales | (10,000,000) |
| Cost of Goods Sold | 7,500,000 |
| Operating Expenses | 1,200,000 |
| Cumulative Translation Adjustment |
| Totals | 0 |
| Translate the balance of Retained Earnings below: |
| | | Pueblo Corporation and Sorenson Company |
| | | Worksheet for Consolidated Financial Statements (in dollars) |
| | | For Year Ended December 31, 2018 |
| | | | | | | | Consolidated | Consolidated |
| | Trial Balance | | Eliminations and Adjustments | | | | Income | Balance |
| | Pueblo | Sorenson | Key | Dr. | Key | Cr. | Statement | Sheet |
| Cash | 4,050,000 |
| Accounts Receivable | 5,270,000 |
| Inventory | 5,540,000 |
| Investment in Sorenson | 20,969,000 |
| Fixed Assets | 21,000,000 |
| Accumulated Depreciation | (12,560,000) |
| Additional Equipment |
| Accounts Payable | (3,450,000) |
| Long-Term Debt | (10,000,000) |
| Common Stock - Parent | (4,000,000) |
| Common Stock - Subsidiary |
| Paid-In Capital in Excess of Par- Parent | (6,500,000) |
| Paid-In Capital in Excess of Par - Subsidiary |
| Retained Earnings, 1/1/18- Parent | (12,180,000) |
| Retained Earnings, 1/1/18 Subsidiary |
| Sales | (26,000,000) |
| Cost of Goods Sold | 16,380,000 |
| Operating Expenses | 3,210,000 |
| Subsidiary Income | (1,729,000) |
| Total | 0 | 0 | | 0 | | 0 |
| Consolidated Net Income | | | | | | | 0 |
| | | | | | | | | 0 |
| Eliminations and Adjustments: |
knohe_
week_07_templates.xlsx
