The Textbook used is:
Beams, F.A., Anthony, J.H., Bettinghaus, B. & Smith, K. (2015). Advanced accounting (12th ed.). New York, NY: Pearson.
Need to complete the following problems utilizing the attached worksheets. Must show calculations in the worksheet:
Solve Classwork Exercises: P3-1, P3-2 and P3-6 in Chapter 3 and P4-5 in Chapter 4 of the course textbook.
P3-2 NAME HEREPAR AND SET CORPORATIONS P 3-2Consolidated Balance Sheet |Par|Set|Set| (in thousands)|Book Value|Book Value|Fair Value| Cash|140|80|40| Receivables--net|320|120|60| Inventories|280|120|100| Land|400|200|120| Buildings--net|440|280|180| Equipment--net|320|160|60| Investment in Set|700||| Goodwill|||| Total assets|2,600|960|560| Accounts payable|360|320|160| Other liabilities|40|200|80| Capital stock|2,000|400|| Retained earnings|200|40|| Total equities|2,600|960|| Noncontrolling interest|| P3-6 NAME HEREPER CORPORATION AND SUBSIDIARY P 3-6CONSOLIDATED BALANCE SHEET WORKING PAPER FOR YEAR ENDED DECEMBER 31, 2011 ||||Consolidated| |||Adjustments & Eliminations|Balance| (in thousands)|Per|Sim|DebitsCredits|Sheet| Cash|168|80|||248| Receivables--net|200|520|||720| Inventories|1,400|200|||1,600| Land|600|800|||1,400| Equipment--net|2,400|400|||2,800| Investment in Sim|1,836||||1,836| Goodwill|||||0| Total assets|6,604|2,000|||8,604| Accounts payable|1,640|320|||1,960| Dividends payable|240|40|||280| Capital stock|4,000|1,200|||5,200| Retained earnings|724|440|||1,164| Total equities|6,604|2,000|||| Noncontrolling interest||| ||0| ||8,604| 0|0| P4-5 NAME HEREPAR CORPORATION AND SUBSIDIARY P4-5 CONSOLIDATION WORKSHEET FOR THE YEAR ENDED DECEMBER 31, 2011 ||70%|Adjustments & Eliminations|Consolidated| (in thousands)|Par|Sul|DebitsCredits|Statements| INCOME STATEMENT|||||| Sales|1,600.0|1,400.0|||3,000.0| Income from Sul|119.0||||119.0| Cost of sales|(600.0)|(800.0)|||(1,400.0)| Depreciation expense|(308.0)|(120.0)|||(428.0)| |||||| Other expenses|(320.0)|(280.0)|||(600.0)| Consolidated NI691.0 Noncontr. interest share|||||0.0| Controlling share of NI|491.0|200.0|||691.0| RETAINED EARNINGS|||||| Retained earnings-Par|600.0||||600.0| Retained earnings-Sul||200.0|||200.0| Controlling share of NI|491.0|200.0|||691.0| Dividends|(400.0)|(100.0)|||(500.0)| ||||| Ret earnings-ending|691.0|300.0|||991.0| BALANCE SHEET|||||| Cash|172.0|120.0|||292.0| Accounts receivable-net|200.0|140.0|||340.0| Dividends receivable|28.0||||28.0| Inventories|300.0|200.0|||500.0| Other current assets|140.0|60.0|||200.0| Land|100.0|200.0|||300.0| Buildings-net|280.0|320.0|||600.0| Equipment-net|1,140.0|660.0|||1,800.0| Investment in Sul|1,029.0||||1,029.0| |||||| Trademarks|||||0.0| Goodwill|||||0.0 Unamortized excess|||||0.0| Total assets|3,389.0|1,700.0|||5,089.0| Accounts payable|400.0|170.0|||570.0| Dividends payable|200.0|40.0|||240.0| Other liabilities|98.0|190.0|||288.0| Capital stock $10 par|2,000.0|1,000.0|||3,000.0| Retained earnings|691.0|300.0|||991.0| Total equities|3,389.0|1,700.0|||| Noncontrolling interest|||0.0| ||| 0.0|0.0|5,089.0| &LAAE2F89