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Financial Statement Analysis

The document is an income statement and balance sheet for Placid Storm with adjustments. The income statement shows net income of $440 for the year. The balance sheet lists total assets of $1740 including investments in Storm and bonds, and total equity of $1756 including common stock and retained earnings. Adjustments were made to various line items and a consolidated statement was produced combining Placid Storm.

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Yulia Naha Nur'aini
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48 views2 pages

Financial Statement Analysis

The document is an income statement and balance sheet for Placid Storm with adjustments. The income statement shows net income of $440 for the year. The balance sheet lists total assets of $1740 including investments in Storm and bonds, and total equity of $1756 including common stock and retained earnings. Adjustments were made to various line items and a consolidated statement was produced combining Placid Storm.

Uploaded by

Yulia Naha Nur'aini
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Placid Storm

Cr
Cr
Cr
Cr
Cr
Dr

Income Statement
Sales
Gain on land
Gain on building
Income from Storm
Gain on bonds
Cost of sales

Dr
Dr
Dr
Dr

Depreciation expense
Interest expense
Other expense
Noncontrolling int. share
Net Income
Cr Retained Earnings, January 1
Dr Dividends

Retained earnings,
December 31

Dr
Dr
Dr
Dr
Dr
Dr

Balance Sheet
Cash
Bond interest receivable
Other receivables-net
Inventories
Land
Buildings net

$ 1260 $ 1000
20
40
104
(700)

(600)

(152)
(40)
(92)

(80)
(120)

$440

$200

300
(320)

200
(160)

80
160
180
300

Dr Equipment net

280

180

Dr Investment in Storm

686

Cr
Cr
Cr
Cr
Cr

Accounts payable
Bond interest payable
10% bonds payable
Common stock
Retained earnings
Total Equity

2) 100
5) 20
6) 40
8) 104

2160

7) 12
12
2) 100
3) 30
(1260)
3) 24
(232)
(40)
(92)
10) 52
(52)
496
9) 200

300
8) 120
10) 40

$ 420 $ 240

$162
10
60
100
140
360

Dr Investment in Placid bonds


Total asset

Adjustments Consolidat
and
ed
Eliminations Statement
s

$ 54

188
$
$
1740 1200
$ 100 $ 160
20
400
800
800
420
240
$
$
1740 1200

Noncontrolling interest January 1


Noncontrolling interest December 31

(320)

476

2) 20

6) 40
4) 8

2) 20
3) 30
5) 20
6) 2
6) 2
4) 8
4) 32

236
10
120
230
300
696
428

3) 24
4) 24 9) 750
5) 16
7) 188
2020
7) 200
9) 800

260
(180)
400
800
476
1756

4) 8 9) 250
10) 12

942
12

2710

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