The December 31, 20x8, balance sheets for Pint Corporation and its 70 percent-owned subsidiery Saloon Company contained the following summarized amounts PINT CORPORATION AND SALOON COMPANY Balance Sheets December 31, 2018 Assets Cash and Receivables. Inventory Buildings and Equipment (net) Investment in Saloon Company Total Assets Liabilities and Equity Accounts Payable Common Stock Retained Earnings Total Liabilities and Equity Pint Corporation Saloon Company $ 103,000 159,000 310,000 220,000 $ 792.000 509,000 199,000 314,000 $ 792,000 $ 57,000 119,000 281,000 $ 457,000 $85,000 141,000 231,000 $ 457,000 Pint acquired the shares of Saloon Company on January 1, 20x7 On December 31, 20x8, assume Pint sold inventory to Saloon during 20x8 for $108.000 and Saloon sold inventory to Pint for $315.000. Pint's balance sheet contains inventory items purchased from Saloon for $103,000. The tems cost Saloon $63,000 to produce. In addition, Saloon's inventory contains goods it purchased from Pint for $31,000 that Pint had produced for $18.600 Assume Saloon reported net income of $77,000 and dividends of $15,400

The December 31, 20x8, balance sheets for Pint Corporation and its 70 percent-owned subsidiery Saloon Company contained the following summarized amounts PINT CORPORATION AND SALOON COMPANY Balance Sheets December 31, 2018 Assets Cash and Receivables. Inventory Buildings and Equipment (net) Investment in Saloon Company Total Assets Liabilities and Equity Accounts Payable Common Stock Retained Earnings Total Liabilities and Equity Pint Corporation Saloon Company $ 103,000 159,000 310,000 220,000 $ 792.000 509,000 199,000 314,000 $ 792,000 $ 57,000 119,000 281,000 $ 457,000 $85,000 141,000 231,000 $ 457,000 Pint acquired the shares of Saloon Company on January 1, 20x7 On December 31, 20x8, assume Pint sold inventory to Saloon during 20x8 for $108.000 and Saloon sold inventory to Pint for $315.000. Pint's balance sheet contains inventory items purchased from Saloon for $103,000. The tems cost Saloon $63,000 to produce. In addition, Saloon's inventory contains goods it purchased from Pint for $31,000 that Pint had produced for $18.600 Assume Saloon reported net income of $77,000 and dividends of $15,400

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter14: Intercorporate Investments In Common Stock

Section: Chapter Questions

Problem 27P

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