## [answered] ACC 4303 Fall 2016 Excel Spreadsheet Project 20 points poss

Please help solve problem. I know BV=\$600 but does that mean that therefor inventory is \$630k and equipment \$710k??

ACC 4303 Fall 2016 Excel Spreadsheet Project

20 points possible to be included in your course point total

E-mailed to Professoremailaddress@uhd.edu as an excel attachment

Subject line MUST be: ACC 4303 excel project

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REQUIREMENTS:

Create a December 31, 2011 three-part consolidation Excel spreadsheet workpaper

based on the information given below

Your spreadsheet should be similar to Figure 5-7 p 218 of our 9th ediion textbook

1 -- prepare necessary December 31, 2011 eliminating entries, separate from the worksheet

include all necessary support work for your eliminating entry amounts

Determine any goodwill or gain on acquisition and any identifiable net asset differentials

related to the original acquisition of Schwinn common stock

2 -- determine the missing amounts from the given trial balances

3 -- create the appropriate columns and rows in the colsolidation workpaper

4 -- import trial balance data pulled from the given trial balances, do NOT copy numbers

5 -- create appopriate formulas for any numerical calculations

do NOT copy totals from other sources

6 -- import the eliminating entry data into the worksheet, do NOT copy numbers

with references to the eliminating entry from which the data was imported

7 -- create appropriate formulas for the balances in the consolidation column

Assessment; 1/2 based on Excel skills

&amp; 1/2 on correct consolidation process with documentation

you will be assessed on the following items:

1 -- correct data entered

data and headings are accurate and located in the appropriate cells.

data is entered correctly

2 -- formulas are correct and accessible

autosum, appropriate use of parenthses, and other functions are correct

all the formulas used are applied correctly

3 -- column headings and labels

column headings are formatted in bold

all the data is formatted correctly, including applying bold

to the appropriate headings and labels

4 -- titles are merged and centered

titles are merged, centered, underlined, and bold

5 -- spreadsheet formatting and printing

correct print area and print features showing

reveal formulas functions used

column widths allow for complete viewing of the contents

correct print area, gridlines, row &amp; columns headings features ACC 4303 Spring 2011 Excel spreadsheet project page 1 of 6 INFORMATION:

Pinarello Inc. buys 70% of Schwinn Inc. common stock on January 1, 2011 for \$520,000

The fair value of Schwinn net assets equals the book values except for

Inventory with a fair value \$30,000 more than book value Inventory costs are recorded on a FIFO basis

Equipment with a fair value \$110,000 more than book value

Equipment has a remaining life of 10 years

The noncontrolling interest in the fair value of net assets = \$222,000 Account

Cash

Accounts Receivable

Inventory

Land

Buildings &amp; Equipment

Accumulated Depreciation

Investment in Schwinn Stock

Accounts Payable

Bonds Payable Trial Balances

31-Dec-11

all numbers in 000's

Pinarello Inc.

Debit

Credit

188

196

286

322

1,400

560 Common Stock

Retained Earnings

Dividends Declared &amp; Paid Schwinn Inc.

Debit

Credit

120

100

150

120

1,200

640 310

600 120

280 1,000 420 288 180 160 20

800 400 Sales

Income from Schwinn

Cost of Goods Sold 390 282 Depreciation Expense 70 38 Other Expenses 40 10 Totals 3,052 3,558 2,040 2,040 for you to determine! ACC 4303 Spring 2011 Excel spreadsheet project page 2 of 6 Total

Excess Value Acquisition Value Inventory 30,000.00 Equipment 10yrs at that date

Common Stock

Retined Earnings

Book Value Investment 742,000.00 520,000.00 600,000.00 420,000.00 Goodwill Fair Value of Net Assets

11,000.00 per year Excess Value: 110,000.00 420,000.00

180,000.00

600,000.00 Inventory

Equipment

Book Value BOOK VALUE

560 ACC 4303 Spring 2011 Excel spreadsheet project page 3 of 6 NCI

222,000.00 180,000.00 ACC 4303 Spring 2011 Excel spreadsheet project page 4 of 6 Investment: Initial Value Method

Accounts

Income Statement

Sales

Cost of Goods Sold \$ Operating Expenses

Divident Income

Separate company net income

consolidated net income

Net income attributable to noncontrolling

interest

Net income to Pinarello Company

Statement of Retained Earnings

Retained Earnings 1/1/11

Pinarello Company

Schwinn Company

Net Income (above)

Dividends Declared

Retained Earnings 12/31/11

Balance Sheet

Cash and receivables

Inventory

Investment in Schwinn

Land

Plant assets (net)

Database

Total Assets

Liabilities

Noncontrolling interest in Schwinn

Company, 1/1/11

Noncontrolling interest in Schwinn

Company, 12/31/11

Common Stock

Retained Earnings 12/31/11 (above)

Total liabilities and equities Pinarello Company Pinarello and Schwinn Company

Consolidation Worksheet

For Year Ending December 31, 2011

Schwinn Company 188,000.00 \$ 120,000.00 narello and Schwinn Company

Consolidation Worksheet

Year Ending December 31, 2011

Consolidation Entries

Debit

Credit Noncontrolling Interest Ownership: 70%

Consolidated Totals

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