ACC 307 Week 3 Assignments 6.6, 7.3, 7.7
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ACC 307 Week 3 Assignments 6.6, 7.3, 7.7
Part One.
Review the financial information pertaining to the Pali Corporation in problem 6.6 on page 254 of your text. Prepare the following (include any applicable supporting computations in the explanations):
Reconstruct the working paper elimination (in journal entry format) for the working paper for consolidated balance sheet of Pali Corporation and subsidiary for August 31, 2005. (Disregard income taxes.)
Part Two
Review the financial information pertaining to the Paseo Corporation in problem 7.7 on page 315 and 316 of your text. Prepare the following (include any applicable supporting computations in the explanations):
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Prepare Paseo Corporations journal entries to record Steppe Companys operating results for the year ended March 31, 2006, under the equity method of accounting. (Disregard income taxes.)
- Prepare working paper eliminations (in journal entry format) for Paseo Corporation and subsidiary on March 31, 2006. (Disregard income taxes.)