ACC 407 Week 3

ACC 407 Week 3 Quiz

Assignments

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):

1. 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.)

2. Prepare working paper eliminations (in journal entry format) for Paseo Corporation and subsidiary on March 31, 2006. (Disregard income taxes.)

Discussion Questions

Consolidations. Complete Cases 6.4 (page 246) and 6.5 (page 247) and post the answers. Remember to complete all parts of the problems and the results of your analysis. Do not forget to show the necessary steps and explain how your attained that outcome.

Complete Cases 7.1 (page 309) and 7.3 (page 312) and post the answers. Remember to complete all parts of the problems and report the results of your analysis. Do not forget to show the necessary steps and explain how your attained that outcome.