Financial Accounting Consolidation Worksheet Analysis - ACC567
VerifiedAdded on 2023/01/19
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Homework Assignment
AI Summary
This document presents a comprehensive solution to a financial accounting assignment, focusing on the preparation of consolidation worksheets. The solution is divided into two parts, each addressing a different scenario. Part 1 demonstrates the computation of acquisition analysis, calculating goodwill and net fair value of assets acquired. Part 2 provides consolidation worksheet entries for Positive Ltd.’s group, including adjustments for fair valuation, depreciation, impairment of goodwill, and settlement of contingent liabilities. Part 3 presents the consolidated financial statements, including the income statement and balance sheet, with detailed adjustment entries. The solution also covers inter-company transactions, such as management fees, sales of inventory, and dividends. The second part of the document presents a similar consolidation worksheet for Ping Pong Ltd’s group. This solution addresses the elimination of intercompany transactions and the recording of goodwill impairment. The document provides a thorough analysis of consolidation accounting principles and their application in various scenarios.
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