Peanut Company Snoopy Company

i/s
Debit Credit Debit Credit Revenue 800,000 250,000 1050000
cogs 15,000 15,000

Cash 158,000 80,000 Salaries Exp -200,000 -125,000

-325,000
Accounts Receivable 165,000 65,000 Dep Exp -50,000 -10,000 5,000 -65,000
Inventory 200,000 75,000 a&s Exp -225,000 -40,000 -265,000

Investment in Snoopy Income from

475,000 0 75,000 75,000
Stock Snoopy
10,000 -10,000
Land 200,000 100,000 Net Income 400,000 75,000 400000
Buildings &
700,000 200,000 Restatment
Equipment
Dividends
Salaries Expenses 200,000 125,000 -100,000 -20,000 20,000 -100,000
Declared
Retained
Depreciation Expense 50,000 10,000 225,000 100,000 100,000 225,000
Earnings
Selling &
Administrative 225,000 40,000 NI
Expense 400,000 75,000 400,000
Dividends Declared 100,000 20,000 re ending 525,000 155,000 525,000
Accumulated
450,000 20,000 B/S
Depreciation
Accounts Payable 75,000 60,000 Cash 158,000 80,000 238,000
Accounts
Bonds Payable 348,000 85,000 165,000 65,000
Receivable 230,000
Common Stock 500,000 200,000 Inventory 200,000 75,000 15,000 260,000
Investment
Retained Earnings 225,000 100,000 in Snoopy 475,000 0 475,000
Stock 0
Revenue 800,000 250,000 Land 200,000 100,000 300,000

Buildings &
Income from Snoopy 75,000 0 700,000 200,000
Equipment
50,000 950,000
Total 2,473,000 2,473,000 715,000 715,000 Acc Dep -450,000 -20,000 -470,000
goodwill 85,000 85,000
total assets 1,448,000 500,000 1,593,000
CS 200,000 L+OE
Accounts
100,000 75,000 60,000
RE Payable 135,000
Bonds
75,000 348,000 85,000
income in sub Payable 433,000
Dividends Common
20,000 500,000 200,000 200,000
Declared Stock 500,000
Invrsment 355,000 re ending 525,000 155,000 525,000
goodwill=420,000-(300,000+50,000-15,000)=85,000 toral L+OE 1,448,000 500,000 1,593,000
buil&equip 50,000
goodwill 85,000
Inventory 15,000
invesment 120,000
cogs 15,000
dep acc 5000
income in sub 10,000