ACC 302 Saudi Electronic University Poe Corp Financial Ratios Questions

ACC 302 Saudi Electronic University Poe Corp Financial Ratios Questions
Q 1. Presented below are selected amounts from the separate unconsolidated financial
statements of Poe Corp. and its 90%-owned subsidiary, Shaw Co., at December
31,2002.
Additional information as follow:
Additional information:
• On January 2, 20X2, Poe, Inc. purchased 90% of Shaw Co.’s 100,000 outstanding
common stock for cash of $155,000. On that date the fair value of the noncontrolling
interest was $1.70 per share. On that date, Shaw’s stockholders’ equity equaled
$150,000 and the fair values of Shaw’s identifiable assets and liabilities equalled their
carrying amounts. Poe has accounted for the purchase as an acquisition.
Calculate the amounts that will appear on Poe’s consolidated financial statement
on December 31,
20X2.
1. Cash (0.5 mark)
2. Goodwill (0.5 mark)
3. Equipment (0.5 mark)
4. Common stock (0.5 mark)
5. Investment in Shaw (0.5 mark)
6. Dividends (0.5 mark)
7. Bonds payable (0.5 mark)
8. Non-controlling interest (0.5 mark)

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