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timer Asked: Dec 24th, 2018
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Module 3: Discussion Forum

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Consolidation Process

A new employee has been given responsibility for preparing the consolidated financial statements of Sample Company. After attempting to work alone for some time, the employee seeks assistance in gaining a better overall understanding of the way in which the consolidation process works. You have been asked to assist in explaining the consolidation process.

  1. Why must the eliminating entries be entered in the consolidation worksheet each time consolidated statements are prepared?
  2. How is the beginning-of-period non-controlling interest balance determined?
  3. How is the end-of-period non-controlling interest balance determined?
  4. Which of the subsidiary's account balances must always be eliminated?
  5. Which of the parent company's account balances must always be eliminated and why must they be eliminated?
  6. How might this process under a GAAP basis compare to that under an IFRS basis?
  7. Are there any ethical aspects that need to be addressed?

Reminder: Your initial posting should be 250-500 words and must be submitted by Thursday, 11:59 p.m. MST of this week. Also, by 11:59 p.m. MST of Sunday of this week, respond to at least two of your classmates or instructor, in any of the following ways:

Tutor Answer

School: UCLA

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Name of student

A) In the consolidation work paper the eliminating entries are recorded. The records make
the entries not to change. The remaining balances are supposed to be recorded in the
books of the company. For every time that the statements are prepared the remaining
balances that are reported on the books of the company. This marks the starting points of
the records that are stated. Therefore, all the entries that are necessary should be entered
during every time in the consolidation work paper.
B) For the prior acquisitions that make the application of FASB 141R, then there is
assignation to the shareholders that are non-controlling. This is done during the beginning
of assignation. During this start the value of the figures matching the net assets are
recorded. This net assets should be subsidiary. The recording should be done in the work
paper. This entry is made in order to eliminate stakeholders’ equity balances at the
beginning. This also includes the investment balance of the beginning account. The
acquisition is done after the effective date of FASB 141R. The no...

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Tutor went the extra mile to help me with this essay. Citations were a bit shaky but I appreciated how well he handled APA styles and how ok he was to change them even though I didnt specify. Got a B+ which is believable and acceptable.

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