Accounts
Holtz Corporation
Devine, Incorporated
Sales
$ (787,000)
$ (392,000)
Cost of goods sold
282,000
105,000
Operating expenses
346,000
117,000
Dividend income
(16,000)
0
Net income
$ (175,000)
$ (170,000)
Retained earnings, 1/1/24
$ (727,000)
$ (330,000)
Net income (above)
(175,000)
(170,000)
Dividends declared
50,000
20,000
Retained earnings, 12/31/24
$ (852,000)
$ (480,000)
Current assets
$ 379,500
$ 162,000
Investment in Devine, Incorporated
512,000
0
Buildings and equipment (net)
785,000
422,000
Trademarks
148,000
206,000
Total assets
$ 1,824,500)
$ 790,000
Liabilities
$ (652,500)
$ (210,000)
Common stock
(320,000)
(100,000)
Retained earnings, 12/31/24 (above)
(852,000)
(480,000)
Total liabilities and equities
$ (1,824,500)
$ (790,000)
HOLTZ CORPORATION AND DEVINE, INCORPORATED
Consolidated Income Statement
For Year Ending December 31, 2024
Sales $ 1,179,000
Cost of goods sold 387,000
Operating expenses 482,100
Total expenses 869,100
Consolidated net income $ 309,900
To noncontrolling interest $ 77.060
To Holtz Corporation $ 232,840
