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Prepare financial statements in proper form for Sensational Construction Inc

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The Solution for "Prepare financial statements in proper form for Sensational Construction Inc. (SCI).

Required:

1. Assist Sebastian by preparing any journal entries necessary to properly adjust for the events discussed above. Add additional accounts as necessary. Properly format the journal entries and include an explanation as to why the adjustment is required. Provide supporting computations where appropriate. Think about being efficient in your adjusting journal entries. For the purposes of this project, ignore any potential GST effects.

2. Prepare financial statements in proper form for SCI, including a non-consolidated statement of financial position, a statement of comprehensive income and a statement of changes in equity. Do not prepare a statement of cash flows.

3. Calculate both the basic and diluted earnings per share for the company

4. Provide SCI with a list of all notes required for the financial statements, but do not prepare draft notes.

5. With regard to the acquisition of Little Bear Corporation:

a) Determine the amount of the purchase price allocated to goodwill pertaining to the acquisition of Little Bear Corporation.

b) Complete an acquisition differential and impairment schedule for 2015 and 2016.

c) Compute and list the consolidated balances of all asset, liability and equity accounts that differ from those set out in SCI's non-consolidated statement of financial position prepared in requirement 2. Do not prepare a consolidated statement of financial position.

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