Matthew Moss, owner of Moss Interiors, is negotiating for the purchase of Crane Galleries. The balance...
Matthew Moss, owner of Moss Interiors, is negotiating for the purchase of Crane Galleries. The balance sheet of Crane is given in an abbreviated form below. Crane Gallaries Balance Sheet As of December 31, 2020 Assets Liabilities and Stockholders’ Equity Cash $123,000 Accounts payable $51,200 Land 71,800 Notes payable (long-term) 301,200 Buildings (net) 201,800 Total liabilities 352,400 Equipment (net) 176,800 Common stock $218,300 Copyrights (net) 31,800 Retained earnings 34,500 252,800 Total assets $605,200 Total liabilities and stockholders’ equity $605,200 Moss and Crane agree that: 1. Land is undervalued by $30,000. 2. Equipment is overvalued by $5,000. Crane agrees to sell the gallery to Moss for $350,000. Prepare the entry to record the purchase of Crane Galleries on Moss’s books.
Homework Answers
| Debit | Credit | ||
| Cash | 123000 | ||
| Land | 101800 | =71800+30000 | |
| Buildings | 201800 | ||
| Equipment | 171800 | =176800-5000 | |
| Copyrights | 31800 | ||
| Goodwill | 72200 | ||
| Accounts Payable | 51200 | ||
| Long-term Notes payable | 301200 | ||
| Cash | 350000 |
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Matthew Moss, owner of Moss Interiors, is negotiating for the
purchase of Crane Galleries. The balance...
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Exercise 12-11 Fred Moss, owner of Moss Interiors, is negotiating for the purchase of Sunland Galleries....
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E12.11 (LO 3) (Accounting for Goodwill) Fred Moss, owner of Moss Interiors, is negotiating for the...
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Question 1 Fred Moss, owner of Monty Interiors Inc., is negotiating for the purchase of Grouper...
Question 1
Fred Moss, owner of Monty Interiors Inc., is negotiating for the
purchase of Grouper Galleries Ltd. The condensed statement of
financial position of Grouper follows in an abbreviated form:
GROUPER GALLERIES LTD.
Statement of Financial Position
As at December 31, 2017
Assets
Liabilities and Shareholders’
Equity
Cash
$132,400
Accounts payable
$ 91,500
Land
69,100
Long-term notes payable
354,000
Building (net)
245,000
Total liabilities
445,500
Equipment (net)
184,800
Common shares
$213,000
Copyright (net)
98,300
Retained earnings
71,100
284,100
Total...
Question #2 Julie Becks, owner of Becks Interior Design, is currently negotiating for the purchase of Lavender Gallerie...
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Exercise 12-11 Fred Moss, owner of Moss Interiors, is negotiating for the purchase of Sunland Galleries. The balance sheet of Sunland is given in an abbreviated form below. SUNLAND GALLERIES BALANCE SHEET AS OF DECEMBER 31, 2017 Liabilities and Stockholders Equity Accounts payable Assets $51,000 303,300 354,300 $118,000 Cash Land Buildings (net) 201,300 Equipment (net) 176,300 Copyrights (net)31,300 Total assets $598,200 71,300Notes payable (long-term) Total liabilities Common stock Retained earnings Total liabilities and stockholders' equity $210,900 33,000 243900 $598,200 Moss...
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E12.11 (LO 3) (Accounting for Goodwill) Fred Moss, owner of Moss Interiors, is negotiating for the purchase of Zweifel Galleries. The following balance sheet of Zweifel is given in an abbreviated form as follows. Zweifel Galleries Balance Sheet As of December 31, 2020 Assets Cash Land Buildings (net) Equipment (net) Copyrights (net) Total assets Liabilities and Stockholders' Equity Accounts payable Notes payable (long-term) Total liabilities Common stock Retained earnings Total liabilities and stockholders' equity $100,000 70,000 200,000 175,000 30,000 $575,000...
Question 1
Fred Moss, owner of Monty Interiors Inc., is negotiating for the
purchase of Grouper Galleries Ltd. The condensed statement of
financial position of Grouper follows in an abbreviated form:
GROUPER GALLERIES LTD.
Statement of Financial Position
As at December 31, 2017
Assets
Liabilities and Shareholders’
Equity
Cash
$132,400
Accounts payable
$ 91,500
Land
69,100
Long-term notes payable
354,000
Building (net)
245,000
Total liabilities
445,500
Equipment (net)
184,800
Common shares
$213,000
Copyright (net)
98,300
Retained earnings
71,100
284,100
Total...
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